Globally, the North American digital signature market accounted for the largest share in 2020. This is mainly due to the surging adoption of digital signatures to minimize online fraud, their rising application in the BFSI sector, and increasing number of government policies. For instance, the Government Paperwork Elimination Act (GPEA) of the U.S., employed in October 2003, acts as a key factor for the regional market growth.
Whereas, the Asia-Pacific (APAC) market is projected to record the highest growth rate in the coming years. This can be ascribed to the surging e-commerce sector, increasing focus on minimizing online fraud, and rising security concerns. Moreover, on the basis of vertical, the digital signature market is categorized into BFSI, IT & telecom, government, retail, healthcare, and others.
Among these, the BFSI category held the largest share in the market in 2020, and it is also projected to record the fastest growth during the forecast period. This is attributed to the escalating focus of governments on digitized economies, elimination of paper-based processes, and their replacement with accurate workflows using digital signatures.
Moreover, improved security in financial documentation, rise in acceptance of digital signatures for electronic payments, and streamlined records are driving the market in this category. Thus, the surge in adoption of digital-signature-based biometrics in the BFSI sector and the government policies regarding digitization and data protection across the world are projected to propel the market growth in the coming years.
This market research report provides a comprehensive overview of the market
- The Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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