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New York, Jan. 25, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Digital Signature Market By Component, By organization size, By Deployment Mode, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06222241/?utm_source=GNW
Additionally, it is beneficial in addressing the problems of impression and tempering in digital communication. As it comprises all the information of digital document, it allows users to identify the source rapidly and easily, recognize the status of an electronic document.
By using a digital signature, the sender becomes empowered to verify the reliability of a digital document. During the financial transactions or document distribution globally, the chances of risks such as tampering or fraud of documents are very high, thereby fuelling the requirement for digital signatures .
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has impacted the companies globally, majorly in a severe manner. With the adoption of digital signatures, companies are striving to streamline the process of signing the crucial documents with minimized or no delay or constraints. Thus, the digital signature market has been significantly driven because of the rising use cases from current and new customers owing to a global pandemic.
Moreover, the adoption of digital verification and signatures has been increased due to the recent outbreak of the COVID-19 pandemic. In addition, the industries are compelled to embrace digital technology in order to continue their business due to the rising obligations related to online and remote work. The government is supporting the digital modes of signature and verification like smart ID/card readers, smooth pass, electronic signatures, biometric signatures, and others.
Market Growth Factors
The rapid adoption of cloud-based security solutions
The demand for cloud-based security technologies and solutions is rising due to the high availability of the Internet and higher utilization of mobile & internet-connected devices. In addition, many companies are transitioning towards digital and advanced solutions for dealing with customers. Hence, digital signature becomes the medium for secured and enhanced experience between customers and the companies. Moreover, SMEs and startups are increasingly installing these cloud-based digital signature solutions because of the growing adoption rate of the eCommerce model.
A rise in paperless trend
Several industry workflows systems are expected to witness transformation due to the increasing digitalization. In addition, majority of the organizations are adopting the concept of dematerialization, which may increase the acceptance of digital signature. Also, digital signature helps many companies to reduce their spending on the stationary. In a similar manner, it lowers down the possibility of misplacing a crucial document and maintains its security for a long time period.
Market Restraining Factors
Low Level of Awareness Regarding the Legality of Digital Signatures
The digital signature technology is constantly upgrading, while there is no appropriate legislation to regulate these signatures. In addition, there is still not a widespread awareness among many countries about the legal status of digital signatures. Also, legal bodies should make provisions in order to Increase awareness associated with the legal acceptance and advantages of digital signature in comparison to the classic signature.
Component Outlook
Based on Component, the market is segmented into (Software and Hardware) and Services (Professional and Managed). The services segment, is further divided into the professional services segment obtained the highest revenue share of the market and would unfold the same kind of trend even during the forecasting period. This is credited to the growing demand of the companies for the superior security of their operations and cost savings.
Organization Size Outlook
Based on organization size, the market is segmented into large enterprise and Small & medium enterprise. Small and medium enterprises would showcase the highest growth rate throughout the forecasting period. This is credited to…
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