A digital signature is a mathematical technique, which works on the principle of cryptography technology. It is used to check the authenticity of software, messages, and digital documents. It verifies the identities of parties involved, confirms transaction terms, and verifies originality of those terms. Owing to enhanced security and organized workflow offered by digital signatures, their use is poised to become a common business practice.
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BFSI to Remain Prominent End User through 2022
Digital signatures are becoming increasingly popular across verticals such as BFSI, healthcare, military and defense, retail, logistics and transportation, oil and gas, and government. Among these, adoption of these signatures in the BFSI sector is likely to remain high through 2022. Soaring need for enhancing the operational efficiency and providing security and user identity is fueling the demand for these signatures in the sector. Moreover, they ensure reduced document turn-around time and improved compliances. Growing popularity of online banking is also likely to augment the demand for digital signatures.
The retail sector is expected to emerge a promising end user of digital signatures. Widespread adoption of e-commerce and the need for improved workflow have led to the increased usage of these signatures. Service providers are developing electronic signature services suitable for both online business and customers. For instance, in October 2017, Power i4 Solution introduced an electronic signature service NowYouSign. This cloud-based service sends a unique link via email that directs to an online business document that can be signed using a mouse, a keyboard, or a touchscreen on any device that can be connected to the Internet.
Heightened competition and economic uncertainties are compelling businesses to pay high attention to cost reduction and improvement of enterprise efficiency. This, in turn, is anticipated to provide a fillip to the global digital signatures market. Increasing cases of tempering and forgery in procedures involving software distribution and financial transactions can also work in favor of the market.
U.S. will be a key revenue contributor in the global arena, finds a report added by Radiant Insights Inc. The growth of the region can be attributed to favorable government initiatives and strict cyber laws. Some of the prominent players in the market are SIGNiX; Topaz Systems, Inc.; RightSignature LLC; HelloSign, Inc.; and SafeNet.
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