The global digital signature market is expected to grow significantly over the next 10 years. With the increasing adoption of IoT, artificial intelligence and 5G, the demand for semiconductors is expected to rise significantly in the coming period. A semiconductor factory is capable of producing nearly 1 TWh of energy and 2-4 million gallons of ultrapure water per day. Therefore, these sustainability measures can also meet the needs of various water cycle applications. The semiconductor vertical will look like this.
According to a recent report published by Persistence Market Research (PMR), the global digital signature market was valued at approximately $1.4 billion in 2018. According to the report, the global digital signature market is expected to grow by around 18% year-on-year in 2019 . The premise of digital signatures is that once a document is digitally signed, the security of the data can be ensured. A number of legislations have been introduced that typically deal with electronic documents and digital signatures. As a result, the adoption of digital signatures has witnessed a significant increase in legal proceedings.
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According to the report, organizational adoption of digital initiatives, supporting norms and regulations, increased efficiency, and reduction of errors will continue to drive the growth of the digital signature market throughout the forecast period. Currently, businesses around the world are moving from paper signatures to digital signatures because of the enormous benefits it can bring to businesses and the environment. The integration of new technologies such as IoT, machine learning and artificial intelligence will continue to drive the demand for digital signature software. Additionally, the ability of digital signature solutions to focus on preventing security breaches will drive sales of these solutions in 2019 and beyond.
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Gains are supported by increased demand for digital signature solutions from SMEs
According to the latest research from PMR, most companies are moving from manual systems to integrated solutions to manage all 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 that do not add complexity to their workflows. Therefore, digital signature solution providers that can meet demand with innovative products will have a huge competitive advantage over other solution providers in the digital signature market.
According to PMR Research, the digital signature market is expected to create an incremental opportunity of approximately $9.5 billion in the stated time frame . Digital signature software continues to account for a relatively high share of stakeholders’ bottom lines compared to services. However, the contribution of revenue generated through services is estimated to grow in regions with high demand for digital signature solutions.
Seize opportunities in healthcare
The trend towards digitization and transformation in the healthcare industry is accelerating. The healthcare industry is witnessing the increasing shift towards paperless options for various daily processes, thereby significantly driving the growth of the digital signature market. Some processes include contracting and procurement, health insurance billing, patient onboarding, and more. Additionally, digital signatures in healthcare ensure the security and integrity of patient personal information, thereby reducing the incidence of data and information theft and unauthorized access. Therefore, digital signature solution providers still target the healthcare industry.
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Tier 1 players to capture 20% revenue share in digital signature market
PMR believes that the global digital signature market presents a considerable degree of fragmentation, with many regional players. PMR divides the market structure into three levels: Tier 1, Tier 2, and Tier 3 for in-depth analysis. Tier 1 digital signature providers account for about 18%-20% of the overall market. Tier 1 suppliers are the most experienced and largest in the industry and have extensive regional coverage around the world. These suppliers are working with new players in the market to expand their distribution channels. Layer 3 digital signature providers are fairly new to the market and are mostly local and regional players. Due to the limited market share of Tier 3 players, they are constantly updating with the latest technology and growing rapidly.
- For example, in January 2019, Dropbox, a personal cloud storage service often used for file collaboration and sharing, announced the acquisition of HelloSign. HelloSign has built a thriving business focused on electronic signature and document workflow products. The acquisition brings a well-deserved application to the e-signature market, which continues to grow in strength and value.
- Likewise, in November 2018, SignNow, a US-developed cloud-based electronic signature technology provider, announced a strategic partnership with Autodesk BIM. This partnership will provide users with a great time-saving service, with immediate access to the SignNow Templates and Documents folders in their Autodesk BIM 360 account.
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