(MENAFN- P&S Intelligence) In 2021, the e-signature market stood at $1,527.7 million, and it is predicted to grow at a rate of 26.6% from 2021 to 2030, and by 2030, it would hit $12,721.5 million, attributed to the rising security concerns about enterprises, increased adoption of the innovative technologies and rising government support in emerging economies such as China, Brazil, and India. The market has a worldwide abundance of clients due to the presence of several providers, resulting in intense competition, medium product differentiation, and a huge number of participants.
Software contributes significantly to the e-signature market revenue generation, of 40% share. It is expected to retain the same position in the near future due to rising cloud-based solutions usage and advanced e-signature solutions with encryption services to facilitate secure digital document sharing and communication. Numerous companies are adopting cloud-based e-signature to manage and protect critical data propels the market expansion.
The e-signature market is witnessing an increasing trend of clickwrap signature, as it enables the users to e-sign or agree to the contract’s terms by clicking on “I agree” or “I accept”. It is legally acceptable as a wet signature and is equal to verbal or written contracts. It results in pacing up demand for the e-signatures worldwide in the near future.
Moreover, the BFSI sector captures a massive e-signature market share, of 30%, ascribed to the growing popularity of online services such as stock trading, mobile banking, and internet banking. In addition, BFSI is concerned with understanding consumer behavior, preferences and choices through business applications designed to facilitate customers. It provides strong security, manages regulatory compliances, protects identities, as well as facilitates simplifying complex business processes with improved security and faster onboarding of customers.
Government agencies use e-signature to reduce forgeries and build public trust in private documentation. Worldwide governments are encouraging the adoption of e-signature solutions to maximize the efficiency and security of the processes. E-signatures are legally valid in around 75 countries. Moreover, e-signatures used in the IT department of private and public enterprises enhance the security of tasks. Moreover, they improve the efficiency of the organization, more preferably in its contractual processes.
E-signature facilitates the paperless workflow, attributed to the ease in storing electronic data in the database that can automatically send client validations. The documents and signatures on electronically signed agreements are secured by a tempered evident seal. Numerous cases can be considered here such as settlements, notices, pleadings, depositions, incident descriptions, and so on. E-signature enables efficient document centralization, reducing the risk of fraud and enhancing the brand image.
North America captures the largest e-signature market share, of 35%, attributed to numerous factors such as a surge in e-signatures use, reduce online fraud, and increased use in the healthcare and BFSI sectors. Also, the increased investments to advance the technologies results in increased productivity. Moreover, the legal validity of e-signatures in the Canada and U.S. also propels the market.
Therefore, the legal validity of e-signature with improved efficiency of workflows and security in processes leads to its adoption in various industries, resulting in market propulsion.
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