According to a new market report published by Transparency Market Research titled ‘Digital Signature Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,’ the global digital signature market was valued at US$ 804.8 Mn in 2017 and is expected to expand at a CAGR of 27.0% from 2018 to 2026, reaching a value of US$ 6,911.4 Mn by the end of the forecast period. According to the report, North America was a significant contributor to the digital signature market in terms of revenue in 2017. The prominent market share of the region is due to the high adoption of cloud technology and the presence of prominent digital signature vendors across the region, especially in the U.S. and Canada.
Improved operational efficiency at reduced costs, enhanced security, and organized workflow associated with digital signatures are some of the factors expected to drive the digital signature market. However, lack of awareness regarding the legality of digital signatures and differences in digital signature regulations across various regions are some of the factors restraining the market. Government or industry association initiatives such as awareness programs for different industries could help increase consumer awareness about the legality of digital signatures.
Open standard, cloud-based digital signatures, which can be integrated with existing applications, systems, or processes, making an end-to-end workflow organized and uninterrupted are anticipated to present significant opportunities for the digital signature market. Proliferation of tablets and smartphones and the presence of more than seven billion mobile devices across the globe offer significant opportunities for open standard, cloud-based digital signatures, which can be utilized on any mobile device and on any browser.
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The global digital signature market is expected to be further driven by rapid growth in Europe. The region is estimated to constitute a significant market share during the forecast period, with the U.K., Germany, and France contributing most to the region’s revenue. The digital signature market in Europe is mainly driven by initiatives undertaken by governments to create opportunities for organizations to conduct cross border business.
The ‘Electronic Identification and Trust Services for Electronic Transactions in the Internal Market’ (eIDAS) regulation was implemented by the Council of the European Union in July 2016. The regulation establishes a new legal structure for electronic documents, identification, signatures, and seals throughout the European Union. This regulation is the first of its kind where there is single market recognition for electronic signatures, including digital signatures, and it is consistent throughout all European Union member states.