Digital Signature Global Market Report 2024

The digital signature market size has grown exponentially in recent years. It will grow from $6.74 billion in 2023 to $8.89 billion in 2024 at a compound annual growth rate (CAGR) of 31.9%. The growth observed during the historical period can be attributed to factors such as the legal recognition of digital signatures, heightened security concerns, improved business efficiency, a focus on environmental sustainability, and the increasing need for remote work and collaboration.

The digital signature market size is expected to see exponential growth in the next few years. It will grow to $28.33 billion in 2028 at a compound annual growth rate (CAGR) of 33.6%. The projected growth in the forecast period can be linked to various factors, including the expansion of e-government initiatives, enhanced cybersecurity measures, the digitization of healthcare services, the integration of blockchain technology, the rise of the Internet of Things (IoT), and the adoption of smart contracts. Prominent trends in the forecast period encompass the use of biometric authentication, the proliferation of mobile signature apps, the implementation of advanced encryption methods, integration with collaboration tools, and a strong focus on regulatory compliance.

The digital signature market has experienced growth, driven by supportive policies from various governments. One example is the 21st Century Integrated Digital Experience Act (21st Century IDEA Act) in the United States. This act established minimum functionalities and security standards for federal agencies, requiring them to provide digital versions of paper-based citizen services and accept digital signatures. These policies from governments worldwide have boosted the demand for digital signatures.

Digital signature offerings primarily consist of software, hardware, and related services. Digital signature software serves as a tool for businesses, enabling them to securely sign, transmit, and manage documents, streamlining the process of digital document signing. Various deployment modes, including cloud and on-premises options, find application across various sectors, such as banking, financial services, and insurance (BFSI), IT and telecommunications, government, healthcare, life sciences, education, retail, real estate, and other industries.

The digital signature market research report is one of a series of new reports that provides digital signature market statistics, including digital signature industry global market size, regional shares, competitors with a digital signature market share, detailed digital signature market segments, market trends and opportunities, and any further data you may need to thrive in the digital signature industry. This digital signature market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing use of smart contracts is expected to further fuel the growth of the digital signature market. Smart contracts are self-executing agreements with terms written into code, automatically enforcing the contract when predefined conditions are met. Digital signatures play a vital role in smart contracts, providing authentication, security, and cryptographic proof of consent, ensuring transaction integrity. For instance, in the first quarter of 2022, approximately 1.45 million Ethereum smart contracts were created, representing a significant 24.7% increase from the previous quarter. This growth in smart contract usage is set to drive the digital signature market.

The major challenge for the digital signature market is the lack of awareness regarding the legality of digital signatures. While several countries have established laws to give legal validity to digital signatures, the public is often unaware of these regulations due to inadequate communication and complexity. This lack of awareness hinders the adoption of digital signatures, impacting market growth.

Companies providing digital signature solutions are integrating blockchain technology with digital signatures to offer users the ability to certify integrity and timestamp their documents. For instance, DocuSign partnered with Visa to develop blockchain-based smart contracts that transform contracts into computer programs, ensuring contract terms are monitored and executed over the internet.

Major companies in the digital signature market are offering advanced signing solutions and services, such as Qualified Signing Service (QSS), to gain a competitive edge. QSS is a cloud-based platform providing qualified electronic signatures and seals compliant with eIDAS regulations, serving various industries. For example, GMO GlobalSign launched the Qualified Signing Service (QSS) in February 2023, offering qualified electronic signatures and seals compliant with the EU's eIDAS regulation, benefiting sectors like fintech, legal, government, education, insurance, healthcare, and auditing.

In November 2022, PDFTron Systems Inc., a Canadian software company specializing in document processing technology, acquired Eversign GmbH. This strategic acquisition allows PDFTron to enter the no-code sector, using Eversign's expertise to enhance its technology platform and bolster its position in the end-user market. Eversign GmbH, based in Austria, provides cloud-based digital signatures for documents.

Major companies operating in the digital signature market include Adobe Systems Incorporated, DocuSign Inc., Ascertia Limited, IdenTrust Inc., SIGNiX Inc., Gemalto NV, Entrust Datacard Corporation, Kofax Inc., RPost Communications Limited, Secured Signing Limited, OneSpan Inc., HelloSign Inc., GMO GlobalSign Ltd., MultiCert S.A., RightSignature LLC, Zoho Corporation Pvt. Ltd., VASCO Data Security International Inc., Arthur D. Little Inc., Shachihata Inc., Glykka LLC, eSign Genie Inc., SignaShare Corporation, KeepSolid Inc., GetAccept Inc., Symtrax Holdings Inc., Microsoft Corporation, International Business Solutions LLC, Korea SYSTEM's TECH Inc., Kotrade Inc., Oracle Corporation, SignRequest B.V., SignEasy Inc., SignNow Inc., DocVerify Inc., PandaDoc Inc., Sertifi Inc., SkySignature

Asia-Pacific was the largest region in the digital signature market in 2023. Asia-Pacific is expected to be the fastest-growing region in the digital signature market report during the forecast period. The regions covered in the digital signature market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the digital signature market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The digital signature market includes revenues earned by entities by providing digital signature solutions. The digital signature solutions include software and hardware solutions, and related services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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