Digital Signature Market Size, Share, Scope and Comprehensive AnalysisPosted by Devanshu Shrivastava on June 29th, 2021 The growing adoption of digital signature-based biometrics in the banking, financial services, and insurance (BFSI) industry is pushing up their demand across the world. In addition to this, the governments of many countries are implementing policies for encouraging the adoption of digital signatures. These policies ensure that digital signatures cannot be denied legal enforceability and validity in the country. Some of the legislations that have been recently enacted in the U.S. for promoting digital signatures are the Electronic Signature in Global and National Commerce Act (ESIGN) 2000 and the Uniform Electronic Transactions Act (UETA) 1999. Moreover, with the rising incidence of cyber-attacks, the federal government is taking initiatives for encouraging the adoption of cryptography-protected digital signatures in the country.
For instance, according to the Center for Strategic & International Studies, a research institute based in Washington D.C., the U.S., Chinese hackers targeted the enterprise email software of Microsoft to steal data from more than 30,000 organizations across the world, including legislative bodies, government agencies, defense contractors, law firms, and infectious disease researchers.
Furthermore, due to the growing penetration of the internet and smartphones, people are increasingly preferring digital transactions with the government, thereby driving the demand for digital signatures. The other major factor fueling the usage of digital signatures is the rising need for eliminating paperwork in several countries. Due to these factors, the revenue of the global digital signature market is expected to surge from ,858.3 million in 2020 to ,211.3 million by 2030. Digital signatures allow companies to process transactions faster, which helps in improving the customer experience and retaining clients, while the elimination of the need for purchasing paper helps them cut down on operational costs. In addition, a document signed digitally once can be reused for multiple processes, thereby resulting in additional time saving. Due to the so many benefits of this technology, the government support for it around the world has been rather strong. Environmental concerns, including those regarding the chopping down of more trees than being planted, are surging around the world. Since a major amount of tree logs go into producing paper, the need to reduce its usage is growing. This is one of the key reasons behind the rapid digitization in many countries. Such measures are resulting in the usage of computers for many tasks that earlier involved paper, such as opening savings and credit accounts, filing income tax returns, and buying insurance, as well as marketing activities and corporate communications. This market research report provides a comprehensive overview of the market
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