Digital Signature Market

Younger consumers have also been a driving force behind the rise in digital signatures in the financial services industry.

PORTLAND, PORTLAND, OR, UNITED STATE, May 8, 2023 /EINPresswire.com/ -- Allied Market Research published a new report, titled, " The Digital Signature Market Reach to USD 61.91 Billion by 2030 | Top Players such as - Adobe, Identrust and Ascertia." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global digital signature market size was valued at USD 3.56 billion in 2020, and is projected to reach USD 61.91 billion by 2030, growing at a CAGR of 33.2% from 2021 to 2030.

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Enhanced operational efficiency that leads to reduction in costs, high acceptance in internal processes or communication in enterprises, and need for data security & authentication with rise in cyber-attacks drive the growth of the global digital signature market. However, high cost of investment and variations of existing applications or systems hinder the market growth. On the other hand, innovation in technology, adoption of cloud-based solutions, and supportive legislations promoting the usage of digital signature create new opportunities in the coming years.

The global digital signature market is segmented into component, deployment model, industry vertical, and geography. In terms of component, the digital signature industry is studied across hardware, software, and services. Deployment model analyzed in this report are premise and cloud based. Further, the report is segmented based on industry as BFSI (Banking, financial services, and insurance), education, government, healthcare and life science, IT & telecommunication, real estate, human resource, and others. Geographically, the digital signature market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on industry vertical, the BFSI segment contributed to the highest share in 2020, accounting for nearly two-fifths of the global digital signature market, and is estimated to continue its leadership status during the forecast period. Moreover, this segment is expected to manifest the fastest CAGR of 34.7% from 2021 to 2030.

Based on component, the software segment held the highest share in 2020, contributing to nearly half of the global digital signature market, and is expected to continue its lead position during the forecast period. Moreover, this segment is expected to witness the highest CAGR of 34.0% from 2021 to 2030.

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Based on region, North America accounted for the highest market share in 2020, holding nearly two-fifths of the global digital signature industry, and is expected to maintain its dominance in terms of revenue by 2030. This is due to increase in concerns related to the protection of critical IT infrastructure and sensitive data in recent years. However, Europe is projected to portray the fastest CAGR of 34.2% during the forecast period, owing to rapid adoption of cloud based and hybrid deployment methods and increased adoption in almost every public as well as private enterprises.

The key players profiled in the digital signature market analysis are ADOBE, IDENTRUST INC., ASCERTIA, DOCUSIGN, INC., ENTRUST CORPORATION, Thales Group, Lexmark International, Inc., Rpost., Secured Signing Limited, and VASCO Data Security International, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the digital signature industry.

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Covid-19 Scenario

● The adoption of digital transactions surged considerably, which in turn, led to increased demand for digital signatures during the Covid-19 pandemic for easy, authenticated, and hassle-free transactions across the globe.

● According to a report published by Adobe, its digital signature tools segment led to more than 53% surge in sales revenue in the year, 2019­­-2020. The trend of digital signature solutions is estimated to expand into employees' tools to speed up work and increase efficiency.

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