Albany, NY -- (SBWIRE) -- 11/19/2018 -- According to the recent report published by Transparency Market Research, the global digital signature market is projected to expand at excellent CAGR of 26.40% during the forecast period between 2017 and 2025. The global digital signature market was worth US$0.63 bn in 2016 and is estimated to reach US$4.98 bn by the end of 2025.

Based on deployment, the global digital signature market led by on premise-based solutions as compared to cloud based segment. However, in the near future the demand for cloud-based segment is projected to exceed the on premise-based solution due to growing popularity across the globe. Moreover, growing adoption of cloud based services and digitalization in Europe and Asia Pacific. Thus, these factors are likely to boost demand for cloud segment largely in the forthcoming years. Geographically, North America led the market in terms of revenue in 2016. This was due to strict regulations in the healthcare industry, which led to adoption and effective utilization of IT in this industry.

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Growing Digitalization to Boost Demand for Digital Signature in Near Future

Globally, the demand for digital signature has grown because of the various advantages it provides such as reduced turnover time, increased efficiency, lower costs, and enhanced security. The digital signature also helps in enhanced data integrity, maintains transparency, and scalability. Moreover, various business organizations are including digital signature as it fast tracks the regular organizational work. Growing digitalization and automation at various levels has also propelled the need for digital signatures.

Adding to it, digital signature also facilitate growing international and expanding cross border trade. As important administrative tasks such as mailing, scanning, archiving, and recording require digital signatures, thus, boosting the demand in this market.

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Digital Signature to Assist Cross Border Business Initiatives in Europe

Globally, high demand for digital signature is seen North America in 2016, this was due to 'Health Information Technology for Economic and Clinical Health (HITECH) Act' that stimulated the need for IT in healthcare. In the coming years, the demand for digital signature is expected to grow significantly in Europe due to increasing cross border business initiatives. Furthermore, implementation of the 'Electronic Identification and Trust Services for Electronic Transactions in the Internal Market' (eIDAS)' in the region is also projected to increase the demand for digital signature in the region.

The information presented in this review is based on a TMR report, titled "Digital Signature Market (Deployment Type - On-Premise and Cloud; Industry Vertical - BFSI, Real Estate, Education, Government, Healthcare, Retail, Transportation, Legal, and Non-profit) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025."