Posted 25th February 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.
Here at eSign, we welcome diverse businesses from all industries, and we love working to provide digital transformation solutions that improve our client’s transaction customer workflow. Here, we look at why this market is accelerating and surpassing all forecasted expectations.
Our first-hand experience can substantiate this, as our customer stories reveal customers often state the above requirements, to improve their own experience and remain competitive within their own industries, by maintaining effective margins and reducing overheads.
Banking, financial services and insurance segments (BFSI) are expected to grow at the highest rate during the forecast period.
However, close behind BFSI is a multitude of industries utilizing electronic signatures to streamline their processes, including:
eSign has assisted in all these industries, each of which have highlighted the same objectives; to simplify the complex processes, enhance security, improve turnaround time for onboarding a customer, to go paperless by automating the document workflow, and meet the regulatory compliances.
Europe has distinctively been one of the fastest-growing markets in terms of rapidly implementing 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 from consumers in the emerging countries of the region.
The surge in demand for digital signature solutions and ongoing advancements in digital technologies are major drivers of growth in this market. Furthermore, government regulatory compliance and legislative measures are proving advantageous for all entities within the digital signature ecosystem.
Key countries like the UK, Germany, and France are pivotal to the analysis of the digital signature market in this region. Additionally, the swift expansion of local service providers and global enterprises in Europe significantly impacts the advancement of the digital signature market landscape.
There is also no doubt that the COVID-19 pandemic highlighted a need for digital transformation across many industries, specifically healthcare.
The pandemic became a catalyst for businesses and organizations across the world in realizing 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 realize 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.
To summarize our first-hand experience as to what drives businesses to eSign documents, we can confidently state:
eSign continues to work with businesses of all industries across various countries 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.
