Around the world, the preference for the online channel for completing documentation processes is increasing, and governments are also encouraging the adoption of various technologies which can authenticate such transactions. In addition to this, the need for smooth management of the supply chain, security, and efficiency of the workflow is rising in the corporate sector. As a result of all these factors, the global e-signature market is predicted to witness a 24.6% CAGR during 2020–2030 (forecast period); the market valued $951.3 million in 2019.
E-Signature Market Segmentation
During the forecast period, the service category is expected to advance at the highest CAGR in the e-signature market, as, despite the rising popularity of these solutions, the awareness about them is quite low. Additionally, many users are not much skilled in managing large-scale e-signature operations, which is leading to the rising demand for a variety of professional and managed services, such as consulting, maintenance, implementation, and cloud services.
The cloud bifurcation dominated the e-signature market in 2019, on account of the increasing adoption of cloud computing across the globe. Numerous e-signature solutions deployed on the cloud offer enhanced security features and seamless management advantages, and they have no requirement for physical hardware, as they allow for the authentication of the documents via a cloud-hosted signing service. Moreover, as the digital key of the users can be located on the cloud, people are able to sign and authenticate documents from any device with an internet connection.
Till 2030, the highest CAGR in the e-signature market would be witnessed in Asia-Pacific (APAC), due to the increasing number of small and medium enterprises (SMEs), economic growth, rising spending on the information technology (IT) sector, improving digital infrastructure, and rapid integration of artificial intelligence (AI), machine learning (ML), and other advanced technologies. Moreover, the rising popularity of online payments, expanding banking, financial services, and insurance (BFSI) sector, and increasing support of the government for digitization, in order to decrease the use of paper, are resulting in the quick adoption of e-signature solutions in APAC.
Market Competitive Landscape Characterized by Product Launches
Players in the e-signature market are rapidly expanding their portfolio, via the inclusion of new and improved products, in order to offer customers better solutions.
For instance, in March 2019, an electronic digital signature for Salesforce AppExchange, the cloud platform of Salesforce.com Inc., was launched by Secured Signing Limited. This solution is designed to enable organizations to interact with their customers and partners, via a secure signing process. With this product, the contracts processed can be managed by customers within Salesforce, thereby enabling the automated creation of contracts and providing clear audit trails.
Browse report overview with detailed TOC on "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" at:https://www.psmarketresearch.com/market-analysis/e-signature-market
On similar lines, in March 2019, DocuSign Inc. introduced a suite of products and integrations to help users digitally prepare, sign, and manage agreements. The suite, named DocuSign Agreement Cloud, consists of three products: DocuSign Click, DocuSign Gen for Salesforce, and DocuSign ID Verification.
Secured Signing Limited, Adobe Inc., Entrust Datacard Corporation, SIGNiX Inc., DocuSign Inc., Ascertia Limited, Thales eSecurity Inc., Gemalto N.V., RPost Communications Limited, IndenTrust Inc., eSign Genie, Glykka LLC, KeepSolid Inc., DocVerify Inc., Symtrax Holdings Inc., GetAccept Inc., SignaShare, and Zoho Corporation Pvt. Ltd. are the key global e-signature market players.