Digital Signatures Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The digital signatures market registered a CAGR of 28.1% during the forecast period 2021-2026. Enterprises are shifting from traditional signatures to digital signatures because it reduces the risk of legal disputes and provides stronger evidence.

• There has been a consistent need for data security during the transmission of sensitive information. Owing to the e-commerce and online banking boom, companies needed to secure their networks to gain customers' confidence. This has led to greater and faster rate of adoption rates of digital signatures, which act as the sender's personal seal of authenticity over any electronic document.
• With the evolution of technology, the way of executing documents has also evolved. With the increasing demand for modern, convenient methods for entering binding transactions, electronic agreements and digital signatures have gained a lot of momentum in recent years. Such developments have significantly changed how these transactions are entered and the execution processes.
• Younger consumers have also been a driving force behind the rise in digital signatures in the financial services industry. Various Gen Z and Millennials across the world have signed financial documents, such as opening a bank account, loan agreement, investment, wealth management, mortgage agreements during the pandemic time, which has resulted in a burgeoning of digital signature demand. Also, government agencies, like the DMV and immigration, have also provided more e-signature support for the critical documents.
• With the outbreak of COVID-19, the digital signature market is anticipated to exhibit a positive growth rate owing to the rise in remote working that has shifted the focus from relying on paper-based documentation and increasing digitalization of the transaction process. Enterprises are seeking business methods that are seamless and efficient and can be done from anywhere. Document processes have been one of the processes that enterprises are considering taking online.

Scope of the Report

Digital signatures are the most advanced and secure type of electronic signatures. One can use them to comply with the most demanding legal and regulatory requirements because they provide the highest levels of assurance about each signer's identity and the authenticity of the documents they sign. It has applications in Government, Judicial, Telecom, E-Commerce, and BFSI.

The study under consideration covers hardware, software as well as services offerings. The study also analyses different deployment modes of digital signatures, such as on-premise and cloud platforms.

The market estimates offered as part of the study considers revenue accrued from the software, hardware, and subscription, including license-based services offered by various vendors in the market.

The report also covers the analysis of the impact of COVID-19 on the market, the stakeholders, and the same has been considered for the current market estimation and future projections.​

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Key Market Trends

Government Sector is expected to witness a significant growth

• Adopting digital signature solutions helps in a wide range of document processing and automation capabilities for federal, state, and local governments that improve access to critical data while simultaneously reducing costs associated with obtaining it. Some of the essential applications of government where the signature and verification solutions are helpful include petition automation, Vote-by-Mail, Forms Data Extraction, and mail processing.
• There have been increasing fraud cases by forged signatures in Municipalities, state and local governments aren’t far behind on the targets for fraudsters. State and local governments spend a significant amount of money with thousands of different entities, and keeping track of the transactions takes effort.
• Various efforts by the government have been put into developing a digital infrastructure that triggers the need for software-based solutions for the data accumulated. The United States government already has IT initiatives such as digital experience, identity, credential, access management (ICAM), and digital strategy.
• Some of the important contents of the act included standards for facilities involved with digital signature certification and data protection methods, countermeasures against counterfeiting and falsification of electronic signatures and electronic documents, and procedures for signing up for and using the digital signature authentication service, and methods of verifying subscribers.

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