The digital signature market is anticipated to grow at an exponential CAGR of 30.5% during the forecasted period (2024-2031). The key factors driving the market growth are rising internet penetration, the growing e-commerce industry, and the increasing need for online documentation and safety requirements. Other reasons such as growing requirements of exchanges of Contracts, legal documentation, and many other business processes using electronic communication such as e-mail require digital signatures helping them gain prominence in the internet business environment, especially after digital signature laws giving digital signatures the same legal validity as handwritten signatures. Increased online transactions have also played an integral part in the abundant adoption of digital signature solutions among industries.
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Key Trends across Global Digital Signature Market
- Governments globally are supporting the usage of digital signatures for official documentation. Different legislations and regulations are passed across different nations to normalize digital signatures. For instance, in July 2023, Taiwan’s Ministry of Digital Affairs (MODA) is spearheading the update of the two-decades-old Electronic Signature Act. The proposed amendments to the Electronic Signature Act entail six key changes aimed at modernizing and updating regulations for electronic signatures.
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- Different industries and states across developing nations as well as accepting the usage of digital signatures considering its benefits. For instance, in September 2023, the proposed amendments to the Electronic Signature Act entail six key changes aimed at modernizing and updating regulations for electronic signatures.
- Different digital signature market players are expanding their reach by setting up big infrastructures and putting investments in them. For instance, in November 2023, the Digital signature platform DocuSign established a technology center in Bengaluru, India, led by Apurva Dalal. The center, which currently employs over 50 people, will focus on data-centric product work and engineering, including contract intelligence, data labeling, and semantic search.
- Brands are introducing different technological updates to bring innovation in digital signature market to make it more secure and safe to use. With this updates users and officials are also appreciating the usage of digital signage driving the market growth. For instance, In February 2023, Zoho enhanced its Zoho Sign for ISVs and OEMs service, allowing equipment manufacturers and software vendors to embed Zoho’s digital signature capabilities into their products.
- To remove market hindrances such as deep fakes, market players are launching different upgraded versions of digital signatures to protect documents. For instance, in January 2024, Nikon, Sony Group, and Canon are developing camera technology that embeds digital signatures in images so that they can be distinguished from increasingly sophisticated fakes. Nikon will offer mirrorless cameras with authentication technology for photojournalists and other professionals. The tamper-resistant digital signatures will include such information as date, time, location, and photographer.
The major companies serving the global digital signature market include DocuSign Inc., HelloSign, SunGard Signix Inc., SafeNet Inc., and ePadLink among others. The market players are considerably contributing to the market growth by adopting various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, In June 2023, Adobe’s product Adobe Acrobat Sign was enhanced to deliver an advanced e-signature solution, integrating over 50 global Trust Service Providers (TSPs) and Identity Providers (IDPs) for robust identity verification and digital signature capabilities.
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