The global electronic signature (e-signature) market is expected to generate revenue worth $9,073.1 million by 2023, growing at a CAGR of 34.7% during the forecast period.
Signatures that are created, processed, and stored in an electronic form are referred to as e-signatures. With these, the documentation process becomes secure as well as fast and smooth. Growing concerns over data security and rising adoption of advanced technologies in emerging economies, such as China, India, and Brazil, are expected to drive the e-signature market growth, globally. Additionally, growing e-commerce sector, rising government efforts to eliminate paperwork, and increasing use of connected devices, including tablets, smartphones, and laptops, are expected to boost the demand for e-signature solutions across the world.
Insights into the market segments
Among all the categories under the type segment, including signature pad at POS, public key infrastructure (PKI), voice signature, clickwrap, and username and pin, PKI contributed the highest revenue to the e-signature market in 2016. Further, the market is expected to register the fastest growth in the clickwrap category, with 42.7% CAGR during the forecast period. This can be attributed to the growing e-commerce sector, increasing focus of businesses on data authenticity and security, and rising government support toward digitization and e-bidding.
Based on deployment mode, the cloud-based category generated higher revenue in the e-signature market as compared to on-premises category in 2016. Even during the forecast period, the cloud-based category is expected to be more popular mode of deployment owing to the increasing concerns among enterprises with regard to security, which is expected to result in the high adoption of cloud-based solutions.
On the basis of use case, the unmediated category contributed the largest revenue to the e-signature market in 2016, because of the growth in the e-commerce sector, rise in the number of online transactions, and increased security concerns. The unmediated process does not require any external assistance for filling the form, as this is self-service online transaction for retail shopping as well as for purchasing commoditized insurance.
Market to witness the fastest growth in Asia-Pacific (APAC) during the forecast period
North America was the largest market for e-signatures in 2016, while APAC was the fastest-growing market. Among all countries, the U.S. stood as the largest market, whereas the Indian market grew at the fastest rate. Moreover, the market is expected to continue witnessing the fastest growth in APAC. Increasing security concerns among consumers and rising government initiatives to go paperless, such as Digital India, are expected to augment the demand for e-signature solutions in the region.
Besides, the market growth in APAC can be attributed to the significant expansion in the e-commerce sector and improvements in the digital technology and its growing usage in nations such as India and China. Further, rising investments by the developers of e-signature software across the region and growing demand for e-signature solutions from large enterprises are expected to propel the growth of the e-signature market during forecast period.
Access Report Overview: https://www.psmarketresearch.com/market-analysis/e-signature-market
Legislative support to e-signature technology escalating the market growth
Legislations in several regions, especially Europe and North America, have been encouraging corporates to adopt e-signature solutions in order to enhance the efficiency and security in e-commerce and other businesses. For instance, Europe adopted the Electronic Signatures Directive 1999/93/EC in the year 1999, while the U.S. enacted the Electronic Signatures in Global and National Commerce Act (E-Sign Act) in 2000 for e-commerce. Companies across the two continents are following these legislations, and the adoption of e-signature solutions has been increasing, further aiding the growth of the e-signature market. Currently, more than 75 countries around the world recognize the legality of e-signatures.
Additionally, modernization of businesses in the recent past has led to an increase in the need for authenticating sensitive documents, which, in turn, is driving corporates to adopt e-signature solutions. These signatures are also helpful in decreasing the margin of human errors during critical financial transactions. Besides, with the growing penetration of the internet, as well as increasing adoption rate of cloud-based services, the growth of the e-signature market is expected to gain momentum.
E-signature market’s competitive landscape
Currently, the global e-signature market is witnessing moderate competition, with key players investing heavily in the research and development of e-signature solutions to enhance their security features and acquire a larger market share. In 2016, Adobe Systems Incorporated and Docusign Inc. together accounted for the largest revenue share in the market. Apart from these two, other key players in the industry are SIGNiX Inc., RPost Inc., SSL Europa France SAS, Citrix Systems Inc., Sertifi Inc., AssureSign LLC, and Gemalto NV.