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Digital Signature Global Market Report 2022
Major players in the digital signature market are Adobe systems, DocuSign Inc. , Ascertia, Identrust, SIGNiX, Gemalto, Entrust Datacard Corporation, Kofax Limited (a Lexmark Company), Rpost Technologies, Secured Signing Limited, OneSpan, Hellosign, Globalsign, MultiCert, RightSignature, Zoho Corp, Esignlive By Vasco, Arthur D.
New York, March 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Signature Global Market Report 2022" - https://www.reportlinker.com/p06246499/?utm_source=GNW
Little, Shachihata Inc., Glykka LLC, eSign Genie, SignaShare, KeepSolid Inc, GetAccept Inc, Symtrax Holdings Inc., Microsoft Corporation, International Business solutions llc, Korea SYSTEM’s TECH Inc., Kotrade Inc. and Oracle Corporation.
The global digital signature market is expected to grow from $3.79 billion in 2021 to $5.10 billion in 2022 at a compound annual growth rate (CAGR) of 34.7%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $15.63 billion in 2026 at a CAGR of 32.3%.
The digital signature market consists of sales of digital signature solutions and related services.A digital signature is an electronic signature and is equivalent to a handwritten signature or stamped seal.
It offers more inherent security and is expected to solve the problems of tampering and impersonation. The digital signature solutions include software and hardware solutions, and related services.
The main offerings of digital signature are software, hardware and services.Digital signature software is used by businesses to help them securely sign, send, and manage documents in order to facilitate the digital document signing process.
The various deployment mode include cloud and on-premises that are used by banking, financial services, and insurance (BFSI), IT and telecommunications, government, health care and life sciences, education, retail, real estate and other end users.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Supporting policies by the governments of various nations drove the digital signature market.For instance, the US government has passed an act called the 21st Century Integrated Digital Experience Act (also known as 21st Century IDEA Act).
The 21st Century IDEA Act created a set of minimum functionalities and security standards that federal agencies must meet.According to this Act, the agencies must offer digital versions of paper-based citizen services and accept digital signatures, thereby, allowing citizens to complete transactions digitally.
Such policies by the government of various nations have boosted the demand for the digital signature market.
The lack of awareness about the legality of the digital signature is a major challenge for the digital signature market.Several countries have formulated laws assigning legal validity to digital signatures to ensure authenticity and security.
For instance, ESIGN Act (Electronic Signature in Global and National Commerce Act), GPEA (Government Paperwork Elimination Act), EU law (EU Directive for Electronic Signatures), and Indian IT Act 2000, among others.However, the public across various countries are unaware of the existence of the digital signature law.
This is mainly because of the lack of proper communication on the adoption of laws and regulations.Due to the complexity of regulations and the difficulty of understanding laws, the public seems to be unaware of the details.
Therefore, the lack of awareness about the legality of a digital signature is limiting the adoption of digital signatures thereby impacting the market growth.
The digital signature solutions providing companies are integrating blockchain technology with the digital signature.The goal of integrating blockchain with a digital signature is to offer users the possibility to certify integrity and time stamp.
For instance, DocuSign collaborated with Visa for the public prototypes of a blockchain-based smart contract. A blockchain-based smart contract turns the contract into a computer program and the internet-connected program monitors and triggers the relevant actions on the contract’s terms.
In May 2020, Visma, a Norway-based software consulting and developing company, acquired the digital signature and document management provider Zetech for an undisclosed amount. The acquisition is expected to add nearly 1,000 new customers and a million users across five countries and strengthen Visma’s ability to provide resilient cloud solutions to Latin America.
The countries covered in the digital signature market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06246499/?utm_source=GNW
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