The pandemic of COVID-19 affected almost every section of society. The most important ones out of those sections are individuals and businesses. The internet has long been playing a role in the completion of various tasks. Businesses have started depending even more on it after the pandemic. Verifying documents during the pandemic was done majorly with esign documents.
Some examples of industries that use esign pdf are government, legal, real estate, banking, financial, healthcare, education, and insurance industries. The business landscape is going through a digital change because of customer demands. In this time, electronic signatures help the organizations to ease difficult business processes with security and quick completion.
The electronic signature technology is gaining wide market popularity because of the benefits that it offers. Let’s have a look at the market challenges and growth opportunities associated with electronic signature pdf.
The awareness linked with e-signature is getting widely addressed in the United States with strong government regulations. It is expected that the electronic signature market will grow from USD 1.2 billion in 2018 to USD 5.5 billion in 2023.
Adding to this, it is also predicted that the e-signature market will witness a CAGR of 24.6% by 2030. Not only is this notable, but it also accounts for a high share of the US in the e-signature market. The demand for e-signature is led by increasing demand for the best security solutions and customer experience.
Reasons for Wide Acceptance
The implementation of electronic signature in word offers much more security with a well-managed and easy workflow. E-signatures make doing business easy in many ways. In traditional signatures, there is a possibility of meddling, but in the online mode, there is no chance of that occurrence. There is no possibility in any way. Besides this, e-signatures also assure maximum integrity of data.
More than anything, e-signatures are legally validated and enable a person to protect copyrights. These benefits are responsible for the growth of the e-signature market and have also become the reasons for wide acceptance.
The traditional business practice has been running on sending the documents to the required parties or individuals for a long time. This process takes a lot of time and effort. Overcoming this old and deep-rooted business practice is the biggest market challenge in this sector.
That being said, there was a wide realization of the benefits that the implementation of electronic signature pdf can bring. Today, the market dynamics, potential, and vendors have become inclined towards e-signature because of the benefits it offers.
There have been many vendors in the US market who have successfully overcome the market challenges and are now on their path to success. Some of them are DocuSign, WeSignature, GlobalSign, Identrust, OneSpan, etc.
There is a wide availability of the internet and an increase in usage of devices operating on the internet connection at a global level. This has led to an increase in the demand for cloud-based security solutions and technologies.
The important thing to understand is that cloud-based security provides numerous benefits. Some of them are simple deployment, cost-effectiveness, single management facility in all devices, and security. The start-ups and SMEs prefer deploying cloud-based digital signatures because of these benefits.
As an addition to this, electronic signature pdf solutions need low capital investment and less implementation time. The implementation of this technology helps businesses to make the most of a development opportunity.
Hence, in terms of opportunity, the e-signature market is on its way to growing immensely in the coming time. The simple reasons that e-signature services and solutions offer ease, quick turnover, and security feed this opportunity even more.
The e-signature market has the capability to create a positive effect on businesses and consumers in completing the transactions. This is a sector where the United States is leading and the market will definitely be growing in the coming time.