Global Digital Signature Market Size To Exceed USD 176.50 Billion By 2033 | CAGR of 39.12%
Category: Information & TechnologyGlobal Digital Signature Market Size To Exceed USD 176.50 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Digital Signature Market is Expected to Grow from USD 6.50 Billion in 2023 to USD 176.50 Billion by 2033, at a CAGR of 39.12% during the forecast period 2023-2033.
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Browse key industry insights spread across 260 pages with 110 Market data tables and figures & charts from the report on the " Global Digital Signature Market Size, Share, and COVID-19 Impact Analysis, By Component (Solutions and Services), By Level (Advanced Electronic Signatures (AES) and Qualified Electronic Signatures (QES)), By End-use (Individuals, Businesses, and Organizations), By Industry Vertical (BFSI, Health Care & Life Science, IT & Telecom, Government, Retail, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." https://www.sphericalinsights.com/reports/digital-signature-market
The digital signature market refers to a cryptographic technique to verify the authenticity and integrity of a digital file, program, or communication. Using asymmetric encryption and a private-public key pair, it acts as a secure electronic alternative to handwritten signatures and confirms the sender's identity and the integrity of the material. Because digital signatures are connected to the signer's identity through digital signing certificates issued by reliable certificate authorities (CAs), they are both legally binding and incredibly secure for online communication and transactions. The market growth is driven by its improved security, ease of use, and document integrity, as well as its ability to be signed remotely. The remote signing system from APS Bank is one example of an innovation that demonstrates how technology may streamline processes and reduce its environmental impact. The market expands as a result of the secure and efficient document verification made possible by the application of cutting-edge technologies like blockchain and machine learning. However, the market growth is hindered by the high initial costs, and regulatory complexities are key barriers to digital signature adoption, particularly for SMEs.
The solutions segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the estimated period.
On the basis of component, the digital signature market is classified into solutions and services. Among these, the solutions segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the estimated period. The segmental growth can be attributed to the convenience and security it offers for remote digital signatures. It allows users to swiftly and efficiently sign documents from any location while ensuring compliance with legal standards. Entrust's development of a QSCD-compliant solution exemplifies innovation in this area. These advancements assist the growing demand for secure digital signature technologies.
The advanced electronic signature segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period.
On the basis of level, the digital signature market is segmented into advanced electronic signatures (AES) and qualified electronic signatures (QES). Among these, the advanced electronic signature segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period. The segmental growth can be attributed to the usage of AES for high-value transactions and signatures on sensitive documents. AES signatures are generated using cryptographic techniques that guard against signature forgeries. By eliminating the need for paper documents and wet ink signatures, AES also reduces the cost of digital signatures.
The businesses segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the projected timeframe.
On the basis of end use, the digital signature market is categorized into individuals, businesses, and organizations. Among these, the businesses segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the projected timeframe. The segmental growth can be attributed to the use of businesses more and more. Integrating digital signature solutions with existing workflow platforms and tools has simplified the process of handling firm documents. The growth of the market is also expected to be supported by advantages like increased customer satisfaction with the addition of a digital signature.
The BFSI segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period.
On the basis of industry vertical, the digital signature market is classified into BFSI, health care & life science, it & telecom, government, retail, and others. Among these, the BFSI segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period. The segmental growth can be attributed to the need for safe authentication, and the expanding digital revolution is driving the use of digital signatures. By enhancing security and optimizing processes, they guarantee compliance in the BFSI sector. This growing digitization is expected to significantly enhance the segment's growth.
North America is anticipated to hold the largest share of the global digital signature market over the forecast period.
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North America is anticipated to hold the largest share of the global digital signature market over the forecast period. The region's growth is attributed to the early use of digital technologies and beneficial legal frameworks such as the UETA and ESIGN Act. The existence of significant solution providers like Adobe, DocuSign, and Entrust Corporation speeds up adoption even more. Furthermore, strong cloud infrastructure supports the broad use of digital signatures. This combination is expected to continue propelling the market expansion in the region.
Asia Pacific is estimated to grow at the fastest CAGR of the global digital signature market during the projected period. In these regions, the usage of digital signatures is rapidly growing throughout the Asia-Pacific region due to government initiatives in countries like China and India. Legal frameworks such as India's IT Act and China's planned E-signature Law are promoting market expansion. Increased efforts to digitize different industries are also contributing to the prosperity of the region.
Major vendors in the global digital signature market are Docusign, Inc., Entrust Corporation, SIGNiX, Inc., Topaz Systems, Inc., Adobe Inc., Ascertia, OneSpan Inc., Visma, GlobalSign, PrimeKey AB, IdenTrust, Inc., ASSA ABLOY, Entrust Corporation, IDEMIA, and others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In February 2023, Zoho enhanced its Zoho Sign service for ISVs and OEMs. This service allowed software vendors and equipment manufacturers to integrate Zoho's digital signature capability into their products. It provides extensive APIs, mobile SDKs for smooth app interaction, SSO authentication, and the option to completely personalize branding for a stronger brand identity.
Market Segment
This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global digital signature market based on the below-mentioned segments:
Global Digital Signature Market, By Component
- Solutions
- Services
Global Digital Signature Market, By Level
- Advanced Electronic Signatures (AES)
- Qualified Electronic Signatures (QES)
Global Digital Signature Market, By End-use
- Individuals
- Businesses
- Organizations
Global Digital Signature Market, By Industry Vertical
- BFSI
- Health Care & Life Science
- IT & Telecom
- Government
- Retail
- Others
Global Digital Signature Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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