The prevention of deception has become a factor of focus for many industries which rely on securing signatures on legal documents. Attributed to this, the utilization of digital signatures is growing rapidly across the world. A digital signature is electronic data that carries the intent of a signature. In the healthcare industry, because of authentication of digital signatures of healthcare professionals, paper-based prescriptions can be digitally transferred from the doctor to hospital’s server and then to patient’s pharmacy, thereby inhibiting the patient’s or some other person’s ability to forge doctor’s prescription. Pharmacists have an online copy of the prescription for comparison, which prevents deception and ensures greater transparency.

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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. 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.

The digital signature technology is utilized by several sectors, namely banking, financial services, & insurance (BFSI), IT, retail, government, healthcare & life sciences, telecom, and others (which include engineering, legal, architecture, and construction). Out of these, the government sector created the largest demand for digital signatures during 2013–2017 and the situation is projected to be the same during the forecast period. This is because the governments of various countries are focusing on digitizing economies, which is resulting in the growing adoption of digital signatures for streamlining of records, enhanced security, and cost efficiency of records.

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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 purposes. 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.