Digital Signature Market Globally Expected to Drive Growth through 2023

(IT-NEWSWIRE.COM, October 28, 2019 ) According to the new market research report "Digital Signature Market by Solution (Software and Hardware), Service, Deployment Mode, Application (BFSI, Government & Defense, Legal, Real Estate, HR, Manufacturing & Engineering, Healthcare & Life Sciences), and Region - Global Forecast to 2023", published by MarketsandMarkets, MarketsandMarkets expects the digital signature market size to grow from USD 1.2 billion in 2018 to USD 5.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 36.7% during the forecast period.

The major factors driving the digital signature market include the growing investments in digital documents by governments and enterprises because of the benefits of improved security and seamless workflow offered by digital signatures.

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The BFSI application to account for the largest market size during the forecast period in the global digital signature market

The Banking, Financial Services, and Insurance (BFSI) sector, which includes banks, credit unions, insurance companies, and brokerages, has emerged as the largest adopter of digital signature solutions and is expected to maintain its dominance in the market and grow at the highest CAGR during the forecast period. The growing number of online frauds, data breaches, and cyberattacks in BFSI institutions, along with the increased agility, security, automation, visibility, and compliance of business processes offered by these solutions, is the major factor driving the adoption of digital signatures in the BFSI sector.

The cloud deployment mode to grow at a higher CAGR during the forecast period in the global digital signature market

The two deployment modes of digital signature solutions are cloud and on-premises. Cloud-based digital signature solutions are comparatively economical and easy to manage, leading to their increasing adoption by Small and Medium-sized Enterprises (SMEs) and their higher growth rate. However, on-premises deployment assures higher levels of security, flexibility, and data control, and so is the preferred mode of deployment by large enterprises.

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North America to hold the largest market size during the forecast period in the global digital signature market

North America is expected to be the largest adopter of digital signature solutions throughout the forecast period. The factors contributing to this trend include the presence of major digital signature vendors, advanced IT infrastructure, and government mandates regarding data security in the region. The presence of regulations, such as the eIDAS regulation, specially designed for ensuring the interoperability of the digital signature is also driving the adoption of the solution in Europe. Moreover, investments by major players in the European market are further expected to contribute to the highest CAGR of the region in the global digital signature market during the forecast period.

The digital signature market report provides the competitive landscape and company profiles of the key vendors by their product offerings and business strategies. Major vendors in the global digital signature market include Adobe (US), OneSpan (US), Gemalto (Netherlands), Ascertia (UK), DocuSign (US), Entrust Datacard (US), SIGNiX (UK), Secured Signing (New Zealand), Identrust (US), and Kofax (US).

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Digital Signature Market Globally Expected to Drive Growth through 2023