According to a new market report published by Credence Research Inc., “Digital Signature Market (By Mode of Deployment (On-premise and Cloud-based), By End-use Application (Banking Financial Services & Insurance, Government, Education, Retail, Transportation, and Others)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2017 – 2025”, the digital signature market is expected to witness a double digit CAGR during the forecast period 2017 to 2025.
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Digital signatures are steadily gaining acceptance across commercial, government and legal environments on account of their ability to limit operational costs, reduce contract signing process, and streamline the entire business workflow efficiently.
Thus, digital signatures which substitute electronic alternatives for physical documents have become an efficient approach to speed up legal and financial paperwork. On the contrary, the global digital signature market faces challenge in form alternate technologies including vein biometrics, voice biometrics, and keystroke biometrics among others.
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Based on mode of deployment, the global digital signature market is segregated into on-premise and cloud-based solutions. As of 2015, on-premise solutions led the overall digital signature market accounting for just over 60% of the market revenue. However, the global digital signature market is witnessing a shift towards cloud-based solutions that allows users the flexibility to extend the number of signers as and when required.
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The research study expects cloud-based model to dominate the overall digital signature market by 2022. In terms of end-use, financial institutions are increasingly implementing digital signature-based processes on account of the benefits offered in terms of security, speed, efficiency, simplicity, and turn-around time among others.
The global digital signature market is highly technology driven and competitive. The leading four players in the global digital signage market collectively account for less than 45 percent of the global market revenue. Thus, the global digital signature market is highly fragmented. The global digital signage market being technology driven, the degree of competition among vendors and other participants across ecosystem is expected to remain high throughout the forecast period 2017 – 2025.
Some of the leading players identified in the global digital signature market include Adobe Systems Inc., Secured Signing Ltd., Gemalto NV, Ascertia, SIGNiX, Entrust Datacard Corp., RPost, eSignLive, IdenTrust Inc. DocuSign Inc., and Thales e-Security Inc. The global digital signature market also includes large number of niche players accounting for trivial market share individually.
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