PUBLISHER: Grand View Research | PRODUCT CODE: 1493255
PUBLISHER: Grand View Research | PRODUCT CODE: 1493255
The global digital signature market size is anticipated to reach USD 38.16 billion by 2030, expanding at a CAGR of 39.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing internet and smartphone penetration across the globe is expected to fuel the market growth from 2024 to 2030. For instance, according to DataReportal, an online reference library, a total of 5.18 billion people worldwide were using the internet at the beginning of Q2 2023.
The increasing partnerships between businesses and digital signature companies to implement digital signatures bode well for the growth of the market. For instance, in March 2023, BlackBerry Limited, a software company, entered a partnership with Adobe, a computer software Company. This partnership aimed to deliver secure forms with electronic signatures over mobile devices. The software solution, integrating BlackBerry UEM and Adobe Experience Manager Forms, is tailored for prevalent mobile device platforms and complies with the stringent security standards mandated by regulated industries.
Digital signature offers various advantages such as time-saving and cost savings to the business and individual users, enabling them to sign documents electronically from remote locations. Furthermore, the implementation and modernization of laws by various governments across different jurisdictions for regulating the market are expected to boost trust among the users and eventually fuel the market's growth. Additionally, digital transformation across industries will help the market grow from 2024 to 2030.
The COVID-19 pandemic had an immediate positive impact on the market. The rising adoption of digital signature solutions during the COVID-19 pandemic attracted venture capital firms to invest in various digital signature software providers. For instance, in June 2021, Yousign, an eSignature solution for SMBs, announced that it raised USD 36.6 million through a Series A funding round led by Lead Edge Capital Management, LLC. With the funds raised company aimed at reaching around 50,000 European SMBs by 2024.