The global electronic signature software market was valued at USD 591.3 Mn in 2019 and is projected to reach USD 5,095 Mn by 2027, expanding at a CAGR of 31.0% during the forecast period. The electronic signature software market is anticipated to grow substantially during the forecast period owing to improved operational efficiency at the low operating expense (OPEX), enhanced security with a controlled and seamless workflow, digitization of transaction management processes, and rapid growth in investments in electronic documents by governments and enterprises. Moreover, growing adoption of cloud-based security solutions is anticipated to fuel the market during the forecast period.
Electronic signature offers enhanced security with a controlled and seamless workflow. Electronic signatures can be considered as a copy of the conventional handwritten signatures, even though they are more complicated to manipulate than written signatures. The probability of changing a paper document after being signed is high; however, manipulating electronic signature is not possible, thereby guaranteeing the authenticity of information and data; therefore, digital signature ensures a seamless and controlled workflow. Moreover, the possibility of missing manual documents higher as compared to digital information and digital copy in any form such as audio or photo files. It can be protected with an electronic signature along with copyrights, these benefits are anticipated to fuel the global electronic signature software market during the forecast period.
In the last few years, electronic signatures have been helping enterprises improve and speed up their operations. The global electronic signature software market is driven by factors such as supportive laws for the market, increasing online documentation processes, supply chain improvements, workflow efficiency, and rising demand for security solutions. Market players in the electronic signature software market can create the opportunities being offered by the expanding e-business sector across the globe.
The electronic signature software market is anticipated to grow substantially during the forecast period owing to an increasing focus on automation and digitization across numerous industry verticals. COVID-19 affected all sections of the society including businesses and individuals. Online businesses have been playing an important role across the globe during this pandemic. Dependency on online businesses has increased substantially, due to the pandemic. Government, BFSI, Legal, Healthcare and Life Sciences, Real Estate, Education, and other industries adopted digital solutions to provide essential services to customers.
Regulations for electronic signatures provide guidelines for legal use of electronic signature, while operating in different industry verticals. As per the electronic signature regulations and laws, namely UETA and ESIGN, among others, businesses and individuals must follow definite instructions and procedures and adhere to the laws while generating e-contracts and electronic signatures. Additionally, organizations availing of electronic signature software can improve the overall security, legal compliance, and privacy measures. Hence, governments globally are taking initiatives to promote the use of electronic signatures
By Deployment Modes
In terms of deployment mode, the electronic signature software market is segmented on-premises and cloud-based. The on-premise segment accounted for the market a share of 36.3% in 2020. This growth may be attributed to increasing need to secure private and confidential data, online signatures, and controlling information workflow within the organization. The cloud-based segment is anticipated to expand at a CAGR of 32.5% during the forecast period. This growth may be attributed to increasing adoption of cloud-based electronic signature software among organizations to achieve cost optimization, scalability, and flexibility.
On the basis method, the electronic signature software market is segmented into general electronic signature, qualified electronic signature, and enhanced electronic signature. The general electronic signature segment is expected to account for market share of 34.2% in 2019. General electronic signature is envisioned to deliver an accurate and secure identification method for the signatory to offer a seamless transaction. The qualified electronic signature segment is anticipated to expand at a CAGR of 32.8% during the forecast period. The qualified electronic signature allows authenticating the authorship of a statement in electric data exchange over long periods.
By End-user Industries
Based on end-user industries, the electronic signature software market is categorized as BFSI, Government and Defense, Healthcare and Life Sciences, Legal, Real Estate, Education, Others. The BFSI segment is accounted for the significant share of the market in 2019. With electronic signature software, BFSI organizations can bring quantifiable outcomes in terms of transaction completion period, cost reduction, and overall customer experience. The legal industry is anticipated to grow at significant CAGR during the forecast period. This growth may be attributed to increasing focus of legal professionals to widen the scope of their remote-work capabilities.
On the basis of regions, the market is categorized as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America held a significant share of the market in 2019 owing to presence of key market players and early adoption of technologically advanced products. The market in Asia Pacific is expected to expand at substantial CAGR during the forecast period. This growth may be attributed to increasing investments by public and private sectors organization in electronic signature software to improve their business processes and overall productivity. The Europe region is also anticipated to grow during the forecast period owing to favorable regulatory framework for electronic signature market.
Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the report covers various electronic signature software market by end-use industries as BFSI, Government and Defense, Healthcare and Life Sciences, Legal, Real Estate, Education, and Others.
According to this Growth Market Reports, the market from electronic signature software market is likely to register a CAGR of 31.0% during period 2020-2027, with an anticipated valuation of USD 5,095 million by the end of the 2027.
In addition to market size (in USD Million) and Company Market Share (in % for base year 2019), other data such Macro-economic factors, COVID-19 Impact on the electronic signature software market is available in final report.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The electronic signature software market is anticipated to grow significantly during forecast period due growing focus on business processes automation and digitization across numerous industry verticals.
The demand for electronic signature software from BFSI, healthcare & life sciences, among other industries is driving the market growth.
The market is expected to witness sluggish growth with slow increase in terms of demand during 2019-2020 owing to the negative impact of COVID-19 pandemic on the electronic signature software market.
The base year considered for the electronic signature software market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years, and the forecast is provided from 2020 to 2027.
Major Manufactures include DocuSign, Inc., airSlate Inc., Adobe Inc., Citrix System, Inc., PandaDoc Inc. and Dropbox, Inc.
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