The digital signature market consists of sales of digital signature solutions and related services. A digital signature is an electronic signature and is equivalent to a handwritten signature or stamped seal. It offers more inherent security and is expected to solve the problems of tampering and impersonation.
The global digital signatures market is expected to grow from $1.83 billion in 2019 to 2.33 billion in 2020 at a compound annual growth rate (CAGR) of 27.69%. The global pandemic of COVID-19 is preventing individuals from traveling and brought in many restrictive measures such as lockdown, suspended transport services, and the closure of other non-essential services to avoid being in close proximity with other individuals. Consequently, individuals, companies and businesses now wish to use electronic signatures as an alternative to the traditional wet-ink signatures when signing documents to continue to operate remotely. The market is expected to reach $4.95 billion in 2023 at a CAGR of 28.58%.