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The digital signature market is estimated to increase by USD 16,400.28 million, at a CAGR of 36.6% between 2022 and 2027. The growth of the market depends on several factors, including the growing number of partnerships and acquisitions, increasing digital signature adoption in cloud-based deployment, and government regulations supporting digital signature.
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The growing number of partnerships and acquisitions is notably driving the market growth, although factors such as security concerns associated with digital signatures may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Digital Signature Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Dropbox Inc. - The company provides an electronic signature solution to create and e-sign documents within Dropbox to keep your files more organized and secure. Under the unified business segment, the company manages its operations and allocates resources through a single operating segment. It also manages, monitors, and reports its financials through this segment.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the BFSI segment will be significant during the forecast period. The BFSI segment includes banks and insurance companies that offer the functionality of digital signatures to their customers. All the major banks, such as Bank of America Corp. (Bank of America), Deutsche Bank AG (Deutsche Bank), and Axis Bank Ltd. (Axis Bank) across the regions, offer the facility of digital signatures.
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The BFSI segment was valued at USD 335.19 million in 2017 and continued to grow until 2021. Digital signatures can be used by customers for new account openings, subscription documents, wire transfers, redemption requests, etc. Customers of banking and insurance organizations can choose from the above-mentioned offerings and use the digital signature facility through mobile banking or net banking, which will be legally complied with government regulations. Hence, the above-mentioned factors are expected to drive the growth of the BFSI segment in the market during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the market in the region is driven by the high adoption of cloud technology in the US and Canada. In addition, some of the major vendors, such as Adobe Inc. (Adobe), DocuSign, Inc. (DocuSign), Oracle Corp. (Oracle), SIGNiX Inc. (SIGNiX), Entrust Corp. (Entrust Datacard), and OneSpan, are present in North America. Almost all these vendors offer digital signature products based on the cloud. Cloud-based digital signature service allows organizations to access the digital signature functionality through document workflow providers such as Adobe Inc. (Adobe), creating a true end-to-end solution.
The fast growth of cloud-based deployment is driven due to the increasing popularity of the subscription-based hosted model. The subscription model allows customers to attain a high return on investment (ROI) and low cost of ownership as they do not need to pay high up-front costs like in the license-based model. Due to this, companies from a wide range of markets are increasingly adopting digital signature functionality based on cloud deployment.
The outbreak of COVID-19 propelled the growth of the market in North America. However, the emergence of a new business environment that focuses on the work-from-home culture is increasing the adoption of cloud services and digitization.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Digital Signature Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 36.6% |
Market growth 2023-2027 |
USD 16,400.28 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
35.28 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ascertia, DocuSign Inc., Dropbox Inc., Entrust Corp., GMO Internet Group Inc., OneSpan Inc., Oracle Corp., PandaDoc Inc., Revvsales Inc., RPost UK Limited, Salesforce.com Inc., Secured Signing Ltd., SIBS Multicert, Signflow, SIGNiX Inc., Symtrax, Thales Group, Thoma Bravo LP, Zoho Corp. Pvt. Ltd., and Adobe Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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