The global market size was valued at $517 million in 2015, and is expected to reach $3,440 million by 2022. The software segment is expected to dominate the global market during 2016-2022. The digital signature market in North America accounted for 38% share of the global market in 2014, while the European market is expected to witness significant growth rate during the forecast period.
Digital signature is a mathematical technique, which is used to prove the authenticity of an electronic document or message such as e-mails, word file, PDF, and others. Digital signature is used in enterprises to increase operational competency, reduce turnaround time, reduce upfront cost, and improve efficiency. Furthermore, increase in smartphone penetration, surge in online transactions for banking, e-commerce, and other activities, and aggrandized need for data security & authentication have fueled the market growth. However, resistance to adapt existing applications or systems to implement digital signature and high costs of investment hamper the market growth.
The cloud-based segment dominated the global digital signature industry in 2014, with around 66% share. However, the on-premises deployment is preferred among various international & national banking, financial institutions, and government organizations, which require complete control over data. However, the cloud based segment is anticipated to grow at the highest growth rate during the forecast period, owing to its ease of availability and low cost of deployment.
Increase in need for securing data transfers through internet is one of the major driving factors of the industry. Furthermore, on-premises deployment facilitates data control, integrity, and security, which are essential in BFSI and government sectors. However, private cloud could replace the on-premises deployment, owing to its ease of availability and low costs. In addition, software and services in digital signature market are expected to witness significant growth during the study period.
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The banking, financial services, & insurance (BFSI) and government segments jointly accounted for around 39% share of the total market revenue, while the BFSI segment is anticipated to grow at the highest CAGR of 31.5% during the forecast period. The government digital signature market is expected to grow at the second highest CAGR of 30.9% during the forecast period, owing to the introduction of various supportive legislations for adopting digital signature, reduction in extensive paper-ink usage, and surge in digitization, worldwide.