E-Signature Market Competitive Landscape, Insights by Geography, and Growth Opportunity

As enterprises are transferring their businesses to the cloud, it has become essential for organizations to shift from wet signatures to e-signatures. The rising deployment of cloud technology and mobile banking transactions, especially during the COVID-19 pandemic, is escalating the need for multi-channel security solutions and improved user experience across all sectors. Moreover, the escalating frequency of cyberattacks, owing to the vulnerabilities attached to cloud technology, will encourage enterprises to adopt advanced security solutions, such as e-signatures, in the coming years.

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Additionally, the rapid digital advancements being made in the corporate sector will fuel the e-signature market at a CAGR of 26.6% during 2021–2030. The market revenue stood at $1,198.6 million in 2020 and it is projected to reach $12,721.4 million by 2030. The surging digitization in the corporate sector has accelerated the need for online document authentication, owing to which, enterprises are deploying e-signature solutions as they offer security and authentication to online businesses. Such identity and access management (IAM) solutions also improve cash management by automating the payment and transaction processes.

Besides, the soaring adoption of signature pads in forensic applications will also boost the usage of e-signatures in the foreseeable future. Signature pads help in providing a high degree of security and personalization, as each signature is identifiable and unique, by preserving the forensic information of signatures, such as writing dynamics and pressure. This device uses a pen-type stylus to electronically capture a handwritten signature on a touchpad. For instance, financial institutions in the U.S. are increasingly using pen interfaces for transforming the banking experience.

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According to P&S Intelligence, North America dominated the e-signature market in the recent past, due to the surging use of e-signatures for mitigating online fraud incidents in the region. Owing to the increasing cyberattack incidents, the BFSI sector in this region is increasingly adopting such IAM solutions. Moreover, the mounting investments being made in advanced technologies by various end-use industries are also augmenting the requirement for e-signature solutions for quality control and increased productivity in the region.

Whereas, the Asia-Pacific (APAC) region is expected to adopt e-signatures at the highest rate in the forthcoming years. This can be owed to the growing usage of digital services, rising user acceptance of online billing, paperless transactions, and online payment facilities, and escalating e-commerce activities in the region. The flourishing e-commerce sector in APAC, primarily on account of the mounting disposable income of people and surging penetration of smartphones and the internet, will amplify the use of e-signatures in the coming years.

Thus, the escalating use of cloud platform in business organizations and growing digitization in the corporate sector will accelerate the use of e-signature solutions in the forthcoming years.

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This release was published on openPR.