MarketsandMarkets expects the global digital signature market to grow from USD 1.2 billion in 2018 to USD 5.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 36.7% during forecast period. Rising investments on electronic documents by governments and enterprises, and improved security with a controlled and seamless workflow are expected to drive the digital signature market growth.
A number of regulatory standards have been designed and developed by various organizations to facilitate enterprises to manage their businesses systematically and effectively. These standards from industries across the globe are generally set by a recognized international standard body or industry groups with the intention of offering a common view of frameworks, processes, and practices which organizations could easily pursue.
In the digital signature market by component, the solutions segment is expected to grow at a higher CAGR during the forecast period. The demand for digital signature solutions is increasing, globally. The solutions involves various features, such as forensics media imaging, live network cyber forensics, file and email analysis, mobile device forensics, data recovery, restoration, and preservation. Hence, the demand for incident record management and forensics is increasing to analyze such incidents.
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The digital signature market by services comprises 2 sub-segments: professional and managed. The professional services segment is expected to grow at a higher CAGR during the forecast period. Professional services’ providers study the business processes, signature workflow, business constraint, and regulatory requirement, and provide major insights that help companies sign documents securely, thereby accelerating business operations.
North America is expected to hold the largest market size in the global digital signature market while Europe to grow at the highest CAGR during the forecast period. The growing concern for the protection of critical IT infrastructure and sensitive data has increased in recent years. Companies are allocating a specific amount of budget for the security of data in their budgets. The market in Europe contributes the second largest market share in the digital signature market during the forecast period. Digital signature in the European countries is expected to be driven by high demand for high-end security solutions and superior customer experience regardless of the economic conditions.
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