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Digital signature software market

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Title: Digital signature software market


1
Coherent market insightsMarket Research and
Business Consulting Services
https//www.coherentmarketinsights.com/market-insi
ght/digital-signature-software-market-3368
2
Market Overview
  • Digital signature is a technology that assures
    the contents of the message have not been altered
    in transit. In laymans term, digital signature
    validates the legitimacy and integrity of a
    message, digital content or software. It is
    typically used as encryption measure or password
    to ensure safety and integrity of files,
    confidential information, data, and documents
    during exchange between various entities parties.
    Various countries such as the U.S., Brazil, Saudi
    Arabia, India, Indonesia, Switzerland, and other
    European countries consider electronic signature
    as legally significant. Digital signature is a
    part of electronic signature as it is also in
    electronic form. However, digital signatures
    offers more in terms of providing security and
    integrity of information etc.

3
  • The Global Digital Signature Software Market, by
    Component (Software and Services), by End-user
    (Consumer and Enterprises), by Industry (BFSI,
    Defense, Government, Retail Consumer Goods,
    Healthcare, Education, IT Telecom, and Others),
    and by Geography (North America, Europe, Asia
    Pacific, and Latin America, Middle East Africa)
    - Global Forecast to 2027, is expected to be
    valued at US 4,780.3 million by 2027, witnessing
    a CAGR of 21.7 during the forecast period
    (2019-2027), as highlighted in a report published
    by Coherent Market Insights.

4
Market Dynamics- Drivers
  • Growing adoption of digital signature in legal
    proceedings is expected to drive growth of the
    global digital signature software market during
    the forecast period
  • Digital signature has found significant use in
    legal proceedings since they require a certain
    level of secrecy. For such procedures, specific
    software and devices are developed for digital
    signature, wherein it can ensure data once the
    document has been digital signed. In this way, it
    provides superior security to the party signing a
    document and the one receiving it as it servers
    to validate identity of both parties.
    Furthermore, the software generates a digital
    signature, which is distinctive to the person
    linked to the executive document. This means if
    the signature is changed, it becomes invalid
    thereby enabling the party to know that the
    integrity of the said document has been
    compromised.
  •  

5
  •   Supportive regulations and standards for
    digital signature are expected to propel the
    global digital signature software market growth
    over the forecast period
  • North America accounts for the largest revenue
    share for digital signature and its adoption is
    driven by supplementary rules and regulations
    combined with number of financial and legal
    services firms in countries such as the U.S. and
    Canada. For instance, many legislations have been
    introduced in North America such as
    technology-neutral legislation, which is
    generally used to deal with electronic documents
    and signatures. It is designed to limit the
    negative factors through technical standards.
    Furthermore, in August 2016, California Assembly
    Bill 2296 (CA AB2296) was signed clarifying that
    digital signature can be used to satisfy the
    requirements of an electronic signature under the
    Uniform Electronic Transactions Act, which states
    that a signature or record may not be denied
    legal effect or enforceability. Hence, these
    factors are expected to boost the global digital
    signature software market growth over the
    forecast period.

6
  • North America region dominated the global digital
    signature software market in 2018, accounted
    for 36.2 share in terms of value, followed by
    Europe, Asia Pacific, Latin America, and MEA,
    respectively.

7
Market Dynamics- Restraints
  • Challenges associated with implementation of
    digital signature are expected to restrain growth
    of the global digital signature software market
    over the forecast period
  • Implementation digital signature is complicated
    as it requires digital signature or physical
    token from the certified authority requiring
    Government Issue ID and biometric data. Digital
    signature is majorly helpful for parties exchange
    files that contain information or data of
    sensitive nature. However, for one-time
    transaction, digital signature is not feasible
    since it requires various processes and
    prerequisites required to be fulfilled before
    being granted clearance to secure a digital
    certificate. Furthermore, certain digital
    signature processes are computer-intensive
    thereby resulting in delays of related processes
    for users. Hence, these factors are expected to
    restrain the market growth over the forecast
    period.

8
  • Constant evolution in digital signature
    regulations is expected to hinder the global
    signature software market over the forecast
    period
  • Regulations and norms regarding digital signature
    vary according to different countries. Many
    authorities have adopted legislation associated
    with electronic and digital signatures. The
    primary objective has been to provide
    authenticity of an individual with help of the
    signature, integrity of the message, and capture
    of the intent on which the signature is connected
    to. Therefore, it becomes challenging for every
    enterprise to become familiar with the latest
    regulations that are applicable in different
    regions and countries.

