E-Signature Market Research Report: By Component (Software, Hardware, Service), Deployment Type (Cloud, On-Premises), Type (Public Key Infrastructure, Username and Pin, Signature Pad at POS, Clickwrap, Voices Signature), Use Case (Unmediated, Mediated, Third-Party, Internal), Vertical (BFSI, Government, IT & Telecom, Healthcare, Legal) - Global Industry Analysis and Growth Forecast to 2030

Market Overview

The global e-signature market was valued at $1,198.6 million in 2020, and it is expected to advance at a CAGR of 26.6% during the forecast period (2021–2030). This is attributed to the rising demand for digital transaction management, increasing security concerns across organizations, surging government support, and growing adoption of advanced technologies in developing countries, such as India, China, and Brazil. Moreover, the expanding e-commerce market and increasing number of connected devices are predicted to drive the demand for e-signatures across the globe. Further, the increasing penetration of the internet and cloud computing enables organizations and consumers to make deals online, which requires authorization by both the parties.

The COVID-19 pandemic positively impacted e-signature solution and service providers in 2020. The e-signature market is witnessing significant growth as a result of the remote working policy and increase in the demand for secure connectivity and online transactions. For example, the banking, financial services, and insurance (BFSI) and information technology (IT) industries have adopted secure remote online financial, contractual, and related processes as a result of the pandemic.

Due to Growing Usage of Cloud-Based E-Signatures, Software Category Held Largest Share in 2020

The software category held the largest share in 2020, and it is expected to lead the market during the forecast period as well. This will be owing to the increasing use of cloud-based and advanced e-signature solutions with encryption via public key infrastructure (PKI), which ensure secure communication/sharing of digital documents.

Owing to Need for More-Secure and -Seamless Management, Cloud Category Held Larger Share in 2020

The cloud category held the larger market share in 2020, and it is expected to continue dominating the market throughout the forecast period. This is because many market players are focusing on innovating their cloud-based solutions, thus attracting consumers toward e-signature solutions with enhanced security features and seamless management. Cloud-based e-signature solutions assist in authenticating documents via a cloud-hosted signing service, instead of having a platform locally installed.

Owing to Rising Initiatives by Government, BFSI Category Will Remain Dominant throughout Forecast Period

The BFSI category held the largest revenue share in the e-signature market in 2020. This is attributed to the several digital economy initiatives taken by government bodies and rising volume of online transactions for payments, banking services, legal agreements, and insurance policies. With all such financial services requiring user consent and authentication, the market in this category would continue to hold the largest share in the coming years.

North America Was Largest Market in 2020 due to Need for Reducing Online Frauds

Globally, North America was the largest market for e-signatures in 2020. This was mainly due to the growing use of e-signatures for reducing online fraud and, subsequently, their increasing application in the BFSI sector. Hence, the increasing investments in advanced technologies in various sectors are supporting the demand for e-signature solutions for enhanced productivity and quality control in the region.

Growing Adoption of Signature Pads for Forensic Information Preservation Is Key Trend

Signature pads are rapidly gaining traction since they can preserve the forensic information of signatures, such as writing pressure and dynamics, thereby providing a high degree of personalization and security, as each signature is unique and identifiable. This device electronically captures a handwritten signature on a touchpad using a pen-type stylus. Furthermore, in the U.S., financial institutions are adopting pen interfaces for the transformation of the banking experience. Additionally, signature pads have become quite popular in the government and healthcare sectors, apart from the BFSI sector.

Increasing Demand for security, Workflow Efficiency, and Supply Chain Enhancement in Corporate Sector Driving Market

With the growing digital advancements in the business workflow across the corporate sector, the need for online document authentication has surged significantly in the recent past. This has been encouraging companies to deploy e-signature solutions, as these identity and access management (IAM) solutions offer security and authentication to online businesses. Additionally, e-signatures reduce the chances of human error during crucial financial transactions. Apart from offering security, e-signatures automate the payment and transaction processes, thus improving cash management. Thus, several firms have started to offer e-signature solutions for receivable management, embedded within electronic invoice presentment and payment (EIPP).

Requirement for Security Solutions amidst Pandemic and Remote Working Environment Is another Market Driver

As organizations are rapidly transitioning their businesses to the cloud and the workforce has become more distributed, the need to accommodate new remote business scenarios has become more acute. Thus, players are tapping into this potential market, where businesses are shifting away from traditional ‘wet’ signatures and paper documents, with confidence. The rapid growth in cloud deployment and mobile banking transactions, especially during the pandemic, is driving the demand for multi-channel security solutions and enhanced user experiences across all industries. In addition, cybercriminals are launching more-sophisticated hacking attacks with greater frequency, to hack larger organizations. Thus, organizations require advanced security solutions, which is why the market for e-signatures will grow in the coming years.

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Market Players Focusing on Product Launches

The e-signature market is consolidated in nature, with the top four players, namely DocuSign Inc., Adobe Inc., OneSpan Inc., and Secured Signing Limited, holding a major share in 2020. Other small and large market players include Citrix Systems Inc., Thales eSecurity Inc., and SIGNiX Inc. The e-signature market is expected to grow even more competitive in the coming years, since identity, security, and business productivity solutions are being increasingly adopted by organizations.

Major players are focusing on product launches to dominate the competition. For instance,

• In May 2021, Entrust Datacard Corporation introduced its remote signing service (RSS) solution, which aims to enable trust for increasingly distributed workforces, by integrating high-assurance, verifiable employee signature capabilities into document applications and workflows.
• In April 2020, eSign Genie Software announced the Google Suite integration rollout to enable customers to create documents to eSign from multiple platforms, thereby improving their throughput. The integration is aimed at helping user save their time in getting the documents eSigned. In order to use the Google Suite integration, users need to log-in to their Google Drive or Google Suite account before installing the add-on. With this, users can eSign any document in seconds, directly from the Google Drive.

Major Players in Global E-Signature Market include:

Market Size Breakdown by Segments

The global e-signature market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.

Based on Component

• Software
• Hardware
• Service
  • Managed
  • Professional

Based on Deployment Type

• Cloud
• On-Premises

Based on Type

• Public Key Infrastructure (PKI)
• Username and Pin
• Signature Pad at POS
• Clickwrap
• Voices Signature

Based on Use Case

• Unmediated
• Mediated
• Third-Party
• Internal

Based on Vertical

• Banking, Financial Services, and Insurance (BFSI)
• Government
• IT & Telecom
• Healthcare
• Legal

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
• Asia-Pacific (APAC)
  • Japan
  • China
  • India
  • Australia
• Latin America (LATAM)
  • Brazil
  • Mexico
• Middle East and Africa (MEA)
  • U.A.E.
  • Saudi Arabia