The Global Digital Signature Market size is expected to reach $20.62 billion by 2027, rising at a market growth of 32.2% CAGR during the forecast period.
A digital signature refers to a modern method with the electronic and encrypted stamp of verification on different digital documents like word files, PDF files, and online legal contract papers. Additionally, it is beneficial in addressing the problems of impression and tempering in digital communication. As it comprises all the information of digital document, it allows users to identify the source rapidly and easily, recognize the status of an electronic document.
By using a digital signature, the sender becomes empowered to verify the reliability of a digital document. During the financial transactions or document distribution globally, the chances of risks such as tampering or fraud of documents are very high, thereby fuelling the requirement for digital signatures.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has impacted the companies globally, majorly in a severe manner. With the adoption of digital signatures, companies are striving to streamline the process of signing the crucial documents with minimized or no delay or constraints. Thus, the digital signature market has been significantly driven because of the rising use cases from current and new customers owing to a global pandemic.
Moreover, the adoption of digital verification and signatures has been increased due to the recent outbreak of the COVID-19 pandemic. In addition, the industries are compelled to embrace digital technology in order to continue their business due to the rising obligations related to online and remote work. The government is supporting the digital modes of signature and verification like smart ID/card readers, smooth pass, electronic signatures, biometric signatures, and others.
Market Growth Factors:
The rapid adoption of cloud-based security solutions
The demand for cloud-based security technologies and solutions is rising due to the high availability of the Internet and higher utilization of mobile & internet-connected devices. In addition, many companies are transitioning towards digital and advanced solutions for dealing with customers. Hence, digital signature becomes the medium for secured and enhanced experience between customers and the companies. Moreover, SMEs and startups are increasingly installing these cloud-based digital signature solutions because of the growing adoption rate of the eCommerce model.
A rise in paperless trend
Several industry workflows systems are expected to witness transformation due to the increasing digitalization. In addition, majority of the organizations are adopting the concept of dematerialization, which may increase the acceptance of digital signature. Also, digital signature helps many companies to reduce their spending on the stationary. In a similar manner, it lowers down the possibility of misplacing a crucial document and maintains its security for a long time period.
Market Restraining Factor:
Low Level of Awareness Regarding the Legality of Digital Signatures
The digital signature technology is constantly upgrading, while there is no appropriate legislation to regulate these signatures. In addition, there is still not a widespread awareness among many countries about the legal status of digital signatures. Also, legal bodies should make provisions in order to increase awareness associated with the legal acceptance and advantages of digital signature in comparison to the classic signature.
Component Outlook
Based on Component, the market is segmented into (Software and Hardware) and Services (Professional and Managed). The services segment, is further divided into the professional services segment obtained the highest revenue share of the market and is expected to unfold the same kind of trend even during the forecasting period. This is credited to the growing demand of the companies for the superior security of their operations and cost savings.
Organization Size Outlook
Based on organization size, the market is segmented into large enterprise and Small & medium enterprise. Small and medium enterprises is expected to showcase the highest growth rate throughout the forecasting period. This is credited to the rise in the adoption of digitalization to enhance efficiency in the business process.
Deployment Outlook
Based on Deployment Mode the market is segmented into On premises and Cloud. The cloud-based deployment segment is expected to display a promising growth rate over the forecasting years. In addition, companies and several verticals globally are embracing eSignature solutions in the cloud to achieve cost optimization, flexibility, and scalability.
End User Outlook
Based on End User, the market is segmented into BFSI, Healthcare & Life Sciences, Energy & Utilities, Education and Legal, Telecom & IT, Government & Public Sector, and Hardware. The legal segment is expected to display the highest growth rate during the forecasting period. By adopting digital signatures, the legal firms can accelerate and completely automate the sluggish, complicated and costly conventional paper-based signing process and gain higher productivity, maintained eRecord, decreased manual processing, enhanced compliance, decreased turnaround time of the document, streamlined reporting, and digital transformation.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. . North America is expected to emerge as the dominating region in the overall digital signature market throughout the forecast years. The region remains at the forefront regarding the adoption of IT technologies. In addition, the region is home to a majority of multinational companies and various small-scale enterprises.
Cardinal Matrix - Digital Signature Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Adobe, Inc. is the major forerunners in the Digital Signature Market. Companies such as Docusign, Inc., Thales Group S.A., and Zoho Corporation Pvt. ltd. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Docusign, Inc., Secured Signing Limited, OneSpan, Inc., DigiCert, Inc., Zoho Corporation Pvt. ltd., Thales Group S.A., Adobe, Inc., Entrust Corporation, and GMO GlobalSign Pte. Ltd. (GMO Internet, Inc.)
Recent Strategies Deployed in Digital Signature Market
Partnerships, Collaborations and Agreements:
- Nov-2021: Adobe extended its partnership with Tata Consultancy Services (TCS), an Indian multinational information technology services and consulting company. Through this extended partnership, the companies aimed to provide turnkey customer experiences powered by Adobe creative cloud, Adobe Experience Cloud, and Adobe Document Cloud. The partnership is expected to bring digital transformation in document-based processes for units’ enterprise-wide, producing a step-change enhancement in workers' experience and business agility across finance, procurement, IT, sales, legal, and HR.
