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Digital Signature Market Recent Trends, Developments, Challenges & Opportunities

According to the estimates of the market research organization, P&S Intelligence, the market will advance at a CAGR of 29.2% from 2021 to 2030. Out of the digital signature software, hardware, and services, the demand for digital signature services would rise at the fastest pace in the coming years. This is credited to the soaring requirement for professional and managed services, such as cloud, consulting, and implementation, among digital signature users.<br>

Devanshuraizada
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Digital Signature Market Recent Trends, Developments, Challenges & Opportunities

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  1. Government Initiatives Fueling Worldwide Demand for Digital Signatures The growing adoption of digital signature-based biometrics in the banking, financial services, and insurance (BFSI) industry is pushing up their demand across the world. In addition to this, the governments of many countries are implementing policies for encouraging the adoption of digital signatures. Some of the legislations that have been recently enacted in the U.S. for promoting digital signatures are the Electronic Signature in Global and National Commerce Act (ESIGN) 2000 and the Uniform Electronic Transactions Act (UETA) 1999. These policies ensure that digital signatures cannot be denied legal enforceability and validity in the country. Moreover, with the rising incidence of cyber-attacks, the federal government is taking initiatives for encouraging the adoption of cryptography-protected digital signatures in the country. For instance, according to the Center for Strategic & International Studies, a research institute based in Washington D.C., the U.S., Chinese hackers targeted the enterprise email software of Microsoft to steal data from more than

  2. 30,000 organizations across the world, including legislative bodies, government agencies, defense contractors, law firms, and infectious disease researchers. Furthermore, due to the growing penetration of the internet and smartphones, people are increasingly preferring digital transactions with the government, thereby driving the demand for digital signatures. The other major factor fueling the usage of digital signatures is the rising need for eliminating paperwork in several countries. Due to these factors, the revenue of the global digital signature market is expected to surge from $1,858.3 million in 2020 to $25,211.3 million by 2030. According to the estimates of the market research organization, P&S Intelligence, the market will advance at a CAGR of 29.2% from 2021 to 2030. Out of the digital signature software, hardware, and services, the demand for digital signature services would rise at the fastest pace in the coming years. This is credited to the soaring requirement for professional and managed services, such as cloud, consulting, and implementation, among digital signature users.

  3. Cloud and on-premises are the two most widely used deployment modes for digital signatures. Between them, the popularity of the cloud-based deployment method was higher in the past years. This was because this deployment method reduces the demand for a locally installed platform, by allowing the verification of documents on a cloud-hosted service. Additionally, this method allows users to store their signing key on the cloud, so that they can sign documents from any system connected to the internet, such as a laptop, smartphone, tablet, and a desktop computer. “Increasing Incidence of Frauds Driving Digital Signature Popularity” Geographically, the demand for digital signatures is predicted to rise at the highest rate in Asia-Pacific (APAC) in the upcoming years. This is ascribed to the growing focus of governments and organizations in the region on reducing the incidence of frauds and cyberattacks. Apart from this, the increasing public preference for digital payments, surging enactment of initiatives by the governments of the regional countries for promoting the adoption of digital solutions and reducing paperwork, and the expansion of the BFSI industry are also driving the demand for digital signatures in the region. Hence, it can be said without any hesitation that the adoption of digital signatures will increase significantly in the forthcoming years, primarily because of the rising incidence of cyberattacks and data breaches, growing public preference for digital technologies, surging requirement for less paperwork, and the increasing implementation of supportive government policies across the world.

  4. About Us: P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. Contact Us: P&S Intelligence International: +1-347-960-6455 Email: enquiry@psmarketresearch.com Web: https://www.psmarketresearch.com

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