The global e-signature market has generated exceptional revenue in recent times. It is predicted to grow at a CAGR of 24.6% during the forecast period of 2020-2030. There are many factors that attribute to the rise of electronic signature services in the corporate sector. Some of them include workflow security, efficiency, supply chain management, online documentation increase, and government support.
In the forecast period of 2020-2030, cloud bifurcation is going to dominate the e-signature market. The mode of deployment helps in authenticating the documents with a cloud-hosted service that does not need any physical platform. In addition, the deployment provides mobility by storing the user’s signing key on the cloud which further enables signing from internet-connected devices.
Widespread of Electronic Signatures Services
The technological field has experience high growth in e-signature solutions. However, some other fields such as financial services, insurance sector, banking sector, etc. are expected to experience high growth in the e-signature online adoption as well. With the increasing initiatives of governments for economic digitization and a rising popularity of online documentation processes, electronic signatures will be widespread. This is because all transactions make it compulsory to authenticate the user’s identity; usage of e-signatures will continue growing.
E-signatures as a SaaS Model
One of the most prominent trends in the online signature market is the increasing provision of many solutions through the Software as a Service delivery model. This model enables people to promptly begin using the solutions after signing up without any integration.
As a result, the SaaS dependent electronic signatures are preferred by the government and many organizations. This is because of the simple reason that e-signatures have innumerable benefits. Other than their user-friendliness, the solutions they offer are also used for regular document signatures by external parties.
Adoption of E-signature in Corporate Market
Amongst the important factors for electronic signature services, success is the increasing uptake of supply chain management, workflow efficiency, and security. With the development of online business operations, organizations are using access management and identity solutions. This is because of security, authentication, and reduced human errors, particularly during financial transactions.
Other than offering security, e-signatures also automate some processes in which money is involved. In addition, with a lesser requirement for quick documentation, human involvement, and fast roll-out, e-signatures reduce the operation cost. This improves working capital management and leads to better overall operations as well.
Growing E-Signatures Services in E-Commerce
The business expansion happening around the world leads to the wide use of free online e-signature solutions and services. These solutions can be extremely useful in the e-business sector of which e-commerce is an important component. It helps in better customer-partner relationships, higher efficiencies, and much stronger supply chain integration.
In the online shopping industry, developing and developed countries will prefer digital payments, mobile-first customer behaviour, and social commerce as important trends. With these companies engaging in online sales, there will be an added demand for e-signature solutions. They offer legally binding documents for governing and accommodating the transitions and protecting sensitive documents on the internet.
Electronic Signatures During COVID-19
During the widespread of the COVID-19 pandemic, there was acceleration in the demand for Electronic signature and verification. An increase in remote working compelled many organizations to adopt digital technology for growing businesses. Governments across all the countries were also prompted to use e-signatures for reducing any paper-based transactions and maintaining the social distancing norms.
The e-signatures online offer plenty of security and verified transactions for growing a digitized business. The ever-growing demand for e-businesses and paperless workflow drives the market. Although many countries still continue to focus on using the digital platform to its complete potential, online signatures are being well acknowledged.
Globally, the pandemic forced many industries to move towards digital platforms. What followed was a rapid implementation of the digital platforms for keeping up with the changing environment. That said, identity verification has been an important challenge for many institutions. The use of e-signatures ensures verified communication between all the parties and eliminates any chances of fraudulent transactions. Hence, in the post-pandemic period, e-signature services are definitely going to grow further.
The adoption of e-signatures is going to improve customer retention and employee satisfaction as well. With the growing trend of e-governance, an increasing number of countries are likely to drive market growth during the forecast period.
Hence, in the coming times, e-signature services are going to grow considerably. They will make businesses and other important official documentation processes much easier.