The “Global Digital Signature Software Market, by Component (Software and Services), by End-user (Consumer and Enterprises), by Industry (BFSI, Defense, Government, Retail & Consumer Goods, Healthcare, Education, IT & Telecom, and Others), and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 4,780.3 million by 2027, witnessing a CAGR of 21.7% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Digital signature is an innovative technology that is used to authenticate the legitimacy and integrate a document, software, or electronic data. Digital signatures are a standard element of most legal proceedings and cryptographic protocol suites are majorly used for software distribution, contract software management software, and financial transactions. It is also used where it is essential to detect tampering or forgery. Digital signatures offer security and integrity of a document beyond traditional signatures as it provides cryptographic techniques to significantly increase the security aspect of documents. Many countries such as Uruguay, Mexico, India, Turkey, European Countries, and the U.S. have allowed the use of digital signature with legal significance.
Safety against possible security breach and assurance for integrity of information and data are expected to propel the global digital signature software market growth over the forecast period
Various companies are minimizing the security risk associated with fraud by offering data integrity, message authentication, and non-repudiation. The use of digital signature reduces the risk of documents being intercepted, deflected, or altered while in transit. Moreover, a digitally signed document can be held legal and valid in the court similar to any other signed paper document. This, in turn, has increased the adoption of digital signature software in numerous companies thereby driving growth of the global digital signature software market during the forecast period.
Increasing adoption of digital signature in real estate sector is a major growth opportunity for market players
Real estate sector is among early adopters of digital signature where it includes information regarding high value deals and sensitive information in a highly competitive space. Moreover, advent of digital signature has allowed the completion of deals more rapidly without any hurdles. Furthermore, increasing cyber-attacks resulting in disrupting business and loss of assets are forcing real estate enterprises and their clients to opt for digital signature solutions although the process takes more time and effort as it is better and more secure approach. This will help in reducing the frauds and will ensure more safety and integrity in the process, thereby present lucrative business opportunity for market players over the forecast period.
Low awareness regarding legality of digital signatures is expected to restrain growth of the global digital signature software market during the forecast period
Despite its various benefits such as enhanced integrity and security, digital signature has not gained traction in all industries. The adoption of digital signature software is extremely low in emerging economies, owing to lack of awareness and absence of supportive regulatory norms. Moreover, various industries are reluctant to adopt digital signature software due to lack supportive infrastructure, which in turn, is expected to restrain growth of the global digital signature software market over the forecast period.
Proactive government initiatives and partnerships among companies to introduce novel products
New regulatory policies adopted by the European Union (EU) parliament and EU council facilitate all EU member states to adopt common standards thereby ensuring the digital signatures are accepted across borders, organizations, and verticals with the same legal status of paper-based signatures. For instance, in September 2016, Cegedim S.A. partnered with Oodrive Group S.A.S. to offer “CG Pass” digital signature platform to companies across Europe. CG Pass is a comprehensive e-Signature solution. It creates electronic signature files (containing one or more documents) and an accompanying digital signature workflow.
In the UAE, the use and admissibility of electronic signatures is governed by Federal Law No.1 of 2006 regarding Electronic Transactions and e-Commerce (Federal e-Commerce Law) following legal enforcement. There is continuous enquiries from numerous clients of companies, wanting to use electronic signature. Furthermore, under the UAE Law, a written signature is not necessarily required for a legitimate contract. Generally, contracts are valid if legally competent parties reach an agreement whether they agree verbally, electronically or in a physical paper document. Moreover, to prove the legitimacy of a valid contract, parties have to present an evidence in the court. Leading digital transaction management solutions can provide electronic records that are admissible in evidence under UAE laws to support the existence, authenticity, and valid acceptance of a contract.
Key companies operating in the global digital signature software market are Cryptolog SAS, Vasco Data Security International, Inc., Integrated Media Management LLC, RightSignature LLC, Secured Signing Limited, Sertifi Inc., Comsigntrust Ltd., Identrust Inc., Ascertia Ltd., and Entrust Datacard Corporation.