The global digital signature market size is projected to grow from USD 4.0 billion in 2021 to USD 16.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 33.1% during the forecast period.
Legal vertical segment is expected to grow with the highest CAGR during the forecast period
Digital signatures help the legal firms fasten and fully automate the slow, complex, and expensive traditional paper-based signing process and achieve increased efficiency, reduced manual processing, improved compliance, maintained eRecord, facilitated reporting, reduced document turnaround time, and digital transformation. The US has two laws that govern the legal effect of electronic signatures. These laws are the state’s Uniform Electronic Transactions Act (UETA) and the federal’s Electronic Signatures in Global and National Commerce Act (E-SIGN). European’s eIDAS regulation provides the three types of electronic signatures—simple, advanced, and qualified. Digital signatures allow law firms to adhere to the most stringent international security and privacy standards and regulations.
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Cloud based deployment to grow with higher CAGR during the forecast period
Companies and various verticals across the globe adopt eSignature solutions in the cloud to achieve cost optimization, scalability, and flexibility. The paradigm shift of enterprises to digitalization and technologically advanced solutions is driving the demand for digital signature software among cloud companies. Cloud Signature Consortium, a group of industry organizations committed to build new standards for cloud-based digital signatures and supports businesses and governments to comply with the most demanding electronic signature regulations worldwide.
A digital signature is a type of electronic signature, which uses a mathematical algorithm routinely used to validate the authenticity and integrity of a digital document. Digital signatures create a virtual fingerprint unique to a person or entity and are used to identify users and protect the information in digital messages or documents. In emails, the email content itself becomes a part of the digital signature. Digital signatures are significantly more secure than other forms of electronic signatures
The major digital signature vendors include Adobe Inc. (US), OneSpan (US), Thales (France), DocuSign, Inc. (US), Ascertia (UK), Zoho (India), Secured Signing (New Zealand), Entrust Datacard (US), DigiCert, Inc. (US), IdenTrust (US), GlobalSign (US), Symtrax (US), ComSignTrust (Israel), Multicert (Portugal), AlphaTrust Corporation (US), SunGard SIGNiX Inc. (US), Notarius (Canada), RNTrust (UAE), Bit4id Ltd (Italy), and LAWtrust (South Africa).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the digital signature market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2020 to 2021 to innovate their offerings and broaden their customer base.
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Adobe is a multinational software company with three major business segments: digital marketing, digital media, and print and publishing. These solutions help end users collaborate, store, and manage their content, audio and video files, and documents in a convenient manner. It offers products and services that are used by creative professionals, marketers, knowledge workers, application developers, enterprises, and consumers for creating, managing, delivering, measuring, optimizing, and engaging with compelling content and experiences across personal computers, devices, and media. It caters to large enterprises and SMEs in various verticals, such as media and entertainment, banking, and eCommerce. The company has its presence across regions, such as North America, Europe, APAC, and MEA.
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