The global Digital Signature Market to grow from USD 1.2 billion in 2018 to USD 5.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 36.7% as per a report by MarketsandMarkets.
Why increasing number of partnerships and acquisitions is throwing more opportunities?
The digital signature market has witnessed unprecedented traction in the recent years. There has been tremendous growth in the number of inorganic growth strategies, such as partnerships, agreements, and acquisitions, among IT companies, to establish themselves as astute digital signature solution and service providers. The latest trends show that there are various inorganic strategies followed by the key players to stay competitive in the digital signature market. For instance, Adobe acquired Marketo, DocuSign acquired SpringCM, Entrust Datacard acquired Barcelona-based Safelayer Secure Communications and Trustis Limited, Secured Signing Limited partnered with Zambion, SIGNiX partnered with Andrew Johnson Bank, Adobe partnered with Microsoft, and Entrust Datacard partnered with Gemalto. The demand for digital signature solutions and services has become one of the foremost concerns for security-centric organizations. Therefore, the market offers abundant opportunities to digital signature providers for selling their digital signature solutions and services.
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How deeply entrenched traditional business practices posing a key challenge?
A long history of working with traditional paper-based business processes is entrenched deeply in the working culture of almost all businesses, who are reluctant to change their working patterns within a short interval. The other major challenges in adopting the digital signature technology across all processes in an organization include lack of trust and ease of implementation, which are otherwise present in convenient business solutions. Traditional business practices need to route the documents, signed by all signatories, with additional suggestions/changes required; this entire process takes a lot of time and effort. Overcoming this deeply entrenched traditional business practice is becoming a hindrance or a challenge in the digital signature market.
Major vendors of digital signature include Adobe (US), OneSpan (US), Gemalto (Netherlands), Ascertia (UK), DocuSign (US), Entrust Datacard (US), SIGNiX (UK), Secured Signing (New Zealand), Identrust (US), RPost Technologies (US), HelloSign (US), MultiCert (Lisbon), GlobalSign (US), RightSignature (US), Zoho Corp (India), and Kofax (US).
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