Digital Signature Market is valued approximately at USD 2.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 31.0% over the forecast period 2020-2027 according to a research published by Report Ocean.
Digital signature is dependent on encryption and decryption methods and is used for validation and authentication of digital documents, software, or electronic messages including emails, word documents, and portable document format. It consists of a digital ID that involves a private key (given to the file) and a public key (functions as a digital document’s digital signature with “hash” that confirms the identity and tracks modifications related to the document).
The increasing investments in electronic documents by governments and enterprises, upgrade in end-to-end customer experience, enhanced security with a controlled and seamless workflow and improved operational efficiency at lower OPEX are the factors responsible for the growth of the Digital Signature Market over the forecast period.
For example, there is a possibility of modification in a paper document after being signed. It is virtually impossible to modify or manipulate the digital signature, thus, assuring the authenticity of data which will further drive the market growth. Furthermore, key market players' rising advancements and other strategic alliances will create a lucrative demand for this market. For instance: on 27th August 2020, DocuSign and Workplace by Facebook integrated digital signature workflows into chat and social platforms, mainly focused on its agreement of Cloud amid digital transformation efforts and remote work.
Also, in July 2020, Vitro and Thales entered into a partnership that enables Thales to offer efficient digital services using Votiro’s Secure File Gateway product line, including Email and Web Applications, to protect North American government agencies from all file-borne threats. However, lack of awareness about the legality of digital signatures is the primary factor restraining the growth of the global Digital Signature market during the forecast period.
The regional analysis of the global Digital Signature Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. Europe is the leading/significant region globally in terms of market share owing to the growing adoption of advanced technologies, awareness related to digital signature is being widely addressed in Europe and is further emphasized by strong government regulations. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027.
A sample of the strategic report is available at https://reportocean.com/industry-verticals/sample-request?report_id=bw1523
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