The global digital signatures market is driven by the affluent demand for digitalization across the world. Since a number of people and organizations prefer digital signatures, the market players want to tap into the market and attain a greater market share. The competitive landscape is characterized by an intense level of competition and the leading players are expected to keep innovating their strategies to gain a higher market share.
The leading market players include Adobe Systems Inc., Ascertia, DocuSign Inc., Gemalto NV, and Entrust Datacard Corp. These market players collectively accounted for 57% of the total market share which reflects their strongholds in the market. The entry of new players could be challenged by the renown of these market players across the world. Other renowned market players are Secured Signing Ltd., RPost, Thales e-Security Inc., and IdenTrust Inc.
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Transparency Market Research (TMR) conducted a rigorous analysis of the market to draw a trajectory of growth over the period from 2017 to 2025. The market was valued at US$631.5 mn in 2016, and is projected to touch a stellar value of US$4,983.6 mn by 2025. The market is expected to expand at a CAGR of 26.40% over the period from 2017 to 2025.
Based on the type of deployment, the market is anticipated to be led by on-premise-based solutions segment, superseding the cloud-based digital signature solutions. The geographical analysis of the market reveals that North America would attain a substantial market share over the forecast period. The region is expected to exhibit a CAGR of 27% over the period from 2017 to 2025. Europe, however, is expected to surpass the North American market in terms of market share over the forecast period.
Expansion of Businesses Accelerates Demand
The major business houses have understood the value of making processes agile, cutting down costs, and improving the overall effiencicny of the organization. Hence, automation has become the watchword of these enterprise who now want swifter processes. The advent of automation has also paved way for the adoption of digital signatures for all official work.
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Moreover, in a scenario wherein everything has been digitized, it is important for companies to keep their formal documentation in sync with the digitization process. This also grows the demand for digital signature systems within companies. Clients, partners, and other businesses within an industry now prefer to use digital signatures, which also persuades companies to employ the system.
Moreover, the expansion across borders has also necessitated the need to have digital signature processes in place. The important administrative task within a business indispensably require scanning, archiving, mailing, recording, and printing, and all of these tasks require digital signatures. The aforementioned factors play a key role in bolstering demand within the market. The market players who can capitalize on these factors will earn a substantial market share in the future.
Europe to Reign Over All Other Regional Markets
The regional analysis of the global market for digital signatures reveals the following key regions: Europe, South America, North America, Asia Pacific, and the Middle East and Africa. North America held a substantial share of the market in 2016 majorly due to the ‘Health Information Technology for Economic and Clinical Health (HITECH) Act’ that encouraged the use of IT in healthcare. However, in the coming years, Europe is expected to surpass the market in North America due to several factors. The cross-country business initiatives would be a prudent factor for market growth in Europe. Moreover, the ‘Electronic Identification and Trust Services for Electronic Transactions in the Internal Market’ (eIDAS)’ implemented in the region is also anticipated to uplift market growth.