Electronic Signature Software Market – Global Industry Analysis, Trends and Forecast | Growth Market Reports

The global electronic signature software market was valued at USD 591.3 Mn in 2019 and is projected to reach USD 5,095 Mn by 2027, expanding at a CAGR of 31.0% during the forecast period. The electronic signature software market is anticipated to grow substantially during the forecast period owing to improved operational efficiency at the low operating expense (OPEX), enhanced security with a controlled and seamless workflow, digitization of transaction management processes, and rapid growth in investments in electronic documents by governments and enterprises. Moreover, growing adoption of cloud-based security solutions is anticipated to fuel the market during the forecast period.

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Market Dynamics

Electronic signature offers enhanced security with a controlled and seamless workflow. Electronic signatures can be considered as a copy of the conventional handwritten signatures, even though they are more complicated to manipulate than written signatures. The probability of changing a paper document after being signed is high; however, manipulating electronic signature is not possible, thereby guaranteeing the authenticity of information and data; therefore, digital signature ensures a seamless and controlled workflow. Moreover, the possibility of missing manual documents higher as compared to digital information and digital copy in any form such as audio or photo files. It can be protected with an electronic signature along with copyrights, these benefits are anticipated to fuel the global electronic signature software market during the forecast period.

In the last few years, electronic signatures have been helping enterprises improve and speed up their operations. The global electronic signature software market is driven by factors such as supportive laws for the market, increasing online documentation processes, supply chain improvements, workflow efficiency, and rising demand for security solutions. Market players in the electronic signature software market can create the opportunities being offered by the expanding e-business sector across the globe.

The electronic signature software market is anticipated to grow substantially during the forecast period owing to an increasing focus on automation and digitization across numerous industry verticals. COVID-19 affected all sections of the society including businesses and individuals. Online businesses have been playing an important role across the globe during this pandemic. Dependency on online businesses has increased substantially, due to the pandemic. Government, BFSI, Legal, Healthcare and Life Sciences, Real Estate, Education, and other industries adopted digital solutions to provide essential services to customers.

Regulations for electronic signatures provide guidelines for legal use of electronic signature, while operating in different industry verticals. As per the electronic signature regulations and laws, namely UETA and ESIGN, among others, businesses and individuals must follow definite instructions and procedures and adhere to the laws while generating e-contracts and electronic signatures. Additionally, organizations availing of electronic signature software can improve the overall security, legal compliance, and privacy measures. Hence, governments globally are taking initiatives to promote the use of electronic signatures

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Regional Outlook

On the basis of regions, the market is categorized as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America held a significant share of the market in 2019 owing to presence of key market players and early adoption of technologically advanced products. The market in Asia Pacific is expected to expand at substantial CAGR during the forecast period. This growth may be attributed to increasing investments by public and private sectors organization in electronic signature software to improve their business processes and overall productivity. The Europe region is also anticipated to grow during the forecast period owing to favorable regulatory framework for electronic signature market.

Competitive Landscape

Key players in the electronic signature software market are Adobe Inc., AssureSign LLC. , airSlate Inc., Citrix Systems, Inc., DocuSign, Inc., Dropbox Inc., eSign Genie, Lone Wolf Technologies, OneSpan Inc., PandaDoc Inc., Sertifi, Inc., SIGNiX, Inc., AlphaTrust Corporation, Formstack, Lightico Ltd., and SutiSoft, Inc..

The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition and many other strategies to cater the increasing demand for electronic signature software.

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