The worldwide digital signature market share is projected to attain a valuation of $25,211.3 million in 2030, reveals a recent research study.
With the increasing business need for smooth digital user authentication as well as transaction management, the demand for digital signatures is increasing fast. In fact, the growing acceptance of online payment and transactions procedures, along with the global digitization rate, are fuelling the demand for digital signatures.
Simply put, amid the pandemic, several IT and BFSI organizations have actively been taking measures to secure their remote contractual, financial, as well as other associated procedures. As a result, with the upsurge in the volume of digital transactions, the global market is multiplying rapidly.
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Given these factors, the worldwide digital signature market share is projected to attain a valuation of $25,211.3 million in 2030. The market will advance at a CAGR of roughly 29.2% during the forecasted period (2021-2030) – reveals a recent study by P&S Intelligence.
Undoubtedly, COVID-19 has facilitated digital signature solutions and related service providers to expand their digital operations. The growth of this market has increased significantly from 2019 to 2020, and this trend becomes more prevalent across different industries from 2020 to 2021.
In addition, the era of remote working culture pushes for improved online transactions and secures connectivity – this is, at the same time, exhibiting huge market expansion. Subject to the industry vertical, the market is divided into BFSI, government, healthcare, IT & telecom, retail, and more.
Out of these industries, the BFSI group is most likely to exhibit the fastest growth all through the forecasted period, primarily due to the increasing focus of enterprises on eliminating paper-based processes. These are getting replaced with accurate and auditable workflows with digital signatures.
Based on various components, the digital signature market is classified into software, hardware, and service. Among them, the software category is forecasted to demonstrate the highest CAGR in the marketplace till 2030. This is credited to the accelerating pace of digitization and the increasing public awareness about many new technologies worldwide.
Moreover, the service category is divided into managed as well as professional categories. And here, the managed service category dominated the market last year. It happened because of the massive requirement for innovative and higher operational security and cost savings processes. Alongside reducing time and cost, the services enable the implementation and monitoring of new solutions.
In fact, based on deployment type, the market is also analyzed into on-premises and cloud – where the on-premises category led the market in 2020. It is primarily due to such solutions are preferred by end-users, having large volumes of confidential data for greater security and control systems.
Market-wise, the APAC digital signature market is expected to demonstrate the fastest growth – because of the flourishing e-commerce industry. Presently, there has been an increased focus on mitigating online frauds’ prevalence and rising security concerns. India will be the fastest-growing country in the APAC market for the predicted time.