The global e-signature market size is expected to reach $12,721.5 million by 2030, growing at a CAGR of 26.6% from 2021 to 2030. This can be because the preference for online channels for documentation processes is growing around the world, and governments are encouraging the adoption of technologies that can authenticate such transactions. Furthermore, the need for smooth management operations, security, and workflow efficiency is rising in the corporate sector, which, in turn, drives the market growth.
North America is expected to lead the market, with the largest share of more than 35% by 2030. The region has been an early adopter of digital technologies, which has boosted the market growth. According to the United States Electronic Signatures in Global and National Commerce (ESIGN) Act of 2000, electronic signatures are legal in every state and territory where federal law applies. Furthermore, where federal law does not apply, the majority of U.S. states have approved the Uniform Electronic Transactions Act (UETA).
Moreover, as the number of immigrants in Canada grows, users share their documents online, leading to the increased use of e-signatures. In addition, the surging presence of SMEs in the country, which are inclined toward digitalization, will propel the demand for these solutions in the country during the forecast period.
However, the APAC e-signature market is projected to witness the fastest growth, advancing at a CAGR of more than 25%, during 2021–2030. This can be ascribed to the factors such as the growing BFSI industry, the rising e-commerce sector, the proliferation of digital payments, and initiatives taken by various government associations to eliminate paper use and increase the use of digital technologies, particularly in China and India.
In APAC, India is the fastest-growing market. This is because of the increasing use of these solutions in various verticals, particularly in the BFSI industry, which is expanding rapidly due to the rising number of digital banking users, in the country. Moreover, financial institutions are increasingly implementing these solutions to reduce transactional fraud and streamline banking processes such as loan processing and document signing.
In recent years, market players have been involved in the launching of new and improved solutions to boost sales, and collaborations to expand geographically. For instance:
Major players in the e-signature market are Adobe Inc., Secured Signing Limited, SIGNiX Inc., Entrust Corporation, Ascertia Limited, OneSpan Inc., DocuSign Inc., and THALES.