The Digital Signature Market is projected to grow from USD 2.8 billion in 2020 to USD 14.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 31.0% during the forecast period. Government initiatives and transition toward digitalization to drive the overall market growth.
By solution, software segment to register the highest growth rate during the forecast period
Digital signature solution providers offer software to help organizations easily create digital signatures that comply with industry standards and offer support for working with accredited certified authorities. The software providers in the market are focusing on delivering encryption software, PKI solutions, email encryption solutions, and APIs to help end users securely sign documents. Software solutions, as compared to hardware solutions, are growing at a faster rate and contributing maximum in terms of market size in the digital signature market.
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Based on vertical, BFSI to grow at the highest CAGR during the forecast Period
The BFSI vertical is witnessing digital transformation at every level with rapidly changing customer demands. The use of online services, such as internet banking, mobile banking, and stock trading has soared. The BFSI vertical is focusing on understanding digital consumer behavior, preferences, and choices through customer-centric business applications. Digital signatures help BFSI firms in simplifying complex business processes by offering enhanced security and improved turnaround time for onboarding customers. Owing to these benefits, digital signature is gaining more popularity in the BFSI vertical.
Major vendors covered in the market report include Adobe (US), OneSpan (US), Thales (France), DocuSign (US), Idemia (France), Ascertia (UK), Zoho (India), GlobalSign (US), Entrust Datacard (US), Digicert (US), Identrust (US).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the digital signature market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2020 to innovate their offerings and broaden their customer base.
- Adobe (US) is a prominent provider of digital signature solutions. The company offers products and services that are used by creative professionals, marketers, knowledge workers, application developers, enterprises, and consumers for creating, managing, delivering, measuring, optimizing, and engaging with compelling content and experiences across personal computers, devices, and media. In July 2020, Adobe enhanced its’ product, Adobe Sign. Customers of Adobe Sign that manage their user entitlement via the Adobe Admin Console can now also assign elevated authority to individual users in the Adobe Sign product profile. Adobe caters to large enterprises and SMEs in various verticals, such as media and entertainment, banking, and eCommerce. The company has a global presence across North America, Europe, Asia Pacific (APAC), MEA and Latin America.
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- DocuSign (US) is another top player in the digital signature market. The company specializes in Digital Transaction Management (DTM), workflow automation, electronic signature solutions, and Contract Lifecycle Management. DocuSign offers the DTM platform and eSignatures solutions and services. In August 2020, DocuSign integrated with Workplace by Facebook. The integration is focused on its Agreement Cloud amid digital transformation efforts and remote work. The company provides its platform and services to SMEs and large enterprises across different industries, including BFSI, education, government, and more.
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