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(Wireless-NewsWire.Com, July 30, 2016 ) Digital Signature is a technique used for validation and authentication of a software, digital document and electronic message. Also, digital signatures are used to approve and certify the content mentioned in digital documents like as e-mails, word documents and PDF’s. Digital signature relies on decryption and encryption technologies. Encryption is the method of encoding the information or messages that can only be read by authorized parties and Decryption is the method of converting the encrypted data back to its unencrypted form. Digital signature comprises of digital ID that consist a public key and a private key. In the digital document, the public key is issued along the file and private key works as digital signature. The public key has the encrypted code that validates the uniqueness and tracks alterations relating to the document.
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Reduced cost of business operational, enhanced security & control and superior customer experience are the major drivers for the growth of global digital signature market. Government paperwork elimination act, improved security & control and growing use of digital signature to eliminate fraud are some of the other factors propelling the market growth. Increased forgery, financial transaction worldwide and easy process of software distribution has created a need of digital signature technology. It helps the sender to prove the authenticity of the digital document. Contracts, policies, records, patient consents, cash management, court documents and claims are some of the document that requires an authentic verification of digital documents hence, the necessity for such verification is boosting the global demand for digital signature. Development of ecommerce in the developing economies, digital transformation and use of cloud-based security solutions are some of the expected opportunities prevailing in the global market. However, complications in the validation and implementation of digital entities and lack of trust are some of the restraints hindering the market growth for digital signature. Along with these, lack of easy implementation of digital signature in an organization is one of the main reason for adoption of digital signature technology.
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The global digital signature market is segmented by solution into hardware market and software market. The market is also segmented on the basis of service i.e. professional services and managed services. Further, the global market for digital signature is bifurcated by deployment model into on-premises and cloud. On the basis of application the digital signature market can be segmented including finance, legal, healthcare, human resource, government, education & research and others. Also, the market is bisected by regions into North America, Asia Pacfic, Europe, Middle East & Africa and South America.
North America dominates the global digital signature market, holding the largest share owing to high focus on research and development and technology leading to innovations, cybercrime laws and growth of financial sector. The high adoption of digital signature in various verticals, such as legal, HR and finance, is driving the market in the region. Europe is anticipated to be the second largest and fastest growing market for global digital signature driven by increasing awareness among businesses.
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Some of the key industry players includes Adobe Systems Inc., Entrust Datacard Corporation, Kofax Limited, Gemalto, Inc., Topaz Systems Inc, Microsoft Corporation, Right Signature LLC, Esignlive, Docusign, Inc., Oracle Corporation, Ascertia Limited, Identrust, Inc., Rpost technologies, Signix, Secured Signing Limited among others.
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