Enhanced operational efficiency leading to a reduction in costs, high acceptance of digital signatures in internal processes or communication in enterprises, and surge in the need for data security & authentication owing to increase in cyber attacks propel the growth of the global digital signature market. On the other hand, resistance in variation of existing applications or systems hampers the growth to some extent. Nevertheless, high-end innovation in technology, increase in adoption of cloud-based solutions, and new legislation promoting the use of digital signature is expected to create multiple opportunities for the key players in the industry.
The global digital signature market was estimated at $517 million in 2015, and is expected to reach $3.44 billion by 2022, growing at a CAGR of 30.0% from 2016 to 2022.
Based on component, the software segment accounted for more than two-fifths of the total market revenue in 2015 and is expected to dominate throughout the estimated period. The same segment is expected to register the fastest CAGR of 30.7% by 2022.
Based on the deployment type, the cloud-based segment contributed to two-thirds of the total market share in 2015. The same segment would also grow at the fastest CAGR of 30.7% throughout the forecast period.
Based on geography, the North America region held the major share in 2015, generating nearly two-fifths of the total market. Europe, on the other hand, is predicted to showcase the fastest CAGR of 31.3% during the study period.
The key players analyzed in the market report have adhered to different strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to heighten their stand in the market.
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Key Findings of the Digital Signature Market:
- The software segment dominated the overall digital signature market, in terms of revenue, and is projected to grow at a CAGR of 30.7% during the forecast period.
- The cloud-based digital signature market dominated the global market in 2014, and is anticipated to grow at the highest CAGR from 2016 to 2022.
- The hardware segment generated the maximum revenue in 2014, and is anticipated to grow at a CAGR of 28.8%.
- The BFSI segment generated the highest revenue in 2014, and is estimated to maintain its dominance during the forecast period.
- In 2014, North America was the dominant region. Europe is projected to grow at the highest CAGR, with the UK market being the major contributor.
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Digital Signature Market Key Segments
By Deployment Type
By Industry Vertical
- Human Resource
- IT & Telecommunication
- Healthcare & Life Science
- Real Estate
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This post was originally published on Trading Herald