Digital Signature
technique is used for authentication and validation of an electronic message,
software and digital document. Handwritten signatures are used to certify
physical documents. Similarly, digital signatures are used to certify and
approve the content of digital documents such as portable document format
(pdf), e-mails and word documents. Digital signature depends on encryption and
decryption techniques. Encryption is the process of converting the information
into a cipher text through encryption techniques such as public key encryption
and symmetric or private key encryption. Decryption is the process of
converting the cipher text back to the information text through the key issued
at the time of encryption. Digital signature contains digital ID which include
a public and a private key. The public key is sent with the file and private
key acts as digital signature to the digital document. The public key contains
encrypted code ‘hash’ that verifies the identity and tracks changes pertaining
to the document.
Before
the advent of digital signature, the business and legal documents have to be
physically signed and were sent through courier. This process was time
consuming and risk of loss during transportation was high. With the help of
digital signature, the organizations could send legal contracts and business
documents with proper authentication and less risk. With certain jurisdiction
authorities such as The Federal Court of the U.S. and The Supreme Court of
Canada, accepting digitally signed documents as an evidence for any crime, the
digital signature market is expected to have a significant growth. Digital
signature could help in financial and legal sector in reducing document
turnaround time, improve compliances and could speed up invoice process. This
would further drive the growth of digital signature market in financial and
legal sector. The growth of E-Commerce sector in the global market could also
drive the growth of digital signature market. However, the major challenge
faced by digital signature market would be expiry of the technology used for
formulation of digital signature. Incompatibility among various digital
signature generation techniques could further hamper the growth of market. The
developing countries such as Philippines and Brazil have weak cyber laws, thus
could restraint the growth of market.
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Digital
signature market is broadly segmented on the basis of solution, deployment type
and geography. On the basis of solution, the market i s segmented into
hardware, software and services. On the basis of deployment type, the digital
signature market could be segmented on the basis of on-premise, web based and
cloud deployment. Moreover, in terms of geographies the global digital
signature market is segmented into North America, Europe, Asia Pacific, Middle
East and Africa and Latin America regions. Heavy adoption of digital signature
technology is seen in North America market due to strong cyber laws and
tremendous growth in financial sector in this region. Latin America market has
the least adoption of digital signature technology due to weak and unstandardized
cyber laws in this market.
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