Global Digital Signature Market: Overview
The
report on the global digital signature market provides analysis of this
market for the period 2015–2025, wherein the years from 2017 to 2025 is
the forecast period and 2016 is considered as the base year. Data for
2015 has been included as historical information. The report covers all
the major trends and technologies playing a major role in the digital
signature market growth over the forecast period. It highlights the
drivers, restraints, and opportunities expected to influence the market
growth during this period.
The
study provides a holistic perspective on the market’s growth in terms
of revenue (in US$ Mn) across different geographical regions, namely
North America, Europe, Asia Pacific, Middle East & Africa and South
America. Report highlights the key trends affecting the market in each
region mentioned above. Furthermore, region wise prominent
countries/regions covered in the report includes the following - the
U.S, Canada, Germany, France, the U.K., China, Japan, Australia, GCC,
South Africa and Brazil.
The
rising number of government-funded and industry associations’
initiatives, such as awareness programs for various industries, is also
projected to boost the growth of this market in the near future.
However, the concerns among consumers over the legality of digital
signatures and the disparity between digital signature regulations
across various regions may limit the market’s progress over the next few
years. In 2016, the global digital signature market was worth US$631.5
mn. Researchers expect it to rise at a notable CAGR of 26.40% from 2017
to 2025 and reach US$4,983.6 mn by the end of 2025.
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Cloud Deployment Model to Witness High Adoption Rate
On
the basis of the type of deployment, the global market for digital
signature has been segmented into on-premise-based digital signature
solutions and cloud-based digital signature solutions. Currently, the
demand for on-premise-based solutions is much higher than its
cloud-based counterpart. However, the popularity of the latter is
increasing by leaps and bounds and it will be safe to say that the
cloud-based solutions will surpass the on-premise ones in the near
future. The rising level of digitization and the growing adoption of
cloud computing technologies, especially across Asia Pacific and Europe,
are likely to support the cloud segment remarkably over the next few
years.
In
terms of the industry vertical, the market has been classified into the
BFSI, real estate, education, government, healthcare, retail,
transportation, legal, and various other sectors and nonprofit
organizations. The BFSI segment dominated this market in 2016 with a
share of 23%. Thanks to the advent of ‘digital client on boarding’ in
the banking sector, is likely to boost the demand for digital signature
in the BFSI industry over the forthcoming years.
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Europe to Surpass North America in Future
The
worldwide market for digital signature is spread across North America,
Europe, Asia Pacific, the Middle East and Africa, and South America.
With US$205.0 in revenues, North America led the global market in 2016,
thanks to the implementation of several regulations, such as ‘Health
Information Technology for Economic and Clinical Health (HITECH) Act’
that encourages the acceptance and meaningful utilization of Information
Technology (IT) across the healthcare industry.
Although
the North America market for digital signature is expected to report a
healthy rise, it will lose its grounds to the Europe market over the
forthcoming years. Supported by the initiatives taken by the governments
to create opportunities for organizations to conduct cross border
business, the Europe digital signature market is likely to proliferate
significantly in the near future. The enforcement of ‘Electronic
Identification and Trust Services for Electronic Transactions in the
Internal Market’ (eIDAS)’ by the Council of the European Union,
establishing a new legal structure for electronic documents,
identification, signatures and seals throughout the European Union is
also projected to stimulate this market over the next few years.
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