Digital Signature Market Competitive Landscape, Insights by Geography, and Growth Opportunity

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2022
Digital Signature Market Analysis, Trends,
Developments, Challenges and Opportunities
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With the growing incidence of data thefts and
frauds, the requirement for digital signatures is
surging, especially in the banking, financial
services, and insurance (BFSI) sector. Many
companies operating in this sector are
increasingly adopting the digital signature-based
biometric technology for identifying and
authenticating the signature of users. Moreover,
this technology ensures that the users signature
cannot be stolen and copied for any purpose.
Additionally, the use of digital signature-based
smartcards is also soaring in some developed
nations, such as Germany and the U.S., for
security purposes. Besides the aforementioned
factor, the burgeoning requirement for
eliminating paperwork is also propelling the
worldwide demand for digital signatures, which
is, in turn, driving the expansion of the global
digital signature market. Owing to these factors,
the revenue of the market is predicted to rise
from 1,858.3 million in 2020 to 25,211.3
million by 2030. Furthermore, the market is
expected to advance at a CAGR of 29.2 from 2021
to 2030 (forecast period).
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Digital signatures help organizations reduce the
time required for filling forms, such as
marketing, legal, advisory, corporate
communication, banking, and insurance forms.
Furthermore, a one-time digitized and scanned
signature can be used multiple times for
insurance and banking procedures. With the rising
digitalization rate, the use of online forms for
buying insurance, opening credit and savings
accounts, and filling income tax returns is
surging, which is consequently pushing up the
requirement for digital signatures.
Additionally, the adoption of digital
signatures assists companies in saving costs and
improving customer services in areas, such as
rendering applications and account openings, by
massively reducing the response time. These
signatures also aid companies in saving costs by
eliminating the requirement for paper procurement
and processing and help them in retaining clients
by reducing the time period of the approval
process. Depending on vertical, the digital
signature market is divided into retail,
healthcare, information technology (IT)
telecom, government, and BFSI categories.
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Amongst these, the BFSI category is expected to
register the fastest growth in the market during
the forecast period. This is ascribed to the
surging demand for eliminating paper-based
processes and replacing them with auditable and
accurate workflows, utilizing digital signatures
in the BFSI sector. Geographically, North America
dominated the digital signature market in 2020.
This was because of the large-scale use of
digital signatures for reducing the chances of
online frauds and their mushrooming utilization
in the regions BFSI sector. In addition, the
enactment of government policies and regulations,
such as the Government Paperwork Elimination Act
(GPEA) in the U.S. in October 2003, is fueling
the expansion of the regional market. In the
coming years, the Asia-Pacific (APAC) region will
be the fastest growing region in the digital
signature market in the coming years, as per the
estimates of the market research firm, PS
Intelligence. This is attributed to the booming
e-commerce industry, rising focus of
organizations on mitigating the incidence of
online frauds, and increasing security concerns
in the region. Hence, it can be safely said
that the demand for digital signatures will rise
significantly in the forthcoming years, mainly
because of the rising requirement for reducing
paperwork and online frauds and rapid
digitization in various industries across the
world.
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• Market Segmentation by Component
• Software
• Hardware
• Service
• Managed
• Professional
• Market Segmentation by Deployment Type
• Cloud
• On-Premises
• Market Segmentation by Vertical
• Banking, Financial Services, and Insurance (BFSI)
• Government
• IT Telecom
• Healthcare
• Retail
• Others (Architecture, Engineering, Construction,
  and Legal)

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• Market Segmentation by Region
• North America Digital Signature Market
• By component
• By deployment type
• By vertical
• By country U.S. and Canada
• Europe Digital Signature Market
• By component
• By deployment type
• By vertical
• By country Germany, France, U.K., Italy, and
  Rest of Europe
• Asia-Pacific (APAC) Digital Signature Market
• By component
• By deployment type
• By vertical
• By country Japan, China, India, Australia, and
  Rest of APAC

7

• Latin America (LATAM) Digital Signature Market
• By component
• By deployment type
• By vertical
• By country Brazil, Mexico, and Rest of LATAM
• Middle East and Africa (MEA) Digital Signature
  Market
• By component
• By deployment type
• By vertical
• By country U.A.E., Saudi Arabia, and Rest of
  MEA

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• Market Segment Breakdown of Major Countries
• U.S. Digital Signature Market
• By component
• By vertical
• Germany Digital Signature Market
• By component
• By vertical
• U.K. Digital Signature Market
• By component
• By vertical
• France Digital Signature Market
• By component
• By vertical
• China Digital Signature Market
• By component
• By vertical
• Japan Digital Signature Market
• By component
• By vertical

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This study covers 1. Historical and the present
size of the Digital Signature Market 2. Historical
and the present size of the market segments and
understand their comparative future
potential 3. Potential of on-demand logistics
services, so the market players make informed
decisions on the sales of their
offerings 4. Competitive scenario of various
market segments across key countries in several
regions for uncovering market opportunities for
the stakeholders 5. Major players operating in
the market and their service offerings
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publications. However, the information in
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based on primary interviews of officials from
various companies or organizations. PS
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concerned domain. the information or analysis in
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was believed to be correct at the time of
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