Digital Signature Market Witness the Growth of $34.8 billion by 2028

(IT-NEWSWIRE.COM, December 13, 2023 ) According to a research report "Digital Signature Market by Offering, Type (SES, AES, and QES), Deployment Mode (On-Premises and Cloud), Vertical (BFSI, Government & Defense, Healthcare & Life Sciences, Legal, Real Estate, IT & ITeS, Education) and Region - Global Forecast to 2028" published by MarketsandMarkets, the global Digital Signature market size is projected to grow from USD 7.4 billion in 2023 to USD 34.8 billion by 2028 at a CAGR of 36.4% during the forecast period. The market for Digital Signature has seen significant expansion due to the rising incidence of digital fraud, stringent regulatory standards and data privacy compliances, increase in eCommerce and remote work, and the need for secure authentication and streamlined workflows.

Browse 374 market data Tables and 47 Figures spread through 329 Pages and in-depth TOC on "Digital Signature Market - Global Forecast to 2028"

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By vertical segment, the legal vertical will grow at the highest CAGR during the forecasted period.

The legal sector is anticipated to witness the highest CAGR in the digital signature market during the forecasted period, primarily due to its increasing adoption of digital processes. Legal documents are crucial in nature, requiring high levels of security and authenticity, which digital signatures provide effectively. As legal firms globally move towards digitalization, the need for efficient, secure, and legally binding electronic signatures has become more pronounced. This shift is also driven by the growing need for remote access to legal documents, accelerated by recent trends in remote work. Digital signatures offer a solution that not only enhances the security of sensitive legal documents but also streamlines the process of document handling and verification, making them a vital tool in modern legal practices. This trend reflects the legal industry's growing reliance on technology to maintain integrity and efficiency in document management, explaining the projected high CAGR in this sector.

By offerings, the solution segment holds the largest market size during the forecast period.

The solution segment is anticipated to hold the largest market size during the forecasted period. This trend is driven by the increasing demand for secure and efficient digital transaction solutions across various industries. Digital signatures offer high security and compliance with legal standards, making them essential for businesses seeking to protect their digital documents and transactions. The growing shift towards paperless operations and the need for remote document handling, especially in the wake of the recent surge in remote working, further fuel this demand. Businesses are actively seeking digital signature solutions to streamline their workflows, reduce operational costs, and enhance customer experience. As more organizations recognize the benefits of digital transformation, the adoption of digital signature solutions is set to rise, leading to a significant increase in their market share during the forecast period. This trend highlights the evolving digital landscape and the critical role of digital signature solutions in modern business operations.

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By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.

The Asia Pacific region, encompassing well-established economies like China and Japan and emerging countries like India, is poised for the most significant CAGR during the anticipated period. This anticipated surge can be attributed to several factors. Rapid digitalization across emerging economies, such as India, is a major contributor. The country is experiencing a significant shift towards online platforms in both government and private sectors, necessitating secure digital transaction methods like digital signatures. Additionally, the increasing focus on enhancing cybersecurity measures and complying with international data protection regulations is pushing businesses in this region to adopt digital signature solutions. The proliferation of SMEs, rapidly integrating digital technologies into their operations, also plays a crucial role in this growth. Moreover, the region's large population and growing internet penetration mean that a vast number of transactions are being carried out digitally, further accelerating the demand for digital signatures. This combination of factors makes Asia Pacific a key player in the global digital signature market, leading to its anticipated high CAGR in the forecast period.

Market Players:

Adobe (US), DocuSign (US), Thales (France), Zoho (India), Entrust (US), DigiCert (US), OneSpan (US), Ascertia (UK), GlobalSign (Belgium), IdenTrust (HID Global) (US), Nitro (US), Dioss (Belgium), Dokobit (Signicat) (Lithuania), Penneo (Denmark), QuickSign (France), Symtrax (US), AlphaTrust (US), Notarius (US), Actalis (Italy), SIGNiX (US), SigniFlow (UK), vintegrisTECH (Spain), Signority (Canada), Bit4id (Italy), LAWtrust (South Africa), DigiSigner GmbH (Germany), WISeKey (Switzerland), itsme (Belgium), and SignWell (US) are the key players and other players in the digital signature market.

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Digital Signature Market Witness the Growth of $34.8 billion by 2028