The existence of a well-established technology industry in the U.S. has been identified as a major factor behind the robust growth of digital signature software market in the North America region. Persistence Market Research (PMR) in its latest report reveals that the market for digital signature software in North America stood at a staggering US$ 193.2 Mn in 2016 and is expected to remain dominant over the next couple of years. The rapid adoption of digital signature technology in both public and private sectors such as banking, defense, healthcare and IT are contributing to the growth of the market in the region. In addition, North America accounts for the highest contribution to the growth of global digital signature software market, which is projected to expand at a CAGR of 22.4% during 2017 to 2025.
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Rapid Adoption of Digital Signature in Legal Proceedings a Key Factor Driving the Global Digital Signature Software Market
Legal proceedings require a certain level of confidentiality and this is where digital signature becomes most important, as it ensures security of data once a document has been digitally encrypted using specific software and devices. Digital signature technology provides greater security to the party signing a document and the one receiving it, as it serves to authenticate the identities of both parties. Moreover, preference for digital signature software is also increasing owing to the fact that it is quite convenient to use and at the same time happens to be a cost-effective technology. Enterprises are adopting digital signature technology to avoid the hassles of physical document processing that involves paper, printing, and various other formalities such as shipping or courier costs. As a result, an increasing number of organizations are going paperless, which, in turn, is boosting the popularity of digital signature in several parts of the world. PMR indicates that the aforementioned factors will continue to drive the global digital signature software market throughout the assessment period.
Global Digital Signature Software Market: Key Opportunities
Robust digitization in the healthcare sector is creating new business opportunities for companies that offer digital signature software and services. Adoption of such technology is likely to help in providing privacy and security for patient data as well as enable healthcare organizations to comply with global e-signature legislation. In recent years, the importance of digital signature technology has been essentially realized in real estate business. Today, real estate dealers are opting more towards digital signature when finalizing a deal as it offers better assurance to the clients.
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Additional Highlights of the Report Include:
- In 2016, software components for digital signature accounted for around 85.7% revenues share of the overall market and are expected to garner US$ 2,932.9 Mn in revenues by 2025-end.
- Based on end-use, US$ 424.4 Mn worth digital signature components were installed in enterprises across the globe in 2016.
PMR in its report has profiled some of the prominent companies that operate in the global digital signature software market such as VASCO Data Security International, Inc, RightSignature LLC, SERTIFI INC, Identrust Inc, Entrust Datacard Corporation, Cryptolog SAS, ASCERTIA LTD, COMSIGNTRUST LTD, SECURED SIGNING LIMITED, and INTEGRATED MEDIA MANAGEMENT LLC.
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