It is Anticipated that the Market for Digital Signatures Would have Expanded at a CAGR of 21% by the end of 2029

The idea that data security is achieved once a document has been digitally signed is the cornerstone of the digital signature industry. There have recently been many laws passed that regulate digital signatures and electronic documents in general. As a result, the use of digital signatures in court proceedings has significantly increased.

The study asserts that the market for digital signatures will continue to expand throughout the forecast period due to favourable norms and laws, increased effectiveness, decreased error rates, as well as company acceptance of digital initiatives. Due to their enormous economic and environmental benefits, digital signatures are increasingly taking the place of paper ones in commercial settings.

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Integration of new technologies such as IoT, Machine Learning and Artificial Intelligence will continue to propel the demand of digital signature software. Moreover, ability of digital signature solutions to focus on safeguards against security breach will fuel the sales of these solutions

Gains Underpinned by Increasing Demand for Digital Signature Solutions in SMEs

According to the latest study by PMR, most of the companies are switching from manual systems to integrated solutions that manage all the quality-related processes and data in one comprehensive model.

Organizations and companies are interested in adopting the technology and are constantly focusing on implementing convenient and trusted digital signature solutions, which do not increase the complexity of workflows. Thus, the digital signature solution providers with an ability to fulfil the needs through innovative offerings will have a substantial competitive advantage over other solution providers in the digital signature market.

As per the PMR research study, the digital signature market is poised to create an incremental opportunity of ~ US$ 9,500 Mn during the stipulated timeframe. Digital signature software continues to account for relatively high share of the stakeholders' bottom lines, as compared to services. However, contribution of revenue generated through services is estimated to grow in regions with high demand for digital signature solutions.

Tapping into Opportunities in Healthcare Sector

The trend to digitize and transform the healthcare sector is accelerating. The healthcare sector has been witnessing an increasing shift towards paperless options for various daily processes, thus significantly driving the growth of the digital signature market. Some processes include contracting and procurement, medicare billing, patient onboarding, and others.

In addition, digital signature in healthcare sector ensures safety and integrity of personal information of patients, which reduces the incidence of data and information theft and unauthorized access. Thus, digital signature solution providers remain targeted towards the healthcare industry.

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Tier-1 Players to Account for 20% Revenue Share in Digital Signature Market

PMR opines that the global digital signature market shows a fair level of fragmentation, with a large number of regional players. PMR has segregated the market structure into three tiers: Tier 1, Tier 2, and Tier 3 for deep-down analysis. Tier-1 digital signature providers account for around 18%-20% of the overall market. Tier-1 vendors are the most experienced and largest in the industry, and have a vast regional coverage across the globe.

These vendors are collaborating and partnering with new players in the market to expand their distribution channel. Tier-3 digital signature providers are fairly new in the market and are mostly local and regional players. As Tier-3 players have a limited presence in the market, they constantly keep themselves updated with the latest technology and are growing at a rapid pace.

For instance, Dropbox, a personal cloud storage service that is frequently used for file collaboration and sharing, announced the acquisition of HelloSign. HelloSign has built a thriving business focused on eSignature and document workflow products. This acquisition brings the well-deserved application to the e-signature market, which continues to gain in strength and value.

Similarly, SignNow, a cloud-based provider of electronic signature technology, developed in the United States, announced a strategic partnership with Autodesk BIM. This partnership will give users a tremendous time-saving service with immediate access to their SignNow templates and documents folder in their Autodesk BIM 360 account.

Key Segments

Component
Software
Services

End-user
Consumer
Enterprise

Industry
BFSI
Defense
Government
Retail & Consumer Goods
Healthcare
Education
IT & Telecom
Others

Region
North America
Latin America
Western Europe
Eastern Europe
Asia PacificExcluding Japan
Japan
Middle East & Africa

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