The adoption of digital signature-based biometrics in the BFSI sector is a key factor leading to the growing requirement for digital signature technology. Attributed to its unique characteristics of the user’s signature, digital signature-based biometric technology is one of the most secure methods for identification and authentication procedures. The signature pattern of any individual cannot be copied or stolen for any purpose.

In addition to this, people have also started making use of digital signature-based smart cards for security purposes in many developed countries including Germany and the U.S. Due to these advanced applications of digital signatures in the BFSI sector, the requirement for digital signature technology is increasing.

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Among the different regions, namely Latin America (LATAM), Asia-Pacific (APAC), North America, Middle East & Africa (MEA), and Europe, North America dominated the digital signature market during 2013­–2017 and is further predicted to create the highest demand for the technology in the coming years. The fastest growth in demand for digital signature technology is expected to be witnessed by the APAC region during the forecast period due to the increasing focus on reducing deception, expanding the e-commerce market, and rising concern regarding security.

As per a study conducted by P&S Intelligence, in 2017, the global digital signature market reached a value of $826.7 million and is projected to advance at a 26.5% CAGR during the forecast period (2018–2023). The different components of digital signature technology include hardware, services, and software.

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Among these, the largest demand during 2013–2017 was created for the services category, which is further predicted to dominated the market during the forecast period. This is because services including creation or verification of digital signatures and professional and managed services are needed by the users on a regular basis. The fastest growth in demand is expected to be witnessed by the software category in the coming years.