Digital signature software market

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Coherent market insightsMarket Research and
Business Consulting Services
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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.

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• 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.

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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.
•  

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•   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.

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• 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.

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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.

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• 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.

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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.

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• 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.

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• 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.

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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.

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• 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.

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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.
• .

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Value Chain Analysis
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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.

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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.

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