Digital Signature Market - Forecast(2021 - 2026)
Digital Signature Market Overview:
In 2017, the United Nations (UN) had reported that more than 401,000 documents were digitized, which happens to be only 13.4% share of the total documents that belong to the organization.[1] This is to say that there is an enormous number of documents that are yet to be digitized. Similarly, the world is going through digitization wherein a myriad of companies are digitizing their documents. This digitization wave that has penetrated into various industries is leading to a demand for authentication of documents due to which the digital signature market is booming. Moreover, documents with digital signatures are now considered legal the same way conventional documents with signatures are, which is increasing the implementation of digital signature. Owing to the augmented application of digital signature in a gamut of sectors wherein document authentication is imperative, the digital signature market had a global market size of $1.2 billion as of 2018. Furthermore, the demand is poised to escalate at a profitable compound annual growth rate (CAGR) of 35.20% during the forecast period of 2019 to 2025.
Owing to the rapid digitalization in the countries of North America such as the US, Canada, Mexico, and others; the digital signature market is making strides in the region. Furthermore, there is an increased practice of digital signatures in various legislations in the region, which was the major factor that had driven digital signature market in North America, and the region had a market share of 41.28% in 2018. The stable economy and the existing digital infrastructure in North American countries permits SMEs and MMEs to digitize their transactions, which is driving the digital signature market even further in the region.
Digital Signature Market Outlook:
Digital signature has become an integral part of the cryptographic protocol and are used as electronic signatures which also employs asymmetric cryptography. There is a lot of digital signature algorithms that are incorporated in industries such as banking & insurance, education and research, government and public agencies, military and defense, and others.
The key application of digital signatures is in banking, financial services, and insurance (BFSI). The banking services have been entirely digitized, and blockchain has become an integral part of the same. While this has made banking transactions easier for customers, the documentation still needs to undergo a lot of processes, and the documents need authentication for which digital signatures are used. BFSI application segment of the digital signature market will observe a remarkable CAGR of 31.20% through to 2025.
Digital Signature Market Growth Drivers:
· The Growth of E-Commerce –
According to the Global Systems for Mobile Communications (GSMA), the e-commerce market is going to observe substantial growth prospects over the forecast period as the number of mobile subscribers in 2025 will be 5 billion.[2] This will create lucrative opportunities for the vendors in the digital signature market as e-commerce will leverage electronics signatures for document authentication. This practice instills security in the e-commerce applications and documents, thereby imbuing trust in customers.
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