World News: 15:10 GMT Monday 14th January 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Jan. 14, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. Global digital signature market is expected to reach $3,410.8 million by 2023A significant growth in demand for these signatures is anticipated due to increasing use of them to reduce deception, growing government focus towards eliminating paperless work coupled with growing adoption of biometrics with this technology in various end use industries, across the globe.Based on solution, digital signature market is categorized into hardware, software and services, of which services has been contributing the largest revenue share globally. However, software is expected to be the fastest growing category during the forecast period. This can be attributed to the increasing demand for accessibility of such signatures in connected devices such as smartphones, tablets, laptops in different applications such as government, banking, financial services and insurance.On the basis of deployment type, digital signature market has been categorized into cloud-based and on-premises. Cloud-based has been the dominant category, as it reduces IT cost and ensures mobility.Digital signature market was led by North America, where it accounted for more than 40% of the global market size in 2017, majorly due to the technological advancement in digital technology and implementation of various legislations.In the U.S., some of the major legislations implemented for the digital signature technologies include Uniform Electronic Transactions Act (UETA), and Electronic Signatures in Global and National Commerce Act (E-SIGN). These laws permit the use of these signatures in each state of the country. Similarly, in Canada, laws for electronic signature have been implemented through the Personal Information Protection and Electronic Documents Act (PIPEDA).The digital signature market will witness rapid growth in Asia-Pacific region, where it is expected to register a CAGR of 31.0% during the forecast period. The major factors driving the growth of the digital signature market in Asia-Pacific are improving BFSI sector and initiatives taken by various government associations for the elimination of paper use and enhancing the use of digital technology in countries such as China and India.The improving healthcare infrastructure in Asia-Pacific has increased the demand of signatures based on this technology in the region. Moreover, the increasing investment by digital signature software manufacturing companies has spurred the growth of the market. This is due to the low manufacturing cost and availability of skilled manpower in the developing countries such as China, India, Thailand.The increasing acceptance of biometric component based on this technology in the BFSI sector is bolstering the growth of digital signature market. Use of this technology in biometric systems is one of the most secure methods for the identification and authentication procedures, due to its unique characteristics of the user's signature. Moreover, advancement in encryption-based security eliminates possibility of duplication. These innovative and advanced applications of the signatures based on this technology in BFSI sector are driving the growth of the digital signature market.Also, these technologies help in reducing the enormous amount of time involved in filling forms, such as banking forms, insurance forms, and legal and advisory forms. The one-time digitized scanned signature can be used several times in banking and insurance procedures. The tradition of using online forms for filing income tax returns, opening of saving and credit account in banks and buying insurance have increased the demand of digital technologies, including digital signatures.These signatures are helpful in eliminating frauds and thefts in many areas of security. By authentication of signatures of healthcare professionals, paper-based prescriptions can be digitally transferred from doctor to hospital's server, and then to patient's pharmacy, thus inhibiting a person's ability to manipulate or forge the doctor's prescription. Pharmacists have an online copy for the comparison of a patient's digitized prescriptions, for the better healthcare services.The intensity of rivalry in the global digital signature market is moderate. Digital signature market players are focusing on product launch and partnerships to enhance the product security features and expand their consumer base across the globe.Some of the key players operating in the digital signature market are Adobe Systems Incorporated, Secured Signing Limited, SIGNiX Inc., Entrust Datacard Corporation, Ascertia, DocuSign Inc. and Gemalto NV. 1.1 Research Objectives1.2 Market Definition1.3 Research Scope1.4 Key Stakeholders2.1 Secondary Research2.2 Primary Research2.2.1 Breakdown of Primary Research Respondents126.96.36.199 By region188.8.131.52 By industry participant184.108.40.206 By company type2.3 Market Size Estimation2.4 Data Triangulation2.5 Assumptions for the Study4.1 Definition of Market Segments4.1.1 By Component220.127.116.11 Software18.104.22.168 Hardware22.214.171.124 Services126.96.36.199.1 Managed188.8.131.52.2 Professional4.1.2 By Deployment Mode184.108.40.206 Cloud220.127.116.11 On-premises4.1.3 By Application18.104.22.168 Government22.214.171.124 BFSI126.96.36.199 IT188.8.131.52 Healthcare & life sciences184.108.40.206 Retail220.127.116.11 Telecom18.104.22.168 Others4.1.4 By Enterprise Size22.214.171.124 Large Enterprises126.96.36.199 Small and Medium Enterprises4.1.5 By Class188.8.131.52 Class 184.108.40.206 Class 220.127.116.11 Class 34.2 Market Dynamics4.2.1 Trends18.104.22.168 Increasing use of digital signatures in Healthcare22.214.171.124 Use of digital signatures in blockchain4.2.2 Drivers126.96.36.199 Increasing use of digital signatures to prevent deception188.8.131.52 Increasing adoption of digital signature-based biometrics in BFSI sector184.108.40.206 Government policies supporting market growth220.127.116.11 Impact analysis of drivers on market forecast4.2.3 Restraints18.104.22.168 High cost of digital signature solution22.214.171.124 Availability of conventional paper-based signature procedures126.96.36.199 Impact analysis of restraints on market forecast4.2.4 Opportunities188.8.131.52 Massive unexplored markets across the globe184.108.40.206 Growing e-business market220.127.116.11 Growing usage of digital signature to eliminate paper work4.3 Porter's Five Forces Analysis5.1 U.S.5.2 Canada5.3 Europe5.4 U.A.E.5.5 Brazil5.6 China5.7 India5.8 Japan5.9 Australia6.1 By Component6.1.1 Services by Type6.2 By Deployment Mode6.3 By Application6.4 By Enterprise Size6.5 By Class6.6 By Region12.1 Global Strategic Developments of Key Players12.1.1 Mergers and Acquisitions12.1.2 Product Launches12.1.3 Partnerships
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Globe Newswire: 15:10 GMT Monday 14th January 2019
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