Increasing Physical Signature Frauds Driving U.S. Digital Signature Market

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.

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. This is being done to avoid the manipulation of prescription orders, as the copies of the e-prescriptions the pharmacists receive can be compared with the prescriptions being presented by patients.

The U.S. digital signature market is segmented by application, solution, deployment type, and service. Based on solution, the categories of the market are hardware and software. In 2016, the market was led by the digital signature software category in terms of revenue generation. Businesses across the globe, particularly in the U.S., are adopting the online mode of organizing paperwork and signing documents. This is being done due to the rapid globalization, penetration of smartphones, and digitization. During the forecast period, the software category is expected to grow faster than the hardware category.

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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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