MarketsandMarkets forecasts that the global digital signature market would grow from an estimated USD 5.5 billion in 2022 to USD 25.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 35.6% from 2022 to 2027. Growing use of e-signatures and the stringent regulatory standards are some of the factors driving the market growth.
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What is Digital Signature?
According to MarketsandMarkets, a digital signature is an electronic form of a signature that uses an advanced mathematical technique to verify the authenticity and integrity of digital messages/documents as well as the identity of the signer. Digital signatures are safer and more secure than traditional pen-paper signatures. The digital signature ensures the information originates from the signer and is unaltered. Digital signatures are the most secure way to authenticate a signer’s identity, and it is strong proof that the signer and no one else have signed the document.
Competitive overview:
The digital signature market is led by some globally established players, such as Adobe, OneSpan, Thales, DocuSign, Ascertia, and others. These players have adopted various growth strategies, such as partnerships, agreements, collaboration, acquisitions, and product developments, to increase their market presence.
Adobe is a global leader in providing digital media and digital marketing solutions. It offers products and services for personal computers, smartphones, other electronic devices, and digital media formats. The company’s business is organized into three segments, including digital media, digital experience, and publishing and advertising. In the digital media domain, its offerings are centered around Adobe Creative Cloud and Adobe Document Cloud and includes products such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Acrobat Reader, and Adobe Sign; in the digital experience domain, it provides solutions through the Adobe Experience Cloud which offers the Adobe experience platform, Data, insights, and audiences, and customer journeys; and in the publishing and advertising segment, it provides the products including the Adobe Advertising Cloud. In the digital signature market, it provides the Adobe Acrobat Sign. Adobe Acrobat Sign provides features such as allowing access to Acrobat PDF documents and enabling signing documents from either mobile or desktop, sending a document to multiple people with one click and enabling integrating and collecting eSignatures with tools and applications already in use, along with providing customized signatures.
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Apart from large vendors, some SMEs and startups, such as Secured Signing, Symtrax, AlphaTrust, Notarius, and Actalis, are also evolving in the digital signature market.
Another important player in the digital signature market is Secured Signing. Secured Signing provides a comprehensive and compliant Software as a Service platform that utilizes the secure, personalized, X509 PKI Digital Signature technology and enables the customization of a full range of eForm and eSignature capabilities. The company provides three categories of solutions including Digital Signature Platform, Notary Platform, and integrations and APIs. In the digital signature market, it provides the digital signature platform. Digital Signature Platform helps to get documents signed securely from within the platform and provides features such as signing workflows, eForms, and video confirmation. The digital signature technology can be used in a large range of software solutions or to build solution using APIs. Its features include providing security, simplified signing, time saver, and being legally binding.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onward, companies are expected to follow organic growth strategies to provide digital signature solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
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