The digital signature market is witnessing tremendous growth. Significant development is expected in the imminent years as well. Here’s a summary of the latest trends dominating the market.
The size of the U.S. digital signature industry was estimated at $0.98 billion in 2022 and is expected to increase to $8.18 billion by 2030 from $1.27 billion in 2023.
The use of e-signature is increasing. This surge is the main factor fueling the growth of the market. Also, strict regulations are in place regarding the use of digital signatures. Therefore, this trend is expected to remain more or less stable in the upcoming years.
READ MORE: 8-Points to Validate Data Storage & Backup Security
More and more enterprises rely on digital transactions as the most secured and verified transactions. Also, the pandemic is another major factor impacting the segment. Another factor to be discussed here is the increase in remote work, which shifted the emphasis away from dependency on paper-based paperwork and increased the transaction process’s digitization.
Data security is required whenever sensitive information is sent. In addition, due to the growth of e-commerce and online banking, businesses must safeguard their networks to win over customers. This has caused the use of digital signatures, which serve as the sender’s mark of validity over any electronic document, to increase and accelerate.
READ MORE: Digital KYC Solutions, Noteworthy Trends
Businesses are looking for simple, effective, and mobile operation methods. Companies are also thinking about moving their document procedures online.
Younger users also drive the rise of digital signatures in the financial services sector.
By 2026, Asia-Pacific and Europe are expected to have the most significant growth rates internationally, reducing the gap with North America’s levels of adoption, where favorable regulation has fueled widespread use in various sectors. For example, the Financial Services industry, which is anticipated to expand quickly between 2023 and 2026, could see increased adoption due to the development of highly secure solutions and regulatory changes.