According to a research report “Digital Signature Market by Component (Solutions and Services), Solution (Software and Hardware), Deployment Mode, Organization Size, Vertical (BFSI, Government, Healthcare and Life Sciences, Legal, Real Estate), and Region – Global Forecast to 2026″ published by MarketsandMarkets, the global digital signature market size is projected to grow from USD 4.0 billion in 2021 to USD 16.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 33.1% during the forecast period.
Investments in electronic documents by governments and enterprises, Upgrade in end-to-end customer experience, and improved operational efficiency at lower OPEX are some of the prime driving factors for the growth of digital signature market.
Browse 360 market data Tables and 46 Figures spread through 284 Pages and in-depth TOC on “Digital Signature Market – Global Forecast to 2026”
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Legal vertical segment is expected to grow with the highest CAGR during the forecast period
Digital signatures help the legal firms fasten and fully automate the slow, complex, and expensive traditional paper-based signing process and achieve increased efficiency, reduced manual processing, improved compliance, maintained eRecord, facilitated reporting, reduced document turnaround time, and digital transformation. The US has two laws that govern the legal effect of electronic signatures. These laws are the state’s Uniform Electronic Transactions Act (UETA) and the federal’s Electronic Signatures in Global and National Commerce Act (E-SIGN). European’s eIDAS regulation provides the three types of electronic signatures—simple, advanced, and qualified. Digital signatures allow law firms to adhere to the most stringent international security and privacy standards and regulations.
Cloud based deployment to grow with higher CAGR during the forecast period
Companies and various verticals across the globe adopt eSignature solutions in the cloud to achieve cost optimization, scalability, and flexibility. The paradigm shift of enterprises to digitalization and technologically advanced solutions is driving the demand for digital signature software among cloud companies. Cloud Signature Consortium, a group of industry organizations committed to build new standards for cloud-based digital signatures and supports businesses and governments to comply with the most demanding electronic signature regulations worldwide.
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North America to hold the largest market size during the forecast period
North America is one of the highly advanced regions in terms of IT adoption. The region serves as headquarters for most of multinational enterprises, along with numerous small-scale enterprises. The growing concern related to the protection of critical IT infrastructure and sensitive data has increased in recent years. Companies are allocating a significant amount for the security of data in their budgets. With government mandates for securing electronic documents and the benefits of using digital signatures in the US and Canada, the digital signature market is poised to grow with more integration of digital signature technology. North America accounted for the largest share of the global digital signature market in 2020. North America, comprising the US and Canada, has witnessed phenomenal growth in BFSI and legal sectors, as well as the government and healthcare sectors. The US multinationals, such as Adobe, OneSpan, and DocuSign, are the key players in digital signature technology.
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