BFSI Industry Made the Most Use of Digital Signatures At a Global Level

The digital signature market will power at a compound annual growth rate of 29.2% in the future, to reach a total value of USD 25,211 million by 2030.  

This is because of the rising requirement for validating user identity and for smoother digital transaction management. The industry has a tremendous potential for growth at a global level since the use of digital signatures aligns with the development in the digitalization rate, accompanied by the considerable acceptance of online channels for payment and further legalities. 

The software category had the leading share in the past, based on component. Moreover, the category will maintain the lead in the years to come because of the considerable increase in the digitalization rate and consciousness regarding cutting-edge technologies across diverse industries at a global level. 

The BFSI category led the industry in the past, based on vertical. This is because more than a few countries’ governments are concentrating on digitized economies, therefore resulting in the increasing acceptance of digital signs for electronic payments, enhanced security in monetary documentation, cost competence, and streamlining of records. This category would lead the industry. 

• Digital Signature Market

North America digital signature market was the leader of the pack in the past. This is mainly powered by the rising usage of digital signatures to decrease online fraud and, then, their snowballing application in the BFSI industry.  

Furthermore, government policies, for example the GPEA of the U.S., executed in October 2003, act as a significant driver for the regional market 

The growing acceptance of digital-signature-based biometric solutions in the BFSI sector is supplementing the progress of the industry. The digital-signature based biometric tech is one of the most-safe approaches of identification and authentication since it offers an exclusive characteristic to the user’s signature.  

The sign pattern of any person cannot be copied and stolen for any purpose. Furthermore, in some advanced countries, for example Germany, and the U.S. people make use of digital-signature-based smartcards for security. 

Digital signatures support in decreasing the time involved in filling forms, for example insurance, banking, marketing, corporate communication, and legal and advisory forms. Additionally, a one-time digitized, scanned sign can be used more than a few times for insurance and banking procedures. With the growing digitalization rate, the use of online forms for filing tax returns, opening of credit and savings accounts, and procurement of insurance has augmented the requirement for digital signature solutions. 

The growing use of digital signatures for the elimination of paperwork, the demand for digital signatures is on the rise. This trend will continue to grow in the years to come as well.  

SOURCE: P&S Intelligence