NEW YORK, June 20, 2017 (GLOBE NEWSWIRE) — According to a new research report “Global Digital Signature Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insights by Solution (Software and Hardware), by Services (Managed & Professional), by Deployment Mode (Cloud-Based and On-Premises), and By Application (Government, IT, Healthcare & Life Sciences, Finance & Insurance, Telecom, Retail, and Others)” published by P&S Market Research, the global digital signature market is projected to reach $2,934.6 million by 2023, growing at a CAGR of 24.1% during 2017 – 2023.
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As per the research, the global digital signature market is likely to register a double-digit growth rate during the forecast period. Digital signature in the study refers to the use of digitized form of signature to reduce deception and promote security in documentations across various sectors, such as government, information technology, healthcare, finance and insurance, telecom, and retail. Growing security concern, increasing use of digital signatures to reduce deception, increasing adoption of digital signature-based biometrics in the banking, financial services and insurance (BFSI) sector and growing government focus towards eliminating paperless work is likely to spearhead the growth of the global digital signature market. In addition, the increasing e-commerce market and growing number of connected devices, including smartphone, tablet and laptop, is further expected to drive the demand of digital signature across the globe.
Geographically, North America has been the largest market for digital signatures and Asia-Pacific had been the fastest growing regional market. The market in the region is also expected to grow at significant pace during the forecast period. By country, the U.S. stands as the largest market globally, whereas the market in China has been growing at highest pace.
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The governments in various countries are focusing towards reducing the paperwork and bringing paperwork elimination acts across the respective countries. For instance, the U.S. government has implemented a paperwork elimination act under which, the government is encouraging the enterprises for electronic and digital signature alternatives. According to the act, the electronic records and their related digital signatures are not to be denied validity, legal effect, or enforceability simply, because they are in electronic or digital form. As public awareness of electronic communications and internet usage has been increasing, the demand for online interactions with the federal agencies has also surged. The federal government also encourages the widespread usage of cryptographically-based digital signatures. With the U.S. being the largest digital signature market globally, the implementation of such an act is driving the demand of digital signatures.
Further, banking and insurance companies are also adopting digital signature for cost & time saving. The banking & insurance organizations records the customer signature into digital form, which would help in monitoring, time and cost saving, and expertise in delivering the services.
The research states that the global digital signature market is moderately competitive, with players investing heavily in research & development and enhancing the digital signature solutions to increase their market share. Some of the key players operating in the global digital signature market are Adobe Systems Incorporated, Secured Signing Limited, SIGNiX Inc., Entrust Datacard Corporation, Ascertia, Docusign Inc. and Gemalto NV.
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