The Rapid Expansion of the Electronic Signature Market

Posted 16th October 2023

 

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.

Here at eSign, we welcome diverse businesses from all industries, and we love working to assist providing digital transformation solutions to improve our client’s transaction customer workflow. Here, we look at why this market is accelerating and surpassing all forecasted expectations.

Multiple forecasts conclude the digital signature market size to more than double in the next three years, from 5.25 billion U.S dollars in 2023 to 12.95 billion in 2026.

The Major Growth Factors for the eSignature Market include:

  • Improved operational efficiency
  • Reduced operational expenditure (OPEX).
  • Increased need for robust security measures
  • Environmental benefits from eliminating paper-based processes
  • Improved security, and increased adoption of digital signature solutions to securely sign documents.

Our first-hand experience can substantiate this, as our customer stories reveal customers often state to us the above requirements to improve their own customer experience and remain competitive within their own industries, by maintaining effective margins and reducing overheads.

What Sectors are the Biggest Adopters?

Banking, financial services and insurance segment (BFSI) are expected to grow at the highest rate during the forecast period.

The BFSI segment is expected to grow at the highest rate, however close behind this sector comprises of a multitude of adopters:

  • Government
  • Healthcare & Life sciences
  • Legal
  • Property
  • HR
  • Education
  • Energy
  • Transport
  • Manufacturing

eSign has assisted in all these industries, each of which have a stated commonality; to simplify the complex processes, with enhanced security, improve turnaround time for onboarding a customer, to go paperless by automating the document workflow, and meet the regulatory compliances.

Europe are Adopting eSignatures at the Highest Rate

Europe has distinctively been one of the fastest-growing markets in terms of rapidly adopting digital signature solutions. The digital signature market is also termed as the next big boom with regards to the ever-increasing adoptions across this region. This is because of the significant demand for high-end security solutions, as well as an increase in the need for digitization of legal compliances.

The eIDAS regulation (of which eSign participates as a registered research partner for the European commission), attributed to the rapid growth of the digital signature market in the region, resulting in an increase of engagement of consumers in the emerging countries of the region.

Why is the eSignature Market Growing so Rapidly?

Growth 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 all stakeholders present in the digital signature ecosystem.

The UK, Germany, and France are among the key countries considered for the digital signature market analysis in this region. Additionally, the rapid expansion of local service providers, as well as global enterprises, in Europe is also one of the important factors that are influencing the growth of the digital signature market.

Innovative Solutions to Meet the Evolving Needs of the Digital World

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.

What’s Driving the Electronic Signature Market as a Whole?

To summarise our first-hand experience as to what drives businesses to eSign documents, we can confidently state:

  • Rising investments in Electronic Documents by Governments and Enterprises
  • Improved Security with a Controlled and Seamless Workflow
  • Improved Operational Efficiency with a Lower Operational Expense
  • Enhanced end to-end-Customer Experience
  • Environmental Benefits from Going Paperless

eSign continues to work with businesses of all industries to allow them to increase the number of partnerships, and acquisitions they can achieve with the adoption of electronic signature technology, as well as to improve acceptance of the integrations of cloud-based systems.

 

To find out how we can help your business, please get in touch with our team. We would be more than happy to discuss our solutions further with you.

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