Global E-Signature Market Thrives with Rising Security Concerns and Cloud Adoption

According to the latest market research study published by P&S Intelligence, the e-signature market generated revenue of USD 2,580.3 million in 2023 and is anticipated to achieve a compound annual growth rate (CAGR) of 26.7% from 2024 to 2030, reaching USD 13,407.3 million by 2030. This market expansion can be attributed to increased safety concerns among enterprises, growing government support, and the rising adoption of innovative technologies in emerging countries such as Brazil, China, and India.

Signature pads are gaining significant traction globally because they preserve forensic data of signatures with dynamics and pressure, providing a high degree of personalization and security, as each signature is unique and identifiable. These devices capture a signatory's handwritten signature on a touchpad using a pen-type stylus. As the signatory signs digitally, a detector reads and classifies the pressure from the stylus tip and communicates the signature data to a computer.

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Digital pen signing also offers real-time protective and detective controls. For example, in Europe, a significant number of transactions are now verified using biometric signature technology. In the U.S., financial institutions are adopting pen interfaces to enhance the banking experience. Unlike a mouse click, a pen-drawn signature is given with the belief of intent, making signature pads highly accepted across sectors like BFSI, government, and healthcare.

Organizations are rapidly shifting to cloud-based operations to accommodate remote work scenarios, leading to a growing market for e-signatures as businesses transition from traditional paper-based processes.

Regional Outlook

In 2023, the software category accounted for more than 50% of revenue in the e-signature industry, driven by the increasing adoption of cloud-based and encrypted e-signature solutions for secure digital document sharing and communication.

The cloud deployment category represented 75% of the e-signature industry in 2023. Industry players are focusing on enhancing cloud solutions with advanced security and management features. Cloud-based e-signature solutions validate documents via a cloud-hosted signing facility, providing mobility by storing the digital signing key in the cloud, allowing signing from any internet-connected device.

The Username and PIN category held a 40% industry share in 2023, gaining traction from the growing use of username and PIN solutions. Complex pen-and-tablet technology is employed to capture user signatures accurately and translate them into images for authentication in signed documents.

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Market Segments

In 2023, the BFSI category dominated with a 45% revenue share and is projected to achieve a 27.2% CAGR during the forecast period. The increasing need for online services such as stock trading and internet banking drives this growth. BFSI applications emphasize understanding customer preferences, ensuring security, complying with regulations, and protecting identities.

The Asia-Pacific (APAC) region is experiencing the fastest growth, with a 27% CAGR during the forecast period, driven by increased digital service adoption, a booming e-commerce industry, and the shift towards paperless transactions. Factors such as advanced digital infrastructure, the rising number of SMEs, and the adoption of machine learning (ML) and artificial intelligence (AI) also contribute to industry growth.

In 2023, North America held a 55% industry share, propelled by the use of e-signatures to combat online fraud, their integration into BFSI and healthcare sectors, and investments in productivity-enhancing technologies.

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This release was published on openPR.