Digital signature market to reach $7.1 billion by 2025

The digital signature market estimates a market value of $7.1 billion from 2020 to 2025. In addition, the market will progress at a CAGR of 30% as per the latest market forecast report by Technavio.

33% of the market’s growth will originate from North America for the digital signature market. The US is the key market for digital signature in the region. However, the market growth rate in North America will be faster than the growth of the market in South America and MEA regions.

Increasing number of partnerships and acquisitions to drive growth

There has been a growth significantly in the preference of digital signatures in a wide range in the end-users sectors such as government office, banks, IT and legal service providers. Moreover, other strategies such as partnerships and acquiring other vendors are carried out by vendors for gaining access to new clients and new geographic areas to increase their market share.

Furthermore, such strategies also help the market players for gaining access over advanced technologies which can help in enhancing their product portfolio. This will help in rising the demand for digital signature worldwide during the forecast period.

Digital signature market: Segmentation analysis & revenue generating segment

The digital signature market share growth by the BFSI segment will be significant for revenue generation. The BFSI segment includes banks and insurance companies that offer the functionality of digital signatures to their customers.

In banking and insurance, digital signatures can be used by customers for new account opening, subscription documents wire transfers redemption requests custody bulk mailings non-disclosure agreement (NDA) agreements wire instructions/transfers, and other. As a result, the implementation of digital signatures eliminates a significant part of the paperwork process and helps digitize the whole process.