MarketsandMarkets is predicting that the global market for Digital Signature technology will explode in the next few years. The firm’s latest report specifically suggests that the market will quadruple between 2021 and 2026, climbing from $4 billion at the beginning of that window to $16.8 billion by the end of the forecast period.
Those figures represent a phenomenal CAGR of 33.1 percent. MarketsandMarkets attributed the stellar growth to the accelerating pace of digital transformation, which has created a strong demand for more efficient and cost effective record keeping solutions. Digital signatures are increasingly popular in the legal sector, since they eliminate the need for paper documents, and replace cumbersome manual processing procedures with faster, automated solutions.
Those solutions are also compliant with the latest international regulations. MarketsandMarkets noted that the US and the European Union have already created the legal framework needed to support the use of digital signatures, which further incentivizes more businesses and government organizations to move to digital documents in the coming years. The US has the Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce Act (E-SIGN), while the EU has the eIDAS regulation that distinguishes between simple, advanced, and qualified digital signatures.
North America is currently the biggest market for digital signature tech, and it is expected to hold that position for the forecast period. Some of that has to do with the advanced state of the market, and some has to do with the fact that many of the biggest digital signature providers are headquartered in the region. MarketsandMarkets believes that the number of cloud-based deployments will grow at the fastest rate, largely because such solutions offer the most scalability and flexibility to the organizations that adopt them.
The firm listed Adobe, OneSpan, DocuSign, Thales, and Entrust Datacard as some of the biggest players in the digital signature space. The technology is popular in multiple sectors, ranging from financial services to government and healthcare.
May 27, 2022 – by Eric Weiss