Market Trends of Digital Signatures Industry
This section covers the major market trends shaping the Digital Signatures Market according to our research experts:
Government Sector Expected to Witness Significant Growth
- Adopting digital signature solutions helps in a wide range of document processing and automation capabilities for federal, state, and local governments, improving access to critical data while reducing costs associated with obtaining it. Some of the essential applications of government where signature and verification solutions are helpful include petition automation, vote-by-mail, form data extraction, and mail processing.
- There have been increasing fraud cases of forged signatures in municipalities, states, and local governments. State and local governments spend significant 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 US government already has IT initiatives, such as digital experience, identity, credentials, access management (ICAM), and digital strategy.
- Some of the important contents of the act include standards for facilities involved with digital signature certification and data protection methods, countermeasures against counterfeiting and falsification of electronic signatures and electronic documents, procedures for signing up for and using the digital signature authentication service, and methods of verifying subscribers.
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North America to Hold the Highest Market Share
- The North American region has been one of the highest revenue-generating markets primarily due to the increased shift of organizations toward cloud-based solution adoption, rapid mobile adoption, and the presence of prominent players occupying a significant market share.
- For instance, as per Cisco, the region was anticipated to be one of the most cloud-ready regions by the end of last year. This was due to the increased preference of companies towards cloud-based services, which is expected to propel the growth of digital solutions in the secure cloud.
- Government initiatives related to e-signatures, such as the Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce Act (E-SIGN), permitted the usage of e-sign for every transaction, thereby playing a crucial role in driving the market. Trade deals, like the United States-Mexico-Canada Agreement (USMCA), also encourage the usage of e-signatures.
- Major vendors are rolling out innovative offerings to remain competitive in the market. Companies have been involved in technological advancements, like the launch of Check Intelligence by Mitek, a US-based signature verification platform, in June 2021. With such rapid technological advancements, alongside increased regulation by the government, such as the Improving Digital Identity Act of 2020, the country is expected to witness a more secure environment for the growth of the studied market.
- The region witnessed exceptionally higher usage of software solutions, and the COVID-19 pandemic restricted the movement of millions of voters, which compelled the government to encourage voters to adopt digital voting. This directly impacted the usage of digital signature software, prompting government collaboration with signature verification developer companies.
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