Digital Signature Market Growth & Trends
The global digital signature market size is anticipated to reach USD 38.16 billion by 2030, growing at a CAGR of 37.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing internet and smartphone penetration across the globe is expected to fuel digital signature market growth over the forecast period. For instance, according to DataReportal, an online reference library, a total of 5.18 billion people worldwide were using the internet at the beginning of Q2 2023.
The increasing partnerships between businesses and digital signature companies to implement digital signatures bode well for the growth of the digital signature market. For instance, in March 2023, BlackBerry Limited, a software company, entered into a partnership with Adobe, a computer software Company. This partnership aimed to deliver secure forms with electronic signatures over mobile devices.
Digital signature offers various advantages such as time-saving and cost savings to the business and individual users, enabling them to sign documents electronically from remote locations. Furthermore, the implementation and modernization of laws by various governments across different jurisdictions for regulating the digital signature market are expected to boost trust among the users and eventually fuel the market’s growth. Additionally, digital transformation across industries will help the digital signature market grow over the forecast period.
The COVID-19 pandemic had an immediate positive impact on the digital signature market. The rising adoption of digital signature solutions during the COVID-19 pandemic attracted venture capital firms to invest in various digital signature software providers. For instance, in June 2021, Yousign, an eSignature solution for SMBs, announced that it raised USD 36.6 million through a Series A funding round led by Lead Edge Capital Management, LLC. With the funds raised company aimed at reaching around 50,000 European SMBs by 2024.
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Report Attribute Details Market size value in 2023 — USD 4.03 billion Revenue forecast in 2030 — USD 38.16 billion Growth rate — CAGR of 37.9% from 2023 to 2030 Base year of estimation — 2022 Historical data — 2017–2021 Forecast period — 2023–2030
Digital Signature Market Report Highlights
The solutions segment dominated the digital signature market in 2022 and is expected to retain its dominance over the forecast period. The segments growth can be attributed to the increase in adoption of digital signature by various businesses and government institutions.
The Qualified Electronic Signatures (QES) segment is projected to witness the fastest growth over the forecast period. The QES includes a qualified digital certificate that confirms face-to-face identity verification, thereby increasing the trustworthiness of the digital signature.
The cloud segment is expected to grow fastest over the forecast period. The segment’s growth can be attributed to the rising investments in cloud platforms by several businesses across the globe.
The businesses segment dominated the digital signature market in 2022. The segment’s growth can be attributed to the advantages provided by digital signature solutions to the businesses, such as cost savings and enhanced customer loyalty.
The BFSI segment dominated the market in 2022. The digital signature enables banking customers to open any bank account remotely by signing a document electronically. Hence, such use cases of digital signature across BFSI are anticipated to fuel the segment’s growth.
The North America dominated the digital signature market in 2022. The regional dominance can be attributed to the region being one of the early adopters of technology.
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