CHICAGO, November 24, 2021 / PRNewswire / – According to New Market Research Report “Digital signature Marlet by Component (Solutions & Services), Solution (Software & Hardware), Deployment Method, Organization Size, Vertical (BFSI, Government, Healthcare & Life Sciences, Legal, Real Estate) & Region – Global Forecast to ‘in 2026 “, published by MarketsandMarkets â¢, the size of the global digital signature market is expected to increase from $ 4.0 billion in 2021 to $ 16.8 billion by 2026, at a compound annual growth rate (CAGR) of 33.1% over the forecast period. Investments in electronic documents by governments and enterprises, upgrading the end-to-end customer experience and improving operational efficiency at lower operating costs are some of the major driving factors the growth of the digital signature market.
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Legal vertical segment expected to grow with highest CAGR during forecast period
Digital signatures help law firms to accelerate and fully automate the traditional slow, complex and expensive paper signing process and achieve increased efficiency, reduced manual processing, improved compliance, retained electronic record, easier reporting, reduced document processing time and digital transformation. The United States has two laws that govern the legal effect of electronic signatures. These laws are the State Uniform Electronic Transactions Act (UETA) and the Federal Act on Electronic Signatures in Global and National Commerce (E-SIGN). The European eIDAS regulation provides for the three types of electronic signatures: simple, advanced and qualified. Digital signatures allow law firms to adhere to the most stringent international standards and regulations for security and privacy.
Cloud Based Deployment To Grow At Higher CAGR During Forecast Period
Businesses and various industry verticals around the world are adopting cloud-based electronic signature solutions to optimize cost, scalability and flexibility. The business paradigm shift towards digitization and technologically advanced solutions is driving the demand for digital signature software among cloud businesses. Cloud Signature Consortium, a group of industry organizations committed to creating new standards for cloud-based digital signatures and helping businesses and governments comply with the most demanding electronic signature regulations in the world. world.
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North America hold the largest market size during the forecast period
North America is one of the most advanced regions in terms of IT adoption. The region serves as the headquarters for most multinational companies, as well as many small businesses. The growing concern for protecting critical IT infrastructure and sensitive data has grown in recent years. Businesses devote a significant amount of data security to their budgets. With government mandates for securing electronic documents and the benefits of using digital signatures in the United States and Canada, the digital signature market is poised to grow with greater integration of digital signature technology. North America accounted for the largest share of the global digital signature market in 2020. North America, including the United States and Canada, has experienced phenomenal growth in the BFSI and legal sectors, as well as in the government and healthcare sectors. American multinationals, such as Adobe, OneSpan and DocuSign, are the main players in digital signature technology.
The report includes the study of major players offering digital signature solutions. Major digital signature vendors include Adobe Inc. (US), OneSpan (US), Thales (France), DocuSign, Inc. (US), Ascertia (UK), Zoho (India), Secure signature (New Zealand), Entrust Datacard (US), DigiCert, Inc. (US), IdenTrust (US), GlobalSign (US), Symtrax (US), ComSignTrust (Israel), Multicert (Portugal), AlphaTrust Corporation (United States), SunGard SIGNiX Inc. (United States), Notarius (Canada), RNTrust (UAE), Bit4id Ltd (Italy) and LAWtrust (South Africa). It also includes an in-depth competitive analysis of the main Digital signature market players, along with their company profiles, business insights, product offerings, recent developments and market strategies.
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