A stellar CAGR (Compound Annual Growth Rate), sharply increasing market value and a plethora of golden opportunities are marking the future of global digital signature market. It is pertinent to note here that one of the most significant chunk of demand comes from e-businesses which are flourishing in the current time frame.
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The reasons, furthermore, behind this demand generation are not very hard to point out. As online transactions increase, authentication takes center-stage to ensure superior security. Besides, this is an end-user that is clamoring to end the need for old-school, hand-written signatures in terms of confirming the identity of the customer, or client. Therefore, it is hardly surprising that for players, one of the major area of focus is developing and integrating state-of-the-art technologies.
And, the good news for players operating the global digital signature market is that with the validity accepted in a court of law, the demand is only set to increase as new possibilities of signing contracts that are non-commercial emerge.
Understanding Factors of Growth – Government Initiatives. Green Living
Governments are opting for digital signatures, to tap into the benefit of additional security provides by these. Also, there is another factor that makes them a preferred option – seamless workflow with an absolute control over. Also, rising levels of investment in the market are a sure shot way of propelling significant growth in the market landscape. The reason behind the pouring in of more money is that the world is moving towards green practices. And, as the impact of environment degradation is hitting the planet harder and much before it was predicted, governments are under tremendous pressure to move towards practices that mitigate and protect it.
One of the biggest and strongest examples of governments acting proactively in this domain include the Digital India initiative by the concerned national government. The authorities are moving quickly to create the right infrastructure – improved connectivity, including villages. The campaigning has been massive and impactful. Such moves, contribute massively to growth in the global digital signature market.
It is important to note here that the pressure is not limited to the government as the preference for environmental friendly lifestyle trickle enterprises and corporate offices as well. It is pertinent to note here that the millennial consumer is quite careful with the choices he makes, carrying with him the consciousness of consumerism. Also, in general, paperless transactions are preferred as they are easy to mage – file, store, retrieve – making the business operations seamless.
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Regional Analysis – North American Dominance Marking Market Landscape
Owing to heavy investments from the government and to presence of strong banking and retail players, the North American region, followed by Europe will hold a significant share of the global digital signature market. The government is directing extra effort towards upgrading security measures, propelling the global digital signature market on to a high growth trajectory over the forecast period.
A Glimpse into the Competitive Landscape – Fragmented and Competitive
It is also noteworthy that the global digital signature market is slightly fragmented. Players that have made a mark in the global digital signature market, and are thus prominent are Adobe (US), OneSpan(US), Gemalto (Netherlands), Ascertia (UK), DocuSign (US), Entrust Datacard (US), SIGNiX (UK), Secured Signing (New Zealand), Identrust (US), and Kofax (US), RPost Technologies (US), HelloSign (US), MultiCert (Lisbon), GlobalSign (US), RightSignature (US), and Zoho Corp (India).
Over the past few years, traction has been notable. And, players have dabbled with both organic and inorganic strategies. Few notable ones that will be seen over the forecast period as well include partnerships, and mergers and acquisitions.
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