Press release
E-Signature Market Growing at a CAGR of 34.7% during the Forecast Period | Key Players are Gemalto, Citrix, RPost, Sertifi, Inc., AssureSign
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.
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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.
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.
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.
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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.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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