Electronic signature (E-signature) refers to signatures in electronic form, which helps in speeding up the documentation processes and making them secure. The global e-signature market has been categorized on the basis on deployment mode, type, and use case. On the basis of type of e-signature, the market has been generating highest revenue from public key infrastructure, while username and pin, signature pad at POS, clickwrap and voices signature are the other major types of e-signature. Based on key deployment modes, cloud based e-signature has been the dominant category. Among the use case of e-signature, unmediated accounts for the major revenue in the global market.
Market for e-signature is gaining interest with its growing requirement by leaders across industries, who need to use signature for reducing deception and highly security encrypted documents within shorts timeframe.
The global e-signature market is expected to grow at a CAGR of 34.7% during the forecast period, to reach $9,073.1 million by 2023. A significant growth in demand for e-signature is anticipated due to surging security concern among enterprises, growing government focus towards eliminating paperless work coupled with growing e-commerce market and increasing online transactions across the globe.
The global e-signature market is driven by factors such as increasing demand for security, workflow efficiency and supply chain enhancement in corporate, supportive legislations for the e-signature market and increasing online documentation processes.
With the growing modernization of corporates, the need for document authentication has surged significantly in the recent past. The documentation process in organizations and institutions have been digitizing at a fast rate globally, owing to the benefits imparted by this technology. This has been encouraging the corporates to deploy e-signature solutions in their work processes. E-signatures are one of the identity and access management (IAM) solutions that impart multiple benefits. E-signatures reduce the chances of human errors during crucial financial transactions. The electronically signed documents ensure that the agreed procedures have to be followed with the negligence of ad-hoc transactions. Apart from its security features, e-signatures also speeds-up the payment and transaction processes by automating factors that can affect the cash management.
E-signatures with their role in supply chain have been further creating demand in the corporate sphere. Though e-signature makes the supply chain of corporates efficient by operational cost reduction, and improvement in working capital management.
Furthermore, the increasing penetration of internet and cloud computing has enabled the consumers as well as companies to make deals online, which requires authorization of both the parties. This has been fueling the e-signature market globally. The growth in online financial transactions is one of the examples of increasing documentations over the web. The developed countries, such as the U.S., are witnessing more rapid growth in online banking transactions, owing to their advanced internet infrastructure.
Growth prospects offered by Australia and increasing adoption of e-signature based on Software as a Service (SaaS) delivery model are the major opportunity that are expected to drive the future growth of the global e-signature market.
Australia is one of the key countries for e-signature market globally. The positive opinion of Australian business owners about e-signature technology is expected to drive the market in the country. In addition, according to Australian law on e-signature, electronic signatures are a valid way of executing agreements.
In addition, increasing demand of cloud deployment of e-signature is a key reason for the surging popularity of software as a service (SaaS) delivery model based e-signature deployment. SaaS deployments are mostly preferred for transactions that are low in value and less complex. The ease of implementation of SaaS delivery model based e-signature service is the major factor for its popularity. SaaS based e-signature are also becoming popular in sales, human resources, and legal departments of a company that need signatures of external parties most frequently.
The intensity of rivalry in the global e-signature market is moderate. Most of the major vendors in the global e-signature market are actively focusing on research & development to enhance the security feature of their products. They are also focusing on product launch and partnerships to enhance the product feature and expand their consumer base across the globe. For instance, DocuSign, Inc. announced a strategic partnership with IBM to advance digital trust across organizations of every size and industry by embedding eSignature and Digital Transaction Management (DTM) functionality into IBM’s software and services. In addition, AssureSign introduced a new feature that enables users to send documents for electronic signatures via SMS text message, which helps simplifying the way of secure communication for major enterprises and small companies. The company also developed this feature due to high demand from its customers across multiple industries, including insurance, legal, and telecommunications. Recently, AssureSign announced to open data center in Canada to serve local clientele. The center offers electronic signature software-as-a-service solution and has the ability to initiate, sign, and store all their e-signature data.
Some of the key players operating in the global e-signature market are Adobe Systems Inc., Docusign Inc., RPost, SIGNiX Inc., Citrix Systems Inc., SSL Europa France SAS, AssureSign LLC, Sertifi Inc. and Gemalto NV.
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