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Software Is Largest Component in E-Signature Market
Generating revenue of $951.3 million in 2019, the global e-signature market is predicted to observe a CAGR of 24.6% during the forecast period (2020–2030). The key factors driving the market include the rising demands of the corporate sector for workflow efficiency, security, and supply chain management, increase in online documentation activities, and strong support of the government for this technology.
Segmentation Analysis of E-Signature Market
The software category, under segmentation by component, dominated the e-signature market in 2019, on account of the growing preference for cloud-based e-signatures. In addition, the advanced solutions being offered by the vendors also include public key infrastructure (PKI) services and encryption, which ensure secure communication and sharing of digital documents.
During the forecast period, the cloud bifurcation would grow faster in the e-signature market, based on deployment type. This is attributed to the innovations being made in the cloud-based e-signature solutions by the market players, in terms of enhanced security and easy management features. With cloud-based solutions, users do not have to install an on-premises platform, as the digital signing key is stored on the cloud, which also aids users in signing the document from any internet-enabled device.
The PKI classification, on the basis of type, is predicted to continue generating the highest revenue in the e-signature market till 2030, because PKI solutions offer signer and document authenticity and security at lower costs. This category is growing on account of organizations’ focus on strengthening their cyber security framework.
The unmediated division, under the use case segment, led the market during the historical period (2014–2019), as most people opt for channels through which they can complete online transactions and legal formalities on their own and do not have to avail of the services of a third party.
In the coming years, the banking, financial services, and insurance (BFSI) category, on the basis of vertical, would experience the highest CAGR in the e-signature market, owing to the increasing initiatives of governments to digitize their economy and rising popularity of online documentation processes for banking services, payments, insurance policies, and legal agreements. As all such transactions mandate the authentication of the users’ identity, the usage of e-signatures in the industry will continue growing.
North America was the largest e-signature market in 2019, and it will continue being so till 2030. This is majorly attributed to the rising adoption of the technology in the region’s healthcare and BFSI domains and the enactment of supportive e-signature regulations in Canada and the U.S. These laws include the Health Insurance Portability and Accountability Act (HIPAA), Uniform Electronic Transactions Act (UETA), Personal Information Protection and Electronic Documents Act (PIPEDA), and Electronic Signatures in North America and National Commerce Act (ESIGN). Moreover, Canada is witnessing a high immigration rate, and the technology is being used for documentation and authentication purposes.
Provision of E-Signatures via Software as a Service (SaaS) Model Is Key Trend
A prominent trend in the e-signature market is the increasing provision of such solutions via the software as a service (SaaS) delivery mode. This model allows people to immediately start using the solutions after procurement and singing-up, without integration and customization. As a result, SaaS-based e-signatures are preferred by government and other small organizations, which generally appoint representatives or administrators to set up the documents. Apart from their ease of use, the solutions offered via the SaaS model are also being utilized for frequent document signing by external parties, by the human resources, sales, and legal departments.
Adoption of E-Signatures in Corporate Sector Is Driving Market
Among the major drivers for the e-signature market is the increasing uptake of these solutions by the corporate sector, where supply chain management, workflow efficiency, and security are of high importance. With the growth of online business operations, companies are utilizing such identity and access management (IAM) solutions for authentication, security, and reduced human errors, especially during critical financial transactions. Apart from providing security, e-signatures also automate processes where cash is involved. Further, with their lesser requirement for human involvement, faster documentation, and quicker roll-out, e-signatures decrease the operational cost and improve working capital management, thereby leading to better supply chain management.
Growing E-Business Industry a Vast Opportunity Trove for Market
Players in the e-signature market can leverage the opportunities being offered by the expanding e-business sector around the world. Such solutions can be used in the e-business sector, of which e-commerce is an essential component, for stronger partner–customer relationships, higher efficiency, and tighter supply chain integration. In the online shopping niche, in emerging economies, including China and India, digital payments, mobile-first consumer behavior, and social commerce are the key trends. With more companies engaging in online sales, the demand for e-signatures would rise for legally-binding documents, to govern and accommodate the transitions and protect sensitive documents online.
|Segments covered||Component, Deployment Type, Type, Use Case, Vertical|
|Regional overview||U.S., Canada, Germany, France, U.K., Italy, Japan, China, India, Australia, Brazil, Mexico, U.A.E., Saudi Arabia|
|Companies covered||Entrust Datacard Corporation, RPost Communications Limited, Sertifi Inc., Thales eSecurity Inc., Docusign Inc., SIGNiX Inc., AssureSign LLC, Adobe Inc., Ascertia Limited, Citrix Systems Inc., OneSpan Inc., Secured Signing Limited|
Market Witnessing Increasing Number of Partnerships
In recent years, a number of partnerships have been witnessed in the e-signature market, with the companies taking concrete steps to ensure their industry dominance and prosperity.
For instance, in May 2019, Secured Signing Limited began a partnership with Employrite Co. Ltd., to integrate each other’s software, for the ease of human resources (HR) departments in carrying out the online employee onboarding process. Since the beginning of this partnership, Employrite’s customers have been able to access the digital signature solutions offered by Secured Signing on the platform of Employrite itself.
In the same vein, in September 2018, DocuSign Gen was jointly developed by SpringCM Inc. and DocuSign Inc. With this solution, users of the Salesforce platform, especially small and medium enterprises (SMEs), are able to streamline and automate the creation of sales contracts, quotes, and other such agreements. Usable with the Salesforce Lightning Experience platform, the solution pre-fills agreements by automatically fetching the CPQ (configure, price, quote) data of Salesforce.
The most prominent players in the global e-signature market are Adobe Inc., Secured Signing Limited, SIGNiX Inc., Entrust Datacard Corporation, Ascertia Limited, DocuSign Inc., Gemalto N.V., Thales eSecurity Inc., IndenTrust Inc., RPost Communications Limited, Glykka LLC, eSign Genie, DocVerify Inc., KeepSolid Inc., GetAccept Inc., Symtrax Holdings Inc., Zoho Corporation Pvt. Ltd., and SignaShare.
E-Signature Market Size Breakdown by Segment
The e-signature market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Component
Based on Deployment Type
Based on Type
Based on Use Case
Based on Vertical