Digital Signature Global Market Opportunities and Strategies to 2033

This report describes and explains the digital signature market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global digital signature market reached a value of nearly $5.25 billion in 2023, having grown at a compound annual growth rate (CAGR) of 34.57% since 2018. The market is expected to grow from $5.25 billion in 2023 to $23.99 billion in 2028 at a rate of 35.52%. The market is then expected to grow at a CAGR of 34.55% from 2028 and reach $105.81 billion in 2033.

Growth in the historic period resulted from the growing adoption of cloud services, rise of the internet of things (IoT), increase in cyber threats and the rise in use of smart contracts. Factors that negatively affected growth in the historic period included strict regulations.

Going forward, the growing e-commerce, increasing adoption of remote work practices and increasing government support will drive the market. Factors that could hinder the growth of the digital signature market in the future include economic downturns.

The digital signature market is segmented by offering into software, hardware and services. The software market was the largest segment of the digital signature market segmented by offering, accounting for 58.44% or $3.06 billion of the total in 2023. Going forward, the services segment is expected to be the fastest growing segment in the digital signature market segmented by offering, at a CAGR of 38.16% during 2023-2028.

The digital signature market is segmented by deployment into cloud and on-premises. The on-premises market was the largest segment of the digital signature market segmented by deployment, accounting for 57.48% or $3.01 billion of the total in 2023. Going forward, the cloud segment is expected to be the fastest growing segment in the digital signature market segmented by deployment, at a CAGR of 39.53% during 2023-2028.

The digital signature market is segmented by end user into banking, financial services and insurance (BFSI), IT and telecommunications, government, health care and life sciences, education, retail, real estate and other end-users. The banking, financial services and insurance (BFSI) market was the largest segment of the digital signature market segmented by end user, accounting for 24.57% or $1.29 billion of the total in 2023. Going forward, the government segment is expected to be the fastest growing segment in the digital signature market segmented by end user, at a CAGR of 38.46% during 2023-2028.

North America was the largest region in the digital signature market, accounting for 43.51% or $2.28 billion of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the digital signature market will be Asia-Pacific and Western Europe, where growth will be at CAGRs of 38.22% and 36.78% respectively. These will be followed by South America and the Middle East, where the markets are expected to grow at CAGRs of 35.95% and 34.95% respectively.

The global digital signature market is fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 7.21% of the total market in 2022. The market fragmentation can be attributed to the presence of a large number of small players in different geographies. Adobe Systems Incorporated was the largest competitor with a 2.11% share of the market, followed by Dropbox Inc. with 1.79%, Microsoft Corporation with 1.53%, DocuSign Inc. with 0.54%, Entrust Datacard Corporation with 0.27%, DigiCert Inc. with 0.26%, HelloSign with 0.20%, GlobalSign Ltd. with 0.19%, Zoho Corporation Pvt. Ltd. with 0.18% and OneSpan Inc. with 0.15%.

The top opportunities in the digital signature market segmented by offering will arise in the software segment, which will gain $11.06 billion of global annual sales by 2028. The top opportunities in the digital signature market segmented by deployment will arise in the cloud segment, which will gain $9.57 billion of global annual sales by 2028. The top opportunities in the digital signature market segmented by end user will arise in the banking, financial services and insurance (BFSI) segment, which will gain $4.97 billion of global annual sales by 2028. The digital signature market size will gain the most in the USA at $6.31 billion.

Market-trend-based strategies for the digital signature market include introducing innovative electronic signature solutions, introducing innovative browser extension signature brands and focusing on electronic signature cloud-based service solutions.

Player-adopted strategies in the digital signature market include focus on strategic partnerships and focus on new product developments.

To take advantage of the opportunities, the analyst recommends the digital signature companies to focus on innovation and user experience, focus on browser extension signatures, focus on electronic signature cloud-based service solutions, focus on expanding into the software segment, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels, focus on price differentiation strategy, continue to use B2B promotions, focus on multi-channel approach to promotional activities and focus on targeting government end-users.