Global Digital Signatures Market - Segmented by Deployment (On-premises, Cloud, Hybrid), Type (Software, Hardware, Services), End-User Industry (BFSI, Government, Healthcare, Oil and Gas, Military and Defense, Logistics and Transportation, Research and Education), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global digital signatures market was valued at USD 1.04 billion in 2017, and is expected to reach a value of USD 3.96 billion by 2023, at a CAGR of 20.31%, during the forecast period.The scope of the report covers various segmented of the market, including by deployment on premise, cloud, and hybrid, by components, such as software, hardware, and services. The end-user industry is limited to BFSI, government, healthcare, oil & gas, military and defense, logistics and transportation, research and education. While the region considered in the scope of the report include North America, Europe, Asia pacific, Middle East & Africa, and Latin America.
Need For Data Security during Transmission of Sensitive Information
The boom of e-commerce, online banking which raised the need for companies to secure their networks to gain customers' confidence. It 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. However, the lack of understanding of the working of these signatures and inability to properly dispose/discard the keys once their lifetime/usage is expired hinders the growth of this market.
Banking is the Fastest Growing Sector
Banking and Insurance being an inevitable part of one's personal and professional lives needs to be enhanced regarding technology usage for validation and protection against malicious alterations. The multiple advantages of digital signatures include a handsome percentage reduction in the overall operating costs associated with the opening up of bank accounts, the quantum of paper formalities is also reduced. Customer engagement can be enhanced by using the suggested technology, which further leads to minimization of time & work efforts. These Technological revolution led to an accelerating rate way of handling the banking affairs, especially via online channels is augmenting the growth of digital signature market during the forecast period.
North America region has a significant market share.
Owing to the growth of the financial & legal services sector and stringent cyber laws. Europe is expected to witness significant growth rate, due to the electronic signature regulations, that would enhance cross-country trading, recently introduced by European Electronic Messaging Association. Growing need for reliable & secure transactions and authenticating user identity over a digital network is anticipated to drive digital signature adoption in the region.
Key Developments in the Market
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