Digital signature helps the sender prove the authenticity of a digital document. In the process of financial transaction or document distribution across the world, there are high risks associated with fraud or tampering of documents, which is creating the need for digital signatures.
The use of digital signature reduces the risk of documents being altered, deflected, or intercepted while in transit. An electronic document signed with a digital signature is valid and can be presented in court just as well as any other signed paper document. These are primary factors driving adoption of digital signature software across the globe, and the trend is expected to further increase in the next few years.
Today, a large number of organizations prefer the use of cloud-based digital signature software, to gain distinct advantages of software as a service (SaaS) business model. Some of the benefits of cloud-based digital signature solutions include unlimited data storage, strong security, and easy access from anywhere. These advantages allow user to edit and check agreements from anywhere. The cloud-based feature of digital signature solutions makes it an ideal, paper-less way to share all contracts with only the people deemed necessary, which in turn is likely to trigger the growth of the digital signature market.
For instance, in March 2019, DocuSign Company announced the DocuSign Agreement Cloud which allows business to be done faster with low costs, better experience, and less risk for customers, employees, and partners.
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Improved Efficiency and Error Reduction to Spur the Digital Signature Market Growth
Use of paper while getting approvals, signing contracts or agreements and doing transactions, involves a series of tasks such as scanning and printing, among others, which increase the chances of errors. The paper is also highly likely to get damaged over time. The alternative to paper is an enterprise-grade automated process, in which a business can reduce the number of errors during digital signing with digital signature solution.
Digital signature solution facilitates easier and quicker cross-referencing and validation. This factor, in turn, helps businesses enhance customer service and cuts down expenditure, since digitally signed documents ensure that all agreed processes are followed even if ad-hoc transactions fail. Lesser the time wasted on fixing errors, higher the productivity of an enterprise. Such factors motivate enterprises to adopt digital signature solution, thus driving the growth of the global digital signature market.
Complex Implementation Process Representing a Potential Threat
Implementation of a digital signature is quite complex as one should first obtain a digital signature or physical token from a certified authority, requiring government issued ID and biometric data. Digital signature is convenient for those enterprises regularly exchanging documents or files that contain data or information of sensitive nature.
However, in the case of one-time transactions for consumers and small businesses, digital signature can be more complex, owing to various processes and prerequisites to be initiated before granting the clearance to secure a digital certificate. In addition, some digital signing processes can be compute-intensive, which results in delays of associated processes for users. Thus, the complex implementation process is anticipated to hinder the growth of the digital signature market.
APEJ and Western Europe to Offer Lucrative Opportunities
Asia Pacific Excluding Japan (APEJ) and Western Europe are anticipated to witness an impressive growth rate in the digital signature market, during the forecast period. In APEJ, the economy of countries such as China and India is growing significantly, due to which investments in IT services has increased manifold in the recent years.
Many key players have started investing in modern IT technology in Asian Pacific countries, due to presence of a large number of technology providers in the region. Key players of digital signature solution providers from other regions are targeted towards collaborations, acquisitions, and mergers with local players or existing players in the APEJ region.
Moreover, new policies adopted by the EU parliament and EU council enable all EU member states to adopt common standards, which ensure that digital signatures are accepted across borders, verticals, and organizations, with the same legal status of paper-based signatures.
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Market Players
- OneSpan
- Adobe Inc.
- Zoho Corporation
- RightSignature
- SERTIFI Inc.
- IdenTrust, Inc.
- Entrust Datacard Corporation
- Nitro Software, Inc.
- ePillars Systems L.L.C