30th Jan, 2024
The global electronic signature market was valued at around 3.9 billion U.S dollars in 2022 and is projected to grow to 43.14 billion by 2030, due to rising investments in electronic documents by governments and enterprises.
It is clear to see why they have become so essential for modern businesses. From reducing the reliance on time consuming and expensive paper-based processes, to enabling faster document completion times, eSignatures have proven to provide numerous benefits to businesses across all industries.
However, another game-changing technology that has gained significant attention in recent years is artificial intelligence (AI), and it has the potential to further influence the future of eSignatures and document automation.
Firstly, we must look at how eSignatures have become so integral in the day-to-day processes of modern businesses. The growth of the industry can be attributed to the increased demand for digital signature solutions and advancements in digital technologies. Moreover, regulatory compliance by government and legislation are benefitting stakeholders present in the digital signature ecosystem.
There is also no doubt that the COVID-19 pandemic highlighted a need for digital transformation across many industries, specifically healthcare. In the UK, the NHS had to adapt rapidly to meet these evolving needs, and digitalisation played a crucial role.
The pandemic became a catalyst for businesses and organisations across the world in realising the need to adopt digital technologies. The benefits from time and cost savings, environmental benefits to better collaboration and productivity show that e-signature technology is here to stay.
A further key driver of the growth of the market is the need for robust security measures to protect digital signatures from fraud, this has led to the development of advanced encryption techniques, identification methods and blockchain technology integration, ensuring the integrity and authenticity of electronically signed documents.
As more businesses and consumers begin to realise the benefits of electronic signatures such as faster transaction times, reduced operational costs and reduced environmental impact through adopting paperless processes, the eSignature market is expected to maintain its upward trajectory.
Before we consider how AI ca transform the industry, it’s important to define it. AI refers to the capability of a machine or a computer system to perform the tasks that typically require human intelligence. This includes activities such as learning, reasoning, problem-solving, perception, natural language understanding and speech recognition.
The goal of AI is to create systems that can autonomously carry out complex tasks without explicit programming. However, to understand what type of AI is predominant in business, we must dig deeper.
Machine learning is one of the most common types of Ai in development for business purposes. It is a subset of AI that focuses on the development of algorithms and models that enable computers to learn from data. Supervised learning, and reinforcement learning are common types of machine learning.
Deep learning is an even more specific version of machine learning that relies on neural networks to engage in what is known as nonlinear reasoning. Deep learning is critical to performing more advanced functions such as fraud detection, which it does so by analysing a wide range of factors at once.
The future potential of Artificial Intelligence (AI) holds transformative possibilities across various areas, promising to reshape industries, societies, and the very fabric of human existence. As technological advancements continue to accelerate, AI is poised to play a pivotal role in shaping the world of tomorrow.
In healthcare, the future of AI presents a vision of personalized medicine and enhanced diagnostics. AI algorithms, fuelled by vast datasets and advanced machine learning techniques, can analyse medical records, genomic data, and real-time patient information to deliver precise diagnoses, recommend tailored treatment plans, and even predict potential health risks. This could revolutionise healthcare delivery, leading to more effective and targeted interventions.
Education stands to benefit significantly from AI in the future. Personalised learning experiences, adaptive tutoring systems, and AI-driven educational tools can cater to individual student needs, fostering a more inclusive and effective learning environment. AI may also play a crucial role in automating administrative tasks, allowing educators to focus on providing quality instruction and mentorship.
In the realm of business, the future potential of AI extends beyond automation to intelligent decision-making. Advanced AI algorithms will refine data analytics, offering businesses unparalleled insights into market trends, consumer behaviour, and operational efficiency. Predictive analytics will also become more sophisticated, enabling companies to anticipate changes, manage risks, and stay ahead of the competition.
Ethical considerations, regulations and responsible AI development will be paramount in unlocking the future potential of AI. Striking a balance between innovation and ethical safeguards will be essential to ensure that AI technologies benefit humanity while minimising potential risks.
There is no doubt that AI promises plenty of exciting developments in business, so what does this mean for eSignatures? Let’s take a closer look at the areas mostly likely to benefit from AI.
In the dynamic landscape of document automation, AI is a game-changer set to revolutionise the way we handle information. AI’s impact on document automation is nothing short of transformative, promising heightened efficiency, accuracy and innovation.
Advanced data extraction
One of the primary ways AI can reshape document automation is through advanced data extraction and analysis. Machine learning algorithms enable AI systems to intelligently sift through vast amounts of data, automatically extracting relevant information from documents. This not only accelerates document processing times but also reduces the likelihood of human errors.
Smart workflows
AI facilitates the creation of smart workflows in document automation. With natural language processing (NLP), AI understands and interprets the content of documents, allowing for more intuitive and context-aware automation. This means that documents can trigger specific actions or follow predefined workflows without manual intervention. It’s a leap towards a future where routine tasks are seamlessly handled by AI, freeing up human resources for more strategic and creative endeavours.
Enhanced security
AI-driven document automation also enhances document security. Machine learning algorithms can detect patterns indicative of fraudulent activities, ensuring a higher level of document authenticity. Encryption and biometric verification add an extra layer of security, making AI-infused document automation a robust solution for sensitive information handling.
In summary, it’s evident that the ongoing development and innovation of AI will further improve its reliability and accuracy. Therefore, it is imperative for modern businesses to embrace AI as a valuable asset, rather than a direct substitute for eSignatures and existing digital technologies. By creating a digital ecosystem that includes AI, businesses can enhance compliance, stay competitive and foster trust and confidence among employees, customers and stakeholders.
With AI technology become more prominent and accessible, adopting an eSignature is the first step in ensuring that your business stays competitive. Sign up today for 14-day free trial and benefit from reduced document turnaround times and seamless electronic signing.
