E-SIGNATURE MARKET TO REACH $9,073.1 MILLION BY 2023 AND IS GROWING AT A CAGR OF 34.7% DURING 2018 – 2023
The global e-signature market is expected to grow at a CAGR of 34.7% during the forecast period, to reach $9,073.1 million by 2023. Electronic signature refers to signatures in electronic form, which helps in speeding documentation processes and making them secure. Growing security concern, rising government support coupled with rising adoption of advance technology in the developing countries, such as India, China, and Brazil, is likely to spearhead the growth of the global e-signature market. In addition, with increasing e-commerce market, growing government focus towards eliminating paperless work and growing number of connected devices, including smartphone, tablet and laptop, is further expected to drive the demand of e-signature across the globe.
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Public Key Infrastructure (PKI) contributes highest revenue to the e-signature market, while Username and pin, Signature pad at POS, Clickwrap and Voices signature are the other major types of e-signature market. The market for Clickwrap is likely to register the highest growth during the forecast period on account of growing e-commerce market, rising focus of the companies towards security and authenticity coupled with growing support of various government for bidding. On the other hand, cloud based deployment accounts for the larger revenue as compared to on-premises, in the global e-signature market, and is further expected to be the leading segment on account of growing adoption of cloud based services and rising security concern among enterprises.
On the basis of use case, unmediated accounted the largest revenue in global e-signature market, on account of growing e-commerce market, rising online transactions and growing security concern. In addition, in an unmediated process, external assistance for form filling procedures is not required, as they are self-service online transactions for e-commerce transactions, commoditized insurance purchases.
Geographically, North America has been the largest market for e-signature and Asia-Pacific had been the fastest growing market. The U.S. stands as the largest market globally, whereas the market in India has been growing at highest pace. In addition, with growing government initiatives in India, such as Digital India and growing security concern among consumers, is expected to drive the demand of e-signature during the forecast period.
Some of the key players operating in the global e-signature market are Adobe Systems Inc., Docusign Inc., RPost, SIGNiX Inc., Citrix Systems Inc., SSL Europa France SAS, AssureSign LLC, Sertifi Inc. and Gemalto NV.