- Nov-2021: Thales signed a MoU with VNPT, a leader in providing telecommunication and digital services based in Vietnam. Under this agreement, the two companies is expected to take part in technical collaborations in the domains of Digital Identity & Biometrics, telecommunications satellites, Smart & Safe cities, 5G, and IoT and cybersecurity. In addition, the partnership is further strengthening the national digital transformation goals of Vietnam, including the establishment of a robust digital economy and moving towards a Smart Nation.
- Nov-2021: Secured Signing entered into a partnership with MAGIQ Software, a vendor of web-based and cloud deliverable software. Through this partnership, the company aimed to offer MAGIQ’s electronic document management system, an integration of its digital signature feature into MAGIQ documents. Digital Signature is expected to be available in the new MAGIQ Documents launch of cloud and on-premise version.
- Sep-2020: OneSpan partnered with Forgerock, a leading vendor in digital identity. The partnership aimed to integrate the technologies of OneSpan into the identity platform of ForgeRock. In addition, the integrated solution is expected to offer a single as well as an open solution to streamline the process of authentication along with risk and fraud management. In addition, the partnership is expected to assist banks in orchestrating identity and access management.
Acquisitions and Mergers:
- Jul-2020: DocuSign acquired Liveoak Technologies, an Austin-based startup. Following the acquisition, the company aimed to utilize Liveoak's technology and excellence to expedite the introduction of DocuSign Notary, the latest product that offers remote online notarization, DocuSign Notary.
- May-2020: DocuSign took over Seal Software, a leading vendor in contract analysis and AI technology. Following the acquisition, the company is expected to improve the agreement process with the utilization of machine learning and AI-driven analytics.
Product Launches and Product Expansions:
- Oct-2021: DocuSign launched DocuSign Ventures, which is designed to nurture the rising ecosystem of startups and entrepreneurs. Moreover, the new initiative is expected to focus on co-investing in and collaborating with companies obtaining early-stage funding to develop around the agreement process.
- Jun-2021: DigiCert released DigiCert Document Signing Manager, an advanced cloud-based solution. Through this launch, the company aimed to offer a trustable signing manager which makes sure to verify an authorized signer identity and non-tempering of the signed document along with audibility that fulfills the needs for legit validity.
- May-2021: Entrust rolled out Remote Signing Service (RSS) solution. Through this launch, the company aimed to add its reliable and verifiable employee signature capabilities to document applications and workflows.
- Apr-2021: OneSpan released its OneSpan Sign Virtual Room, a designed feature for remote agreement collaboration and e-signing. Through this launch, the company aimed to offer a one-stop solution to financial services firms, to provide safe and video-enabled customer interaction to tackle complicated finance-associated agreements.
- Apr-2021: GlobalSign rolled out GMO Sign, a document signing end-to-end workflow solution based on cloud. Through this launch, the company aimed to offer safe, simple, end-to-end document signing management, approval workflows, and storage at an affordable price.
- Mar-2021: Secured Signing integrated digital signature integration with Content Manager, a document managing system. Following this integration, the company aimed to allow its users to send documents for digital signing through Content Manager.
- Dec-2020: Adobe integrated Adobe Sign into Microsoft Azure with the development of a local data center in Singapore. Adobe sign is an eSignature solution of adobe and a crucial element of Adobe document cloud. Through this integration, the company is expected to strengthen its vision to assist end-to-end digital experiences for private as well as public sector companies in the APAC region.
- Oct-2020: Thales rolled out its Identity Verification Suite. The Identity Verification Suite offers a complete AI identity verification service with privacy and safety. In addition, it incorporates machine learning engines, new facial recognition technology, and document security feature recognition.
- Sep-2020: DocuSign rolled out DocuSign Analyzer, an AI-based contract analytics solution. Through this launch, the company aimed to streamline the process of reviewing and negotiating agreements. In addition, DocuSign Analyzer leverage AI to offer sales, procurement, legal and other stakeholders with simplified and beneficial insight into the opportunities and risks in the documents they are supposed to review and sign.
- Aug-2020: Zoho launched the Zoho Sign extension for Zoho CRM. Through this launch, the company aimed to allow its customers to automate the signature collection, reduce operation costs, and decrease the turnaround duration which is expected to make closing deals quick.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Solutions
- Software
- Hardware
- Services
- Professional Service
- Managed Services
By Organization Size
- Large Enterprise
- Small & Medium Enterprise
By Deployment Mode
- On premises
- Cloud
By End User
- BFSI
- Healthcare & Life Sciences
- Energy & Utilities
- Education and Legal
- Telecom & IT
- Government & Public Sector
- Hardware
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Docusign, Inc.
- Secured Signing Limited
- OneSpan, Inc.
- DigiCert, Inc.
- Zoho Corporation Pvt. ltd.
- Thales Group S.A.
- Adobe, Inc.
- Entrust Corporation
- GMO GlobalSign Pte. Ltd. (GMO Internet, Inc.)
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Table of Contents
Companies Mentioned
- Docusign, Inc.
- Secured Signing Limited
- OneSpan, Inc.
- DigiCert, Inc.
- Zoho Corporation Pvt. ltd.
- Thales Group S.A.
- Adobe, Inc.
- Entrust Corporation
- GMO GlobalSign Pte. Ltd. (GMO Internet, Inc.)
Methodology
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