NEW YORK, May 11, 2020 (GLOBE NEWSWIRE) -- Around the world, the government is offering its support for the uptake of e-signature solutions, for efficiency and security in documentation processes. While Directive 1999/93/EC was implemented by the European Union in 1999, the U.S. passed the Global and National Commerce (E-Sign) Act in 2000, to give such solutions legal validity.
Such measures are expected to propel the global e-signature market, which generated $951.3 million revenue in 2019, at a 24.6% CAGR between 2020 and 2030 (forecast period). In all, 75 countries already have legal mandates for this technology, and their number is still rising, thus helping the market advance.
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Software To Be Largest Category in Market till 2030
The software category would continue dominating the e-signature market till 2030, on account of the advancements being carried out in such solutions, including the provision of encryption and public key infrastructure (PKI) services, which make the communication and sharing of digital documents a secure process.
During the historical period (2014–2019), cloud was the larger bifurcation in the e-signature market, as vendors are targeting customers with smoother management and better security features in their cloud-based e-signature solutions. Additionally, such solutions utilize a cloud-based signing key to authenticate documents, thereby eliminating the requirement for installing on-premises hardware. Furthermore, with the user’s key located on the cloud, the document signing process can be completed over the internet from anywhere.
The clickwrap category is expected to grow at the highest CAGR in the e-signature market, of 29.3%, during the forecast period. This is ascribed to the fact that the legal validity of clickwