New York, July 28, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Signature Market" - https://www.reportlinker.com/p05932789/?utm_source=GNW
With digitization, income tax returns filing, savings and credit bank account opening, and insurance purchasing are being conducted online.
Thus, with the increasing usage of electronic platforms for reducing the paperwork, the global digital signature market, which valued $1,534.8 million in 2019, is projected to advance to $23,949.7 million by 2030, at a CAGR of 28.6% between 2020 and 2030 (forecast period). Digital signatures not only help save time and paper expenditure, but they also make the transaction secure.
Cloud to be Larger Bifurcation in Market during Forecast Period
Throughout the forecast period, the cloud bifurcation would dominate the digital signature market, as this mode of deployment helps authenticate the documents through a cloud-hosted service, which does away with the need for having a physical platform installed. Additionally, this deployment mode offers mobility by storing the users’ signing key on the cloud, which enables document signing from any internet-connected device.
The software category generated the highest revenue in the digital signature market during the historical period (2014–2019), due to the rising awareness within various industries about the improved technologies available and rising focus on digitization.
Till 2030, the highest CAGR in the digital signature market, of 30.4%, is predicted to be seen by the banking, financial services, and insurance (BFSI) classification. This is attributed to the rising acceptance of digital signatures for digital payments, need to make financial transactions safer and more secure, and requirement for streamlined and cost-effective records. Further, companies in the sector are stepping up efforts to reduce their paperwork and replace it with auditable and accurate workflows powered by digital signatures.
In 2019, North America held the largest digital signature market share, on account of the supportive regulations implemented by the government of Canada and the U.S. Further, the adoption of digital signatures is rising in the BFSI and healthcare sectors of the region. In the coming years, the fastest market advance would be experienced in Asia-Pacific (APAC), with the concerns regarding cyber security and need to reduce frauds increasing here. Further, the regional governments are taking numerous initiatives to encourage the adoption of digital technologies, with a view to decrease the paperwork.
Market Players Launching New Products to Strengthen their Position
The companies operating in the digital signature market are stepping up effort to gain a larger industry share, by increasingly launching new products that:
Let users sign and authenticate documents on Google Drive
Allow for the signing of multiple documents at once
Save time of clients and enable faster sending out of templates
Offer automated contract creation and clear audit trails
Help small enterprises complete agreements, including contracts, quotes, and sales orders
Adobe Inc., Entrust Datacard Corporation, Secured Signing Limited, DocuSign Inc., Ascertia Limited, SIGNiX Inc., Gemalto N.V., RPost Communications Limited, Thales eSecurity Inc., eSign Genie, Glykka LLC, IndenTrust Inc., DocVerify Inc., Symtrax Holdings Inc., KeepSolid Inc., SignaShare, Zoho Corporation Pvt. Ltd., and GetAccept Inc. are the key global digital signature market players."
Read the full report: https://www.reportlinker.com/p05932789/?utm_source=GNW
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