The U.S. digital signature market was valued at $921.3 million in 2021, and it is set to reach $10,612 million by 2030, growing at a CAGR of 31.2% between 2021 and 2030, according to a research report by a market research company P&S Intelligence.
The increasing number of signature forgeries in the U.S. is driving the digital signature market in the country. Digital signatures are helpful in eliminating the chances of fraud and theft risks in several industries. The corporate offices, and governments, are taking several steps to implement paperless workflows to encourage the Green Movement. Numerous offices have already initiated the usage of electronic documentation, which helps in saving a massive amount of paper, helping in reducing deforestation.
In the healthcare sector, researchers, doctors, and, lab investigators are sending digitally signed prescriptions and associated data from the hospital’s server to the server of the drugstore. That is how, pharmacists get a copy of the prescriptions and bills of the patients online, helping in preventing any fraud or manipulation in the prescription or the bill.
The execution of the GPEA is the main reason for the acceptance of such solutions in the country. According to this law, when possible, individuals and companies must deal with federal agencies with a choice to transact with them and keep their data digitally and electronically. As per the guidelines, signatures, and records electronically maintained should not be denied with regards to enforceability, or validity on basis of their electronic form.
As the people become more aware about electronic communication, and the usage of internet is also growing among the citizens, the requirement for net-based connections with national agencies has increased.
The professional service category has generated a significant revenue share in the past and is projected to grow at a faster in the years to come. The demand for digital signature consulting, advisory and knowledge services are increasing in between industries looking to get improved assistance with this new signing technology in a shorter period of time.
The BFSI industry is growing at the fastest rate, because of the snowballing adoption of digital signature hardware and related software tools, including smart cards and biometric systems.
Furthermore, enterprises and customers are able to do faster online transactions with the support of digital signatures.
The cloud-based category will grow at the higher rate of around 32% in the years to come. This can be credited to the deployment of subscription-based and easy-to-manage solutions by the IT vendors working in this sector.
Hence, the rising usage of digital-signature and the Government Paperwork Elimination Act will drive the digital signature industry in the future.
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