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Global eSignature Software Market InsightJanuary 4, 2022 Comments
The eSignature software is forecast to rapid growth over the next four years. According to the World Knowledge Information (WKI) “Global eSignature Software Professional Survey Report 2021, Forecast to 2026”, With consumers’ demands for workflow efficiency, security, and supply chain management continue to grow, as well as online document activities increase, the demand for eSignature software has risen accordingly. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 24.7% base on WKI regression analysis model.
“The stability of eSignature software determines the degree of consumer preference for it.” said Mia, Senior analyst, Service Market Research Center in WKI.” Some traditional enterprise managers still have doubts about the security and confidentiality of eSignature software. Market participants can consider integrating face recognition functions into eSignature software to increase product security.”
The use of eSignature software greatly improves the efficiency of document processing and eliminates the cumbersome process of storing paper documents. According to the statistics of the Electronic Signature & Records Association, After applying the software, the performance of enterprises in obtaining approvals has increased by 83%, and document costs have been saved by 86%, The processing cost is reduced by up to 85%. The use of eSignature software can ensure the development of enterprises, save paper and protect the environment. Therefore, more and more companies choose to use eSignature software. Government policies such as U.S. federal laws (known as eSignature software in the Global and National Business Act), and the acceptance of eSignature software by certain jurisdictions including the U.S. Federal Court and the Supreme Court of Canada will also promote eSignature software. In addition, the COVID-19 epidemic has accelerated the adoption of digital verification and signatures. More and more online and remote work forces the industry to adopt digital technology to continue its business, and the dependence on online business has greatly increased.
This WKI market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading eSignature Software companies that include Adobe, SAP, DocuSign, Citrix, Exela Technologies, Kofax, OneSpan, PandaDoc and others.
Segmentation of eSignature Software Market:
Based on the deployment model, the market can be divided into On-premises and Cloud-based. Due to Cloud-based advantages such as affordability, scalability, flexibility, 24/7 availability, large storage space, automatic update capabilities, etc., it is expected that the Cloud-based market will dominate the market during the forecast period. With the rapid changes in customer needs, the BFSI industry is witnessing digital transformation at all levels. The use of online services (for example, Internet banking, mobile banking, and stock trading) has soared. The BFSI market focuses on understanding the behavior, preferences and choices of digital consumers through customer-centric business applications. eSignature software provides customers with enhanced security and shortened turnaround time service methods, thereby helping BFSI simplify complex business processes. Due to these advantages, digital signatures will become more and more popular in the BFSI field.
eSignature Software Market: Regional Analysis
In terms of geography, the global eSignature software market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. North America is the largest eSignature software market. This is mainly due to the increasing adoption of the technology in the region’s healthcare and BFSI fields, the increasing demand for protected and trusted transactions, and the promulgation of supporting eSignature software regulations in Canada. In addition, Canada has a high immigration rate, and the technology has been used for recording and certification purposes. During the forecast period, Europe accounted for the second largest share of the eSignature software market. Digital signatures in European countries are expected to be driven by high demand for high-end security solutions and excellent customer experience. With the adoption of machine learning (ML) and artificial intelligence (AI), the popularity of digital payments, the presence of small and medium-sized enterprises, and the increase in IT spending, the Asia Pacific region (APAC) will have the fastest market growth during the forecast period.
Largest share area：North America
Largest share country：Canada