Digital signature refers to a mathematical technique used to validate the authenticity and integrity of a digital document, message or software. It is the digital equivalent of a handwritten signature or stamped seal, but offers more security.
The digital signature market consists of sales, by entities (such as organizations, sole traders or partnerships), of digital signature hardware, software and services that are used to provide evidence of origin, identity and status of electronic documents, transactions or digital messages. A digital signature is intended to solve the problem of tampering and impersonation in digital communications.
The global digital signature market was valued at $1,189.59 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 34.00%.
Growing Adoption Of Cloud Services
During the historic period, the growing adoption of cloud services drove the growth of the digital signature market. Cloud services refer to a broad range of on-demand computing resources and applications that are delivered over the internet. Cloud services are instrumental in driving the growth and adoption of digital signature solutions by offering flexibility, scalability, accessibility and enhanced security features to businesses of all sizes and industries. For instance, in September 2022, according to reports by the AAG IT Support Service, a US-based digital transformation service provider, in 2022, a global study of 753 technical and business professionals revealed that 63% of respondents reported heavy usage of cloud services. This marked an increase from 59% in 2021 and 53% in 2020. Therefore, the increase in the adoption of cloud services propelled the growth of the digital signature market.
Launch Of Browser Extension Signature Solutions To Simplify Digital Signing Process
Companies operating in the digital signature market are introducing innovative browser extension signature brands to enhance the user experience and simplify digital signing processes. A browser extension for digital signatures typically refers to a software add-on or plugin that integrates with web browsers to enable users to sign documents, contracts, or other digital content directly within their browser window. For instance, in March 2022, Odyssey Technologies Limited., an India-based software company, launched 'Xorkeesign', a browser extension that helps users digitally sign GST (goods and services tax), income tax returns and documents for the Ministry of Corporate Affairs (MCA). The extension stays invisible until a user accesses the IT (Income Tax), GST or MCA portals. It allows users to consume digital signatures from a cloud service. It is designed to simplify tax filing and other regulatory compliance processes that require digital signatures.
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.
Digital Signature Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global digital signature market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for digital signature? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The digital signature market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider digital signature market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by offering, by deployment and by end user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the digital signature market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by offering, by deployment and by end user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for digital signature providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Offering: Software; Hardware; Services
- 2) By Deployment: Cloud; On-Premises
- 3) By End User: Banking; Financial Services And Insurance (BFSI); IT And Telecommunications; Government; Health Care And Life Sciences; Education; Retail; Real Estate; Other End-Users
- Companies Mentioned: Adobe Systems Incorporated; Dropbox Inc.; Microsoft Corporation; DocuSign Inc.; Entrust Datacard Corporation
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; digital signature indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.