The global digital signature market valued reached ~USD 1,400 Mn in 2018, according to a recently published report by Persistence Market Research (PMR). As per the report, the global digital signature market is anticipated to grow by ~ 18% year on year in 2019. Digital signature works on the premise that security of the data is ensured once the document has been digitally signed. Many legislations have been introduced which are generally used to deal with electronic documents and digital signatures. Thus, the adoption of digital signature has witnessed noteworthy growth in legal proceedings.
As per the report, adoption of digital initiatives by organizations, supportive norms and regulations, improved efficiency, and error reduction will continue to drive the growth of the digital signature market throughout the forecast period. Currently, businesses around the world are shifting from paper and opting for digital signature instead, as it can offer significant benefits to enterprises as well as to the environment. Integration of new technologies such as IoT, Machine Learning and Artificial Intelligence will continue to propel the demand of digital signature software. Moreover, ability of digital signature solutions to focus on safeguards against security breach will fuel the sales of these solutions in 2019 and beyond.
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Gains Underpinned by Increasing Demand for Digital Signature Solutions in SMEs
According to the latest study by PMR, most of the companies are switching from manual systems to integrated solutions that manage all the quality-related processes and data in one comprehensive model. Organizations and companies are interested in adopting the technology and are constantly focusing on implementing convenient and trusted digital signature solutions, which do not increase the complexity of workflows. Thus, the digital signature solution providers with an ability to fulfil the needs through innovative offerings will have a substantial competitive advantage over other solution providers in the digital signature market.
As per the PMR research study, the digital signature market is poised to create an incremental opportunity of ~ US$ 9,500 Mn during the stipulated timeframe. Digital signature software continues to account for relatively high share of the stakeholders’ bottom lines, as compared to services. However, contribution of revenue generated through services is estimated to grow in regions with high demand for digital signature solutions.
Tapping into Opportunities in Healthcare Sector
The trend to digitize and transform the healthcare sector is accelerating. The healthcare sector has been witnessing an increasing shift towards paperless options for various daily processes, thus significantly driving the growth of the digital signature market. Some processes include contracting and procurement, medicare billing, patient onboarding, and others. In addition, digital signature in healthcare sector ensures safety and integrity of personal information of patients, which reduces the incidence of data and information theft and unauthorized access. Thus, digital signature solution providers remain targeted towards the healthcare industry.
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Tier-1 Players to Account for 20% Revenue Share in Digital Signature Market
PMR opines that the global digital signature market shows a fair level of fragmentation, with a large number of regional players. PMR has segregated the market structure into three tiers: Tier 1, Tier 2, and Tier 3 for deep-down analysis. Tier-1 digital signature providers account for around 18%-20% of the overall market. Tier-1 vendors are the most experienced and largest in the industry, and have a vast regional coverage across the globe. These vendors are collaborating and partnering with new players in the market to expand their distribution channel. Tier-3 digital signature providers are fairly new in the market and are mostly local and regional players. As Tier-3 players have a limited presence in the market, they constantly keep themselves updated with the latest technology and are growing at a rapid pace.
- For instance, in January 2019, Dropbox, a personal cloud storage service that is frequently used for file collaboration and sharing, announced the acquisition of HelloSign. HelloSign has built a thriving business focused on eSignature and document workflow products. This acquisition brings the well-deserved application to the e-signature market, which continues to gain in strength and value.
- Similarly, in November 2018, SignNow, a cloud-based provider of electronic signature technology, developed in the United States, announced a strategic partnership with Autodesk BIM. This partnership will give users a tremendous time-saving service with immediate access to their SignNow templates and documents folder in their Autodesk BIM 360 account.
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