The global digital signature software market was valued at US$ 587.6 Mn in 2016 and is projected to cross US$ 3,400 Mn by the year 2025. Sales revenue is expected to increase at a CAGR of 22.4% during the forecast period (2017-2025).
Increasing adoption of digital signature in legal proceedings is boosting the growth of the digital signature software market
As a certain level of secrecy is required in legal proceedings, digital signature technology can be of great help in this field. A digital signature is generated using specific software and devices and ensures security of data once a document has been digitally signed. This ensures greater security to the party signing the document as well as to the one receiving it and it authenticates the identity of both the parties. The software generates a digital signature, which is unique to the person linked to the executive document in a way that if it is changed, it becomes invalid; and hence the digital signature enables the party to know that the integrity of the said document has been compromised. Digitally signed documents have a great potential in the legal field, thereby aiding the growth of the digital signature software market during the assessment period.
Inherent advantages like savings of money and time likely to boost the growth of the digital signature software market
One of the chief reasons for the growth of the digital signature software market is the cost and convenience of the digital signature. Adoption of digital signature ensures significantly lower use of sharing documents as compared to the process adopted in the use of physical documents, which involves paper, printing, and various other formalities such as shipping or courier costs. As a result, a large number of organizations are opting to switch to paperless processes, which in turn is driving the growth of the global digital signature software market. Also, due to the adoption of the digital signature technology, there is a considerable saving of time as compared to the conventional processes that entail filling in details in documents, rekeying data, searching for lost documents, or tracking down a contract that has been lost in email.
As digital signatures are cumbersome to implement, this may stall the growth of the digital signature software market
The implementation of a digital signature is a very complicated process. First, one has to obtain a digital signature or a physical token from a certified authority requiring government issued ID and biometric data. A digital signature is convenient for those parties who opt for regular transactions. However, in the case of one-time transactions for consumers and for small businesses, the process is complicated and inconvenient. Also, some digital signature processes can be computationally intensive, slowing down business processes and limiting their ability to scale. This may hamper the growth of the digital signature software market.
Digital signature for small and medium enterprises is an upcoming opportunity
With the migration from traditional deployments like on-premise to cloud deployment model, digital signatures are providing a chance for small and medium institutions to adopt the technology. The cloud deployment model eliminates on-premise deployment cost and maintenance cost. This technology is provided on pay-per-use basis, where customers need to only pay for what they have used. By adopting digital signature technology, small and medium enterprises can reduce the time taken to physically sign important documents, which also helps save money. Hence, there is a huge opportunity for small and medium enterprises to adopt this technology.
Global Digital Signature Software Market Analysis & Forecast, By Industry
In terms of revenue, the BFSI segment is projected to be the most attractive industry segment in the global digital signature software market during the forecast period. The BFSI segment is expected to register comparatively higher year-on-year growth rates throughout the forecast. Revenue from the BFSI segment is estimated to increase from US$ 159.6 Mn in 2016 to US$ 1,138.1 Mn by 2025 end, representing a CAGR of 25.3% from 2017 to 2025. The BFSI segment accounts for the highest market share in the global digital signature software market due to its adaptation in various departments like loans, mortgages and administration departments. The BFSI segment is estimated to create incremental opportunity of US$ 950.9 Mn between 2017 and 2025.
Digital signatures for healthcare and pharmaceutical industries is a lucrative opportunity
The trend to digitize and transform healthcare is accelerating. Healthcare professionals, administrators and providers, all are of the opinion that it is time to remove paper from common processes like contracting and procurement, HR, Medicare billing, patient onboarding and more. As a result, the traditional way of signing healthcare documents is changing from paper to paperless. This development will help in providing confidentiality and security for documents and records of patients as it complies with the global e-signature legislation.
About the Report
Persistence Market research presents a comprehensive report on the digital signature software market titled ‘Digital Signature Software Market: Global Industry Analysis & Forecast, 2017–2025’. The report starts with an executive summary that depicts the pertinent market numbers of the digital signature software market and the CAGR for the forecast period 2017 – 2025. The executive summary also gives the 2025 market value share by component, by industry and by end user in the digital signature software market. In another part of the executive summary, region-wise market analysis of the global digital signature software market is given, which gives the region-wise values of the market in 2017 and 2025 as well as the CAGR of the different assessed regions during the forecast period. The executive summary also contains a concise list of drivers, restraints and opportunities in the global digital signature software market along with a list of important market players operating in this market. After the executive summary, a section of the report is devoted to the market overview that comprises the definition of the global digital signature software market explaining what this market is all about and the scope of the report as per the given market definition.
By End User
The next section is devoted to the market dynamics of the global digital signature software market. This section explores in detail the drivers, restraints and opportunities in the global digital signature software market and explains in detail the factors encouraging as well as hampering the growth of this market. Various market opportunities are also discussed that give report audience an in-depth knowledge about the latest offerings in the global digital signature software market. Subsequent sections of the report discuss the global digital signature software market analysis and forecast by component, end user, industry and region. These sections of the report provide important information like Basis Point Share analysis, year-on-year growth comparison, absolute dollar opportunity and market attractiveness analysis. Region-wise trends developing in the digital signature software market are also presented for each region studied in detail in this report.
The last section of the report comprises the competition landscape that studies and profiles in detail the key market players operating in the global digital signature software market. This competition landscape gives a dashboard view of the key companies operating in the global digital signature software market along with their important information and broad strategies adopted to stay as leaders in the digital signature software market. This section also presents the digital signature software market evolution and the key developments that have shaped the market till the present day. Also, there is an important section on the recent deals/contracts that have taken place as far as leading market players operating in the global digital signature software market are concerned. Each leading company is also profiled individually and important information about the company such as company details, company description, product portfolio along with key developments concerning the company and strategic analysis is presented. This competition landscape is one of the most important sections of the report as it imparts a deep understanding of the leading companies operating in the global digital signature software market.
Overall market size has been analyzed through historical data, primary responses, and public domain data. Revenue of companies in the digital signature software market has been benchmarked to ascertain the market size for the base year. Macroeconomic indicators such as GDP and industry growth have been considered to forecast the market size over the period of assessment. The historical growth trend of end-use industries, market participants’ performance, as well as the present macro-economic outlook has been taken into consideration for estimating the overall market trend forecast. Data acquired through primary and secondary research is then validated using the triangulation method and is extensively scrutinized using advanced tools to garner quantitative and qualitative insights into the global digital signature software market.