As per a statement by P&S Intelligence, the U.S. digital signature market will grow at a CAGR of 31.2%, to reach USD 10,612 million by 2030.
The growth is credited to the increasing usage of digital signature solutions due to the U.S. GPEA Act. The act encourages central agencies to conduct business with the public using electronic forms, filings, and signatures. In addition, the rising number of signature forgeries in the U.S. is driving the country’s digital signature industry.
Additionally, the Internal Revenue Service (IRS), Federal Reserve Bank, and Securities and Exchange Commission (SEC) have all issued guidelines that allow the adoption of electronic signatures on more documents, transactions, and forms than ever before.
The pandemic has had a positive impact on the industry, because during that time, a large number of people and organizations used paperless documentation to prevent virus spread. A large number of hospital admission forms were filles and signed and healthcare imbursements applied for electronically.
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The solution category will continue to hold the largest revenue share of the U.S. digital signature market and advance at a 33.3% CAGR during this decade. This is credited to the rapid adoption of these solutions in the BFSI, legal, government and defense, education, healthcare and life science, and real estate industries.
Moreover, the market report also includes the revenue generated from professional and managed services. The professional service demand will grow faster in the coming years, as consulting, knowledge, and advisory requirement is mounting among businesses.
In the U.S., the government sector will be the largest application for these solutions. This is because due to the adoption of numerous regulations by the U.S. government, for example, the GPEA and UETA, the process of verification has changed from manual to digital methods.
Additionally, government bodies favor digital signatures as a way to gain public trust in private documentation and to lower the incidence of forgery. This is the reason this technology is adopted in public offices to uphold the non-refutability, integrity, and authenticity of documents.
The BFSI sector is witnessing rapid growth because of the rising acceptance of digital signature hardware and related software tools, for instance, smart cards and biometric systems. Furthermore, with the help of digital signatures, enterprises and customers are carrying out faster online transactions.
Based on deployment type, the cloud-based category will witness the higher rate of growth, of 32%, in the coming years. This is credited to the introduction of easy-to-manage subscription-based software by the IT vendors offering digital signature solutions in the country.
Hence, the increasing internet adoption, rising safety concerns for data, and the government laws for paperless transactions push the demand for digital signatures in the U.S.
