Huge Growth Expected in Digital Signature Market in Future
Posted by Devanshu Shrivastava on December 14th, 2021
The surging requirement for smooth digital transaction management and user identity authentication will aid the digital signature market to advance at 29.2% CAGR during the forecast period (2021–2030). According to P&S Intelligence, the market revenue is expected to grow from ,858.3 million in 2020 to ,211.3 million by 2030.
At present, the digital signature market is consolidated in nature, due to the presence of very few players. In 2020, the market was dominated by Secured Signing Ltd., DocuSign Inc., OneSpan Inc., and Adobe Inc. All the major players are presently focusing on product launches to gain a competitive edge in the market. For instance, in April 2020, Secured Signing Ltd. introduced new improvements to the account reporting and signing process to allow users to quickly send out templates, by saving workflow settings for individual forms.
Geographically, North America accounted for the largest share in the digital signature market, due to the rising cases of online frauds in the BFSI sector in the region. Additionally, the implementation of government policies, such as the Government Paperwork Elimination Act (GPEA) in the U.S., also contributes to the market growth in the region.
Whereas, the Asia-Pacific (APAC) market is expected to demonstrate the fastest growth during the forecast period, due to the flourishing e-commerce industry, soaring security concerns, and escalating focus on mitigating the prevalence of online frauds in the region. Thus, the surging number of online forms and burgeoning demand for digital signatures in the healthcare sector will supplement the market growth in the forecast years.
Like it? Share it!
About the AuthorDevanshu Shrivastava
Joined: January 31st, 2020
Articles Posted: 105
More by this author