Digital Signature Growth Review
With the increasing need for digital technology and the internet, especially during a pandemic, the digital document validation process is growing rapidly. This has encouraged the government to support technological innovation in digital authentication of transactions and documents. One of the most important of these is digital signatures.
The Pandemic Changed Everything - Conventional and All-Digital
Businessmen, companies, and owners of Micro, Small and Medium Enterprises (MSMEs) have faced big challenges during the pandemic. One trend has been the operational shift from conventional to digital processes as new ways of interacting and making transactions in the business world, especially in terms of stopping the spread of COVID-19. Unlike a ‘wet’ signature that must be physically affixed to a document, a digital signature allows a person or business owner to approve documents without having to meet face-to-face.
In addition, the increasing implementation of remote work policies by companies, regional restrictions, and the implementation of social distancing protocols have encouraged the expansion of the digital-signature market, especially certified and legal digital signatures.
Identity verification is needed to facilitate numerous business activities and all types of online transactions. It has several benefits for your business:
It prevents fraud and unlawful acts that can harm business and damage customer trust.
It gives MSMEs a higher chance of getting bank credit to develop their business.
It increases business credibility - and thus the potential to attract more customers and increase customer satisfaction.
It allows your business to run a more effective and efficient business in terms of time, cost, and effort.
One form of digital identity is a digital signature. Digital signatures have permanent legal force. Many countries now have separate rules governing the procedures for using legal digital signatures.
The ability to sign documents more easily has been cited as one of the factors behind the dramatic increase in the country's economic income. The increasingly rapid growth of the digital economy has also impacted the digitization of public services to support the needs of the community more quickly.
Digital signatures also provide an opportunity to accelerate the realization of policies in government institutions. The Jakarta Globe reports that the digital economy helped to increase state revenue by 11% in 2020 to USD 44 billion, up USD 40 billion the previous year.
Demand for smooth operations, work efficiency, and security from both the government and business owners is driving the increasing need for digital authentication technology, as well as cloud-based security solutions and artificial intelligence solutions.
Global digital signature demand growth is predicted to increase from USD 4.0 billion in 2021 to USD 16.8 billion in 2026, with a Compound Annual Growth Rate (CAGR) of 33.1% during the forecast period.
Collaboration with Credible Digital Certificate Providers
In supporting the national economic recovery and the growth of the digital economy ecosystem through the use of digital signatures, the government and other industry players need to collaborate with credible Electronic Certificate Providers.
VIDA has been certified to ISO 27001 and is registered as a digital certificate provider (PSrE) at the Ministry of Communication and Informatics. As the first company in Indonesia to be listed on the Adobe Approved Trust List (AATL), VIDA has been awarded the Webtrust certification (globally recognized internet security certification).
VIDA is ranked by the National Institute of Standards and Technology (NIST) among the top identity-verification providers in the world. This is part of strengthening and digitizing MSMEs, and is in line with realizing a digital-identity ecosystem in Indonesia.
One of VIDA's services as a PSrE is a digital signature called VIDA Sign. VIDA Sign allows identified signers to digitally and securely sign documents, simply by unlocking their phone. To find out more about VIDA Sign services, contact us here.