The digital signature is as good as handwritten signature and provide more security. It’s a mathematical technique used to check the authenticity of a message, software, and a digital document. The primary aim of digital signature is to solve the problem of impersonation and tempering in digital communication. Digital signature contains each information of digital document so that an end user can easily find out source, identity, and status of an electronic document. Digital signature works on the principle of cryptography technology.
Process of Digital Signature
- Hash Algorithm
- Hash Value
- Sender Private Key
- Signed Message
- Signed Message
- Sender Public Key
- Hash Value
A lot of forgery and tempering in the process of software distribution and financial transaction across world is creating strong need of digital signature. Digital signature helps sender of digital document to prove its authenticity. . Necessity of verifying digital documents in the areas such as contracts, patient consents, claims, policies, court documents, records, and cash management documents is driving the growth of global digital signature market. However, rules and regulations across the world concerning ambiguities associated with electronic signatures is one of the significant challenges experienced by digital signature market
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Digital signature market on the basis of end-user:
With the digital evolution, SMBs are adopting paperless culture, due to which, digital signatures are playing vital role in their day-to-day operations. Electronic signature software enables SMBs to sign documents or send documents to clients in order to sign them from a web browser or a mobile device.
- Large Enterprises:
Large enterprises across the world are adopting cloud based digital signal platform that replaces hand-written signatures with electronic version and in turn simplifies business. The cloud based digital signature platform facilitate large enterprises to get access to faster time to revenue, greater coast saving, and also help their client to offer improved customer experience.
North America region is the largest market of digital signature mainly driven by supporting rules and regulations and growing financial and legal services firms in the countries such as the U.S. and Canada. In the Europe region, Directive 1999/93/EC for electronic signature was adopted by the European parliament in 1999. The adoption of the regulation with respect to use of the digital signature and related product and services laid the foundation for growth of the digital signature market in the region. Asia-Pacific region is also witnessing substantial growth in the adoption of digital signature primarily due to the growth in the BFSI sector and initiatives taken by various government of countries such as China and India to promote the use of digital technology.
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DocuSign, Inc., Gemalto, Inc., Secured Signing Limited, SIGNiX, SignaShare, and Adobe Systems, Inc. are few of the leading players of global digital signature market.