The prevention of deception has become a factor of focus for
many industries which rely on securing signatures on legal documents.
Attributed to this, the utilization of digital signatures is growing rapidly
across the world. A digital signature is electronic data that carries the
intent of a signature. In the healthcare industry, because of authentication of
digital signatures of healthcare professionals, paper-based prescriptions can
be digitally transferred from the doctor to hospital’s server and then to
patient’s pharmacy, thereby inhibiting the patient’s or some other person’s
ability to forge doctor’s prescription. Pharmacists have an online copy of the
prescription for comparison, which prevents deception and ensures greater
transparency.
As per a study conducted by P&S Intelligence, in 2017,
the global digital signature market reached a value of $826.7 million
and is projected to advance at a 26.5% CAGR during the forecast period
(2018–2023). The different components of digital signature technology include
hardware, services, and software. Among these, the largest demand during
2013–2017 was created for the services category, which is further predicted to
dominated the market during the forecast period. This is because services
including creation or verification of digital signatures and professional and
managed services are needed by the users on a regular basis. The fastest growth
in demand is expected to be witnessed by the software category in the coming
years.
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The digital signature technology is utilized by several
sectors, namely banking, financial services, & insurance (BFSI), IT,
retail, government, healthcare & life sciences, telecom, and others (which
include engineering, legal, architecture, and construction). Out of these, the
government sector created the largest demand for digital signatures during
2013–2017 and the situation is projected to be the same during the forecast
period. This is because the governments of various countries are focusing on digitizing
economies, which is resulting in the growing adoption of digital signatures for
streamlining of records, enhanced security, and cost efficiency of records.
Among the different regions, namely Latin America (LATAM),
Asia-Pacific (APAC), North America, Middle East & Africa (MEA), and Europe,
North America dominated the digital signature market during 2013–2017
and is further predicted to create the highest demand for the technology in the
coming years. The fastest growth in demand for the digital signature technology
is expected to be witnessed by the APAC region during the forecast period due
to the increasing focus on reducing deception, expanding e-commerce market, and
rising concern regarding security.
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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