Paper based signatures have long been used to validate legal documents, secure contracts, and activate credit cards. However, currently, things are indicating that paper based signatures will gradually become a thing of the past because digital signatures are now growing in popularity. They are becoming the most acceptable and trusted way of signing documents online. A digital signature is used to verify the authentication and integrity of the original message or other information. The benefits of digitals signatures include increased efficiency, reduced turnover time, lower costs, and enhanced security.
According to a recent report published by Allied Market Research, the global market for digital signatures is projected to reach $3,440 million by 2022. The main growth drivers of the market include the popularity of internet banking and e-commerce activities, as well as an increase in internet penetration. The market has been segmented based on the type of components such as hardware, software, and services, the type of deployment such as on-premise and cloud based, and the type of industry verticals such as banking, education, human resource, government, IT & telecommunications and much more.
The growth in the digital signature market is reflected in the recent happenings across the globe. Samsung Electronics along with Wacom is planning to enter the digital signature market with their S-Pen stylus, a signature feature of the company’s note phone. Singapore plans smartphone based national digital identity system to offer digital signatures for paperless transactions. In July this year, Zoho announced the launch of a digital signature app for businesses called Zoho Sign. In April 2017, WISeKey has announced that it has acquired QuoVadis, a leading global Certification Authority providing Trust/Link managed PKI services, including digital certificates for TLS/SSL and a wide variety of end entity uses including eID/authentication, encryption, and digital signature. In August 2017, electronic signature solution industry leader DocuSign announced that it has it has been granted authorization under the Federal Risk and Authorization Management Program (FedRAMP).
Samsung Electronics and Wacom to enter the Digital Signature market
The South Korean giant Samsung Electronics along with Japan-based Wacom is coming up with the S-Pen stylus in order to make a foothold in the digital signature market. At a news conference in August 2017, Samsung’s head of technology strategy Chai Won-cheol said that S-Pen’s digital signature will bring new demands in the B2B market when integrated with Samsung’s authentication solutions such as Samsung Pay, Knox and iris and fingerprint recognition.
Singapore to improve its SingPass Service With a new NID system
Singapore has plans to improve its existing SingPass service with a new smartphone based national digital identity (NID) system to offer digital signatures for paperless transactions in both public and private sector services. Singpass is an existing citizen account used for e-government services. It will be replacing the authentication process of sending one-time passwords via SMS text messages and offer authentication via a smartphone app. Singapore plans to make the NDI platform fully functional by 2020. This initiative is part of Singapore’s Smart Nation push.
Zoho launches Zoho Sign
Realizing the importance of digital transaction management market, Zoho has launched a digital signature app for businesses in July this year. Using the new app called Zoho Sign, users can sign and send legally binding contracts from any location simply by using a signing process.
Zoho Sign is available in both web and mobile versions. It also integrates with other Zoho services such as Zoho CRM and Zoho Writer, thereby enabling businesses to complete their approvals and agreements using the signing feature. Zoho Sign also supports multi-party and individual signatures. It covers a number of use cases, from sales orders and special deal terms to partnership agreements, contracts, invoice processing and more.
WISeKey acquired QuoVadis
In April this year, WISeKey International Holding Ltd has announced that it has completed its acquisition of QuoVadis, a leading global Certification Authority providing Trust/Link managed PKI services, including digital certificates for TLS/SSL and a wide variety of end entity uses including eID/authentication, encryption, and digital signature. This acquisition will place WISeKey as a market leader in this new industry referred to as Vertical Platforms for IoT Security Technologies and allow it to reinforce its IoT PKI offering.
DocuSign granted authorization under the (FedRAMP)
The e-signature and Digital Transaction Management (DTM) industry leader DocuSign recently announced that it has it has been granted authorization under the Federal Risk and Authorization Management Program (FedRAMP). The company is now officially listed as a certified federal technology provider and is the first and only digital signature tech approved for use across the US.
Read more about the digital signature market here.