9
Market Opportunities
  • Growing deployment of digital signature in
    healthcare sector offers lucrative business
    opportunity
  • Healthcare sector has been embraced
    digitalization in the recent past, which has
    witnessed the adoption of IoT, 3D printing, and
    other novel technologies. Healthcare sector is
    rapidly moving towards paperless work, which
    includes Medicare billing, patient onboarding,
    and others. Furthermore, various pharmaceutical
    companies are adopting digital signature and
    exchanging communications and information on
    paper are going paperless. Moreover,
    incorporation digital signature in the healthcare
    sector can ensure the safety and integrity of
    personal information of patients, which in turn,
    is expected to present lucrative business
    opportunity for market players over the forecast
    period. For instance, in 2016. 142 healthcare
    data breaches have occurred involving over 500
    records were reported to the Department of Health
    and Human Services Office for Civil Rights, and
    143 data breaches were reported in 2015.

10
  • Increasing acceptance of cloud-based security
    solutions is expected to pose significant growth
    opportunity
  • Digital signature software providers are adopting
    cloud-based security solutions, in order to
    ensure the security and integrity of the signed
    document. Cloud-based security solutions ensure
    that the customers information is safe at all
    time. Moreover, it restricts unauthorized access
    and filters information, thereby enhancing the
    safety of information. It also offers backup for
    the clients information and data recovery in
    case any data of loss. Such benefits are expected
    to increase adoption of cloud-based security
    solutions and provide market opportunity.

11
  • Global software based market was valued at US
    667.1 Mn market in 2018 and is forecast to reach
    a value of US 4,125.4 Mn by 2027 at a CAGR of
    22.3 between 2017 and 2027.

12
Market Trends
  • North America Trends
  • Mergers and partnerships in the region are
    expected to boost the regional market growth in
    the near future
  • In March 2017, VASCO Data Security International,
    Inc., which is a global leader in digital
    solutions, integrated the eSignLive platform with
    PointClickCare Technologies Inc. North
    Americas leading cloud-based software platform.
    Furthermore, in February 2017, VASCO Data
    Security International, Inc. partnered with
    Behaviometrics AB to boost VASCOs next
    generation and anti-fraud solutions.

13
  • Latin America Trends
  • Entrance of major industry players in the market
    is a major trend in the regional market
  • Latin America represent significant potential for
    growth of the global digital signature software
    market, owing to presence of major market players
    in the region. For instance, in November 2016,
    Esker Inc. partnered with Signature South
    Consulting, and the alliance is designed to
    benefit Latin American customers of both
    companies, by providing a more comprehensive set
    of offerings while meeting the complex and
    evolving electronic invoicing (e-invoicing)
    mandates that vary from country to country.
    Furthermore, regulatory policies regarding
    digital signature various according different
    countries. However, the absence of norms
    regulating electronic signatures in the region
    does not imply the invalidity of it. New players
    in the market are presenting novel products with
    cryptographic technology.

14
Segment Information
  • In digital signature software market, by industry
    segment, the BFSI sub-segment dominated the
    global market in 2018, accounting for 27.9 share
    in terms of value, followed by retail consumer
    goods, defense, government, healthcare, IT
    telecom, education, and others, respectively.
  • .

15
Value Chain Analysis
16
Competitive Section
  • Key companies operating in the global digital
    signature software market are Cryptolog SAS,
    Vasco Data Security International, Inc.,
    Integrated Media Management LLC, RightSignature
    LLC, Secured Signing Limited, Sertifi Inc.,
    Comsigntrust Ltd., Identrust Inc., Ascertia Ltd.,
    and Entrust Datacard Corporation.

17
Key Developments
  • Key players in the market are focused on mergers
    and acquisitions, in order to gain competitive
    edge in the market. For instance, in April 2017,
    VASCO Data Security International Inc. partnered
    with Mizuho Bank in Japan, in order to
    integrate Digipass with its apps. Digipass is a
    mobile application security solution for
    protecting customer transactions through its
    online and mobile banking applications.
  • Major market players are involved in product
    launch, in order to expand their product
    portfolio. For instance, in January 2017,
    RightSignature launched a new feature of
    professional custom branding in its Right
    Signature platform. Through this new feature,
    users can customize their documents with their
    respective companys logo. This is expected to
    expand the companys customer base.

18
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  • Request Customization
  • Download PDF Brochure
  • Talk to Analyst
  • https//www.coherentmarketinsights.com/market-insi
    ght/digital-signature-software-market-3368

19
About Us
  • Coherent Market Insights is a global market
    intelligence and consulting organization focused
    on assisting our plethora of clients achieve
    transformational growth by helping them make
    critical business decisions.
  • What we provide
  • Customized Market Research Services
  • Industry Analysis Services
  • Business Consulting Services
  • Market Intelligence Services
  • Long term Engagement Model
  • Country Specific Analysis

20
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