Newswire: Jan. 20, 2017.
Dateline: Pune, India.
A new study anticipates the global digital signature market to quadruple over the next five years, from an estimated $662.7 million at the close of 2016 to $2.657 billion by 2021.
The market research report, by MarketsandMarkets, says the digital signature market will see a compound annual growth rate (CAGR) of 32 percent over the same span. Previous analyses by other firms have pegged the CAGR for the global digital signature market at 31.5 percent for 2016-2022, and 39.2 percent for 2016-2020.
Software solutions are expected to grow at a greater CAGR than the rest of the e-signature market, which MarketsandMarkets attributes to the need to reduce cost and time taken for transactions. Hardware solutions have a smaller contribution to the overall market picture, being used mainly to store digital signature-related information.
Other findings: An on-premise deployment model continues to be preferred to a cloud-based mode; this is partly because with the solution deployed on an enterprise’s system, it insures greater data security and compliance, plus more flexibility and control.
By region, North America showed the largest market share in the e-signature business for 2016. Europe was the fastest-maturing by CAGR. A number of regulatory factors are driving the adoption of digital signature solutions in Europe, contributing to the market’s rapid growth there.
Read the full story here.