The global digital signature market size was valued at USD 4.4 billion in 2021 and is expected to grow by USD 42 billion by 2030. The market is expected to grow at a CAGR of 28% during the forecast period (2022–2030). Digital signatures are being used in a variety of fields to support government initiatives. A real estate company called ERA Realty Network started using digital signatures for tenant agreements in November 2020. This saved its agents time that they would have spent meeting with property owners in person to get wet-ink signatures. This should help property owners overseas and make it easier for agents to serve clients during the COVID-19 pandemic with less physical contact.
The Government Technology Agency (GovTech) did a service called "sign pass" that lets businesses securely verify electronic signatures. This service can be used for legal and business documents that used to have to be signed in person. Streamlining digital transactions is a key part of digitizing business, and the digital signature market is ripe for disruption. A number of companies have bought cloud-based digital signature companies in order to digitize important processes.
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Modern e-signature solutions offer more than just the convenience of signing electronically. They also offer a wide range of other benefits. By automating document workflows across departments like sales, logistics, and HR, e-signatures can help businesses of all sizes get rid of paperwork bottlenecks and save a lot of time and money. Documents are digitized by e-signature solutions, which are much more efficient than the old pen-and-paper method.
E-signature solutions are helping many industries go paperless, which is the quickest way to improve their businesses, make more money, and give their customers a better experience. Using these solutions in the real estate industry, for example, offers agents and brokers the mobile tools they need to put together contracts anywhere.
The latest technology trend in the business world is cloud-based solutions. The goal of cloud-based solutions is to digitally manage business transactions that involve essential documents and data from start to finish. Digital solutions allow employees at different levels of the organization and in different parts of the business to send and receive documents, share information, and work together on projects. A cloud-based solution makes the business run more smoothly and makes employees more productive, whether they work in the office, at a satellite location, or from home.
Companies that offer e-signatures and cloud services are also working together in a big way. For example, Signaturit and Ivnosys joined forces in April 2021 to offer e-signature software in Spain. Ivnosys' main cloud platform, IvSign, could be used to manage and sign digital certificates. With this deal, Signaturit is a cloud-based e-signature platform, and Ivnosys' suite of digital signature solutions are combined to make a Software-as-a-Service (SaaS) company. And with this, the global digital signature market is progressing forward.
In the past few years, the threat of cybercrimes has grown into a big problem for people, businesses, and society as a whole. The main reason for these attacks is that more and more people are using the internet and digital services, which attract criminals who want to make money.
For example, the National Crime Agency of the United Kingdom says that cybercrimes have become more common than any other type of crime. Multiple clients of a company need the documents they give the company to be in line with government regulations. So, digital solutions must have the features and extra steps that are needed to fully comply with all privacy laws and protect the information of the company and its clients.
In the digital age, it is important to protect digital documents to avoid data breaches and attacks from hackers. Many companies that use digital solutions are very worried about security. A data breach can cost you money, but it can also cost you, customers, hurt your brand's reputation, let out company secrets, and cause legal and compliance problems. Also, as more documents are managed and stored online and on mobile devices, there is a higher chance that important data and credentials will be lost or stolen.
Cybersecurity problems are happening more and more often in different parts of the world because businesses are becoming more digital and using digital solutions in their operations. IBM says that in 2020, Brazil had the most data breaches in the world, with 29 percent more than any other country. Such events are likely to make it harder for people to use digital signature solutions.
Most of the players in the digital signature market are from both inside and outside of the United States. Technology improvements in the market also give companies a long-term advantage in the market. Market trends are changing because of technologies like the cloud. When it comes to R&D and consolidation, big companies have a big impact on the market. High market penetration and growing market fragmentation are two things that can be said about the market.
The big thing that affects the market is how the companies' brands are seen. Strong brands are often associated with better solutions, so players who have been around for a long time are likely to have the upper hand. The big tech companies that have been around for a long time have the edge over their new competitors because of their distribution channels, business relationships, and innovative platforms. Overall, the competition between the vendors is likely to be high and get worse over the next few years.
