Digital Signatures Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

By Author: Statzy Market Research
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Enterprises are shifting from traditional signatures to digital signatures because it reduces the risk of legal disputes and provides stronger evidence.

- There is a consistent need for data security while transmission of sensitive information. Due to the boom of e-commerce and online banking it was necessary for companies to secure their networks to gain customers' confidence.It has led to greater and faster rate of adoption rates of digital signatures, which act as the sender's personal seal of authenticity over any electronic document.

- Using digital signature involves obtaining the public and private key as well as the digital certificate by paying additional amount of money. This might create financial hindrance for small and medium enterprises.

Key Market Trends

BFSI Sector to Occupy the Largest Market Share

- Banking and Insurance being an inevitable part of personal and professional lives needs to be enhanced regarding technology usage for validation and protection against malicious alterations.

- In July 2018 Deutsche Bank accelerated account openings for its corporate and ...
... institutional clients by introducing a digital signature. Digitizing account openings and document signings significantly reduced costs and processing times.

- The multiple advantages of digital signatures include a handsome percentage reduction in the overall operating costs associated with the opening up of bank accounts, the quantum of paper formalities is also reduced. Customer engagement can be enhanced by using the suggested technology, which further leads to minimization of time & work efforts.

Europe to Witness Significant Growth

- In the European Union, specific regulation on electronic identity and trust services has been created, commonly known as "the eIDAS Regulation". This regulation facilitates the recognition of electronic identification schemes across borders.

- In September 2018, eIDAS sample implementation for member states was released in which changes like usage of simple DSI keys in SAML messages was introduced.
- European Commission has been active both on setting the policy rules and in helping the European Union member states set up the technical infrastructure to implement eIDAS.

- Moreover, Cloud Signature Consortium is a 20-member organization based out of Brussels. It works to bring together leading players in the industry to effectively simplify and streamline the digital signing experience on the cloud and includes companies like Adobe, Digicert, and Safelayer.

Competitive Landscape

The market for digital signatures is becoming fragmented majorly due to the demand from companies regarding cost-effective solutions and government initiatives.

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June 2019 - Alankit's subsidiary Verasys Technologies has entered into the electronic signature space to provide secure e-Sign service under the brand name Vsign.

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April 2019 - eMudhra unveiled the new version of eSign services (version 3.0), that offer users an innovative way to sign documents in no time using cloud-based electronic signatures generated via offline e-KYC mechanism.

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April 2019 - The ETSI technical committee on Electronic Signature Infrastructure (TC ESI) released a set of three Technical Specifications for cloud-based digital signatures supporting mobile devices. This new set of standards supports the creation of digital signatures in the cloud, facilitating digital signature deployment by avoiding the need for specialized user software and secure devices.

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