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Digital Signature Software Market Segmented By Software, Services Components in Consumer, Enterprises in BFSI, Defense, Government, Retail and Consumer Goods
The global digital signature software market was valued at US$ 587.6 Mn in 2016 and is projected to cross US$ 3,400 Mn by the year 2025. Sales revenue is expected to increase at a CAGR of 22.4% during the forecast period (2017-2025).
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As a certain level of secrecy is required in legal proceedings, digital signature technology can be of great help in this field. A digital signature is generated using specific software and devices and ensures security of data once a document has been digitally signed. This ensures greater security to the party signing the document as well as to the one receiving it and it authenticates the identity of both the parties.
The software generates a digital signature, which is unique to the person linked to the executive document in a way that if it is changed, it becomes invalid; and hence the digital signature enables the party to know that the integrity of the said document has been compromised. Digitally signed documents have a great potential in the legal field, thereby aiding the growth of the digital signature software market during the assessment period.
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Get a Customized VersionOne of the chief reasons for the growth of the digital signature software market is the cost and convenience of the digital signature.
Adoption of digital signature ensures significantly lower use of sharing documents as compared to the process adopted in the use of physical documents, which involves paper, printing, and various other formalities such as shipping or courier costs. As a result, a large number of organizations are opting to switch to paperless processes, which in turn is driving the growth of the global digital signature software market.
Also, due to the adoption of the digital signature technology, there is a considerable saving of time as compared to the conventional processes that entail filling in details in documents, rekeying data, searching for lost documents, or tracking down a contract that has been lost in email.
The implementation of a digital signature is a very complicated process. First, one has to obtain a digital signature or a physical token from a certified authority requiring government issued ID and biometric data. A digital signature is convenient for those parties who opt for regular transactions.
However, in the case of one-time transactions for consumers and for small businesses, the process is complicated and inconvenient. Also, some digital signature processes can be computationally intensive, slowing down business processes and limiting their ability to scale. This may hamper the growth of the digital signature software market.
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With the migration from traditional deployments like on-premise to cloud deployment model, digital signatures are providing a chance for small and medium institutions to adopt the technology. The cloud deployment model eliminates on-premise deployment cost and maintenance cost. This technology is provided on pay-per-use basis, where customers need to only pay for what they have used.
By adopting digital signature technology, small and medium enterprises can reduce the time taken to physically sign important documents, which also helps save money. Hence, there is a huge opportunity for small and medium enterprises to adopt this technology.
In terms of revenue, the BFSI segment is projected to be the most attractive industry segment in the global digital signature software market during the forecast period. The BFSI segment is expected to register comparatively higher year-on-year growth rates throughout the forecast. Revenue from the BFSI segment is estimated to increase from US$ 159.6 Mn in 2016 to US$ 1,138.1 Mn by 2025 end, representing a CAGR of 25.3% from 2017 to 2025.
The BFSI segment accounts for the highest market share in the global digital signature software market due to its adaptation in various departments like loans, mortgages and administration departments. The BFSI segment is estimated to create incremental opportunity of US$ 950.9 Mn between 2017 and 2025.
The trend to digitize and transform healthcare is accelerating. Healthcare professionals, administrators and providers, all are of the opinion that it is time to remove paper from common processes like contracting and procurement, HR, Medicare billing, patient onboarding and more. As a result, the traditional way of signing healthcare documents is changing from paper to paperless. This development will help in providing confidentiality and security for documents and records of patients as it complies with the global e-signature legislation.
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