The global digital signature market share is segmented by deployment and offering.
The market, when segmented by deployment, is further classified into on-premise and cloud, where cloud segmentation dominates the global market.
The on-premise segment accounts for a market value of USD 2 billion in 2021 and is expected to grow to USD 17 billion by 2030 at a CAGR of 25%. This gives the company and its customer's full control over their data. Some businesses in industries with a lot of rules have strict rules about how to store transactional data on-premise. It also gives businesses in industries with strict privacy and compliance standards full control over where their servers and data are stored.
The cloud segment is the most dominant one in the global digital signature market, which accounts for a market value of USD 2 billion in 2021 and is expected to reach USD 24 billion by 2030 at a CAGR of 31%. The cloud signature consortium plans to follow the new rules for European Union businesses and governments.
The global digital signature market, when segmented by offering, is further classified into software, hardware, and service, where the software segment owes the major market share.
The software offerings have a major market share that accounts for a market value of USD 2 billion in 2021 and is expected to reach USD 14 billion by 2030 at a CAGR of 28%. As the need for online and remote work grows, companies have to use digital technology to stay in business. Digital signatures are being used and encouraged by governments all over the world to reduce the number of paper transactions. In India, the government is focusing on using the digital platform to its fullest. The government backs smart ID/card readers, electronic signatures, smooth pass, biometric signatures, and other digital ways to sign and verify. Not only in India but globally, the digital signature software is widely used, which is why the said segmentation is ruling the market offering.
With an emphasis on electronic signatures, the MA series can be paired with 10 or 12-inch electromagnetic pen displays that have a biometric authentication feature to support signature and fingerprint verification. So, the integrated hardware offering is likely to grow because it gives a better security portfolio as a whole. The growth of the hardware segment is driven by partnerships between companies that make hardware for digital signature and verification and software companies that make solutions for specific applications. It accounts for a market value of USD 1 billion in 2021 and is expected to grow to USD 12 billion by 2030 at a CAGR of 27%.
The e-Sign service is one of the most important parts of the paperless revolution. It is part of the government's Digital India Program. As part of the Digital India Initiative in India, eMudhra has made eSign services. It is an innovative electronic signature service (eSign) that lets application service providers (ASP) let their users electronically sign documents in seconds using their PAN card or Aadhaar number from anywhere and at any time. It accounts for a market value of USD 1 billion in 2021 and is expected to reach USD billion by 2030 at a CAGR of 30%.
The global digital signature market share is primarily divided into three regions, namely -North America, Europe, and Asia-Pacific, where Asia-Pacific is the leading region among the others with the major market share.
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North America has been one of the highest-earning markets, mostly because more companies are switching to cloud-based solutions, mobile use is growing quickly, and there are a lot of big players with a lot of market share, which is why the said region has the market value of USD 1 billion in 2021 and is expected to grow at USD 10 billion by 2030 at a CAGR of 25%.
Digital signatures increased during the UK's COVID-19 stay-at-home period. Due to the need for physical distancing, many pre-pandemic processes shifted to e-signatures. Real estate transactions, sales contracts, and employee onboarding are examples. Now that people are used to e-signatures and businesses trust them, their use is likely to continue and grow, which is why the Europe region has a significant market value of USD 1 billion in 2021 and growing to USD 10 billion by 2030 at a CAGR of 27%.
Asia-Pacific is the most developing region in the world. With the presence of emerging economies like India, China, and Japan, the said region dominates the overall market share of the global digital signature market with a market value of USD 1 billion in 2021. It is expected to reach USD 12 billion by 2030 at a CAGR of 32%.
|Market Size||USD in Billion By 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Deployment (On-Premise, Cloud), Offering (Software, Hardware, Service)|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||SunGard Signix Inc, DocuSign, Silanis-eSignLive, Thales Group, ePadLink, Topaz Systems, Ascertia,|
|Key Market Opportunities||Rising Demand For Digital Signature In Technology Industry|