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Government Initiatives Fueling Worldwide Demand for Digital Signatures

The growing adoption of digital signature-based biometrics in the banking, financial services, and insurance (BFSI) industry is pushing up their demand across the world. In addition to this, the governments of many countries are implementing policies for encouraging the adoption of digital signatures.  These policies ensure that digital signatures cannot be denied legal enforceability and validity in the country. 

Some of the legislations that have been recently enacted in the U.S. for promoting digital signatures are the Electronic Signature in Global and National Commerce Act (ESIGN) 2000 and the Uniform Electronic Transactions Act (UETA) 1999. Moreover, with the rising incidence of cyber-attacks, the federal government is taking initiatives for encouraging the adoption of cryptography-protected digital signatures in the country. 



For instance, according to the Center for Strategic & International Studies, a research institute based in Washington D.C., the U.S., Chinese hackers targeted the enterprise email software of Microsoft to steal data from more than 30,000 organizations across the world, including legislative bodies, government agencies, defense contractors, law firms, and infectious disease researchers.

Furthermore, due to the growing penetration of the internet and smartphones, people are increasingly preferring digital transactions with the government, thereby driving the demand for digital signatures. The other major factor fueling the usage of digital signatures is the rising need for eliminating paperwork in several countries. Due to these factors, the revenue of the global digital signature market is expected to surge from $1,858.3 million in 2020 to $25,211.3 million by 2030.

This market research report provides a comprehensive overview of the market
  • Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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