DUBLIN--(BUSINESS WIRE)--The "E-Signature Market Research Report: By Component, Deployment Type, Type, Use Case, Vertical - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
Around the world, the government is offering its support for the uptake of e-signature solutions, for efficiency and security in documentation processes. While Directive 1999/93/EC was implemented by the European Union in 1999, the U.S. passed the Global and National Commerce (E-Sign) Act in 2000, to give such solutions legal validity.
Such measures are expected to propel the global e-signature market, which generated $951.3 million revenue in 2019, at a 24.6% CAGR between 2020 and 2030 (forecast period). In all, 75 countries already have legal mandates for this technology, and their number is still rising, thus helping the market advance.
The software category would continue dominating the e-signature market till 2030, on account of the advancements being carried out in such solutions, including the provision of encryption and public key infrastructure (PKI) services, which make the communication and sharing of digital documents a secure process.
During the historical period (2014-2019), cloud was the larger bifurcation in the e-signature market, as vendors are targeting customers with smoother management and better security features in their cloud-based e-signature solutions. Additionally, such solutions utilize a cloud-based signing key to authenticate documents, thereby eliminating the requirement for installing on-premises hardware. Furthermore, with the user's key located on the cloud, the document signing process can be completed over the internet from anywhere.
The clickwrap category is expected to grow at the highest CAGR in the e-signature market, of 29.3%, during the forecast period. This is ascribed to the fact that the legal validity of clickwrap signatures is similar to wet signatures, which is why the former are considered at par with verbal or written agreements. Such solutions require the user to click I accept, I agree, or other similar phrases, to agree to the contract terms and electronically sign it.
In 2019, the unmediated category contributed the highest revenue to the e-signature market, because the preference for completing online transactions without third-party involvement is quite high; therefore, customers usually look for channels which help them do so.
The banking, financial services, and insurance (BFSI) sector dominated the e-signature market during the historical period, as a large number of people are opting for online channels to complete payment-, banking service-, legal agreement-, and insurance policy-related documentation processes. Moreover, governments of numerous countries are stepping up efforts to transform into digital economies, which are creating a high demand for such solutions in the BFSI sector.
In 2019, North America held the largest share in the e-signature market, due to the rising usage of e-signatures in the BFSI and healthcare sectors in the region and supportive legislations in the U.S. and Canada. Additionally, online documentation is being done by the huge number of people immigrating to Canada and the increasing number of small and medium enterprises (SMEs) here.
Asia-Pacific (APAC) would observe the fastest market advance during the forecast period, as the adoption of machine learning (ML) and artificial intelligence (AI), popularity of digital payments, presence of SMEs, and IT expenditure are increasing. Moreover, the BFSI sector and regional economies are growing, and governments are launching measures to reduce the paperwork and digitize the economy.
- Growing adoption of signature pads
- Increasing adoption of e-signature solutions based on SaaS delivery model
- Increasing use of e-signatures in healthcare sector
- Increasing demand for security, workflow efficiency, and supply chain enhancement in corporate sector
- Government support encouraging e-signature adoption
- Increasing online documentation processes
- Impact analysis of drivers on market forecast
- High cost of e-signature licensing and availability of conventional alternatives
- Lack of cross border standardization in directives and laws for e-signatures
- Impact analysis of restraints on market forecast
- Untapped markets to pose potential
- Growing e-business across the globe
- 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
For more information about this report visit https://www.researchandmarkets.com/r/p58jhk