NEW YORK, Nov. 21, 2017 (GLOBE NEWSWIRE) -- According to P&S Market Research, U.S. digital signature market size is forecasted to reach $1,013 million by 2023, is expected to register over 20% CAGR during 2017-2023. Increasing use of digital signatures to eliminate fraud, has been cited as one of the prime factors for strong growth of the market in the country. A lot of counterfeit and tempering incidences has been observed in software distribution and financial transaction processes across the U.S., which is creating robust demand for digital signature in the country.
Digital signature enables the sender to digitally sign and send the document, and allow them to authenticate receiver. Obligation of validating digital documents across different verticals including patient consents, contracts, court documents, claims, cash management, policies, and records, is backing the market growth.
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Among solutions in the digital signature market, software led the market in terms of revenue contribution in 2016. The market for software is expected to grow faster than hardware, during the forecast period. Businesses across the globe, particularly in the U.S., are ditching paper work and signing important documents online. This trend is backed by globalization, rapid digitization and penetration of smart phones across various industry verticals in recent years.
The market for cloud based deployment was larger than on-premised based deployment in the U.S. digital signature market. The market for cloud deployment is also expected to witness a faster growth than on-premise, during the forecast period. The fast growth of cloud based will be driven by companies operating in the market that are rolling out subscription based hosted offerings. Moreover, the global acceptance of cloud based services and emergence of pay-as-you-go models have escalated its demand among enterprises in the country.
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The expansion of e-commerce industry in the country is witnessed as a good growth opportunity for the market. The U.S. e-commerce industry is projected to expand in future amid rising internet penetration and ease in online transactions. According to the e-Commerce Foundation, in 2015, the e-commerce market in the country was second largest across the globe. The use of digital signature by various e-commerce companies provides them with integrity, confidentiality, authentication and legal non-repudiation in business transactions.
The U.S. digital signature market is moderately competitive with players developing new strategies, particularly new product launches to reach their customers in the most effective and efficient way. For instance, in July 2017, Zoho, an operating system (OS) provider, announced the launch of Zoho Sign. The new launch is a digital signature app for businesses, aiming to set the company's big step in the digital transaction management market. The new launch would enable businesses to sign and send legally binding contracts from anywhere, using a signing process, which is highly simple in nature.
Some of the key players in U.S. digital signature market are Adobe Systems Inc., Secured System Limited, Gemalto N.V., SIGNiX Inc., Entrust Datacard Corporation, DocuSign Inc., eSignLive, and Ascertia.
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