Digital Signature Market is Predicted to Hit $61.91 billion Forecast 2030, Registering at a CAGR of 33.2%
Digital Signature Market
WILMINGTON, DE, UNITED STATES, July 29, 2024 /EINPresswire.com/ -- The global digital signature market size was valued at $3.56 billion in 2020, and is projected to reach $61.91 billion by 2030, growing at a CAGR of 33.2% from 2021 to 2030.
Cloud segment is expected to experience significant growth in the coming years, as it plays a critical role in providing digital signature services in remote areas and situations like COVID-19 pandemic.
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A digital signature is a modern alternative to signing documents with paper and pen. It uses an advanced mathematical technique to check the authenticity and integrity of digital messages and documents. It guarantees that the contents of a message are not altered in transit and helps the end user to overcome the problem of impersonation and tampering in digital communications. Digital signatures also provide additional information such as the origin of the message, status, and consent by the signer. Furthermore, the key factor that drives the digital signature market includes high acceptance of digital signatures in internal processes or communication in enterprises and enhanced operational efficiency leads to reduction in costs positively impacts the growth of the market. In addition, growing need for data security and authentication owing to increase in cyber-attacks boost the growth of the market across the globe.
However, factors such as resistance to variation of existing applications or systems and high cost of investment are limiting the growth of the market. On the contrary, innovation in technology, increase in adoption of cloud-based solutions, and new legislations promoting the use of digital signature are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
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Region wise, the digital signature market was dominated by North America in 2020 and is expected to witness the highest growth rate during the forecast period, owing to growing popularity of digital signatures among the organization. In addition, early adoption of digital signature solutions is providing a lucrative opportunity for the market. However, Europe is expected to witness significant growth during the forecast period, owing to rising application of digital signature such as legal document used for financial transactions, email service providers, and software distribution, areas where the authenticity and integrity of digital communications are crucial are expected to boost the digital signature market.
The key players profiled in the digital signature market analysis are ADOBE, IDENTRUST INC., ASCERTIA, DOCUSIGN, INC., ENTRUST CORPORATION, Thales Group, Lexmark International, Inc., Rpost., Secured Signing Limited, and VASCO Data Security International, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the digital signature industry.
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