The rising number of signature frauds, adoption of biometrics based on digital signatures in the banking, financial services, and insurance (BFSI) sector, and the Government Paperwork Elimination Act (GPEA) are the major factors driving the U.S. digital signature market. It generated a revenue of $230.7 million in 2016, and is projected to advance at a CAGR of over 20.0% during the forecast period (2017–2023). A mathematical technique used for the identification and validation of the authentication and integrity of a software, message or any digital document is referred to as a digital signature.
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One of the key factors driving the U.S. digital signature market is the growing adoption of biometrics based on digital signatures in the BFSI sector. For identification and authentication purposes, biometric systems use the most advanced and secure digital signature methods. With the help of the digital signing process, customers and businesses are able to make transactions faster, thereby adding to the growth of the BFSI sector in the U.S. Services such as mobile or online banking, loan finalization, and account opening are now being offered on digital platforms with the adoption of digital signatures.
Another factor contributing to the U.S. digital signature market growth is the implementation of the GPEA. Central government agencies are encouraged by the act to switch to electronic processes, such as e-filing, digital signatures, and filling other applications, to offer services to the people. This act mentions that if convenient, individuals or groups should deal with federal agencies with an option of maintaining transaction records electronically or digitally.
Further, the increasing threat of physical signature frauds is driving the U.S. digital signature market. Digital signatures are proving to be of extreme benefit in curbing frauds and thefts in many sectors. For instance, in the healthcare industry, prescriptions and other healthcare-related data are digitally signed and transferred electronically from the hospital’s server directly to its destination.
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The classifications of the U.S. digital signature market, based on deployment type, are cloud-based and on-premises. The market, in terms of revenue generation, was led by the cloud-based classification in 2016. It is also projected to witness faster growth during the forecast period, owing to the increasing adoption rate of cloud-based services and popularity of pay-as-you-go models in the country that are contributing to the growing demand for cloud-based digital signature deployment.
Therefore, the market for digital signatures in the nation is slated to advance in the forecast period due to the several initiatives being taken by the government to ensure smooth business and check the menace of signature frauds.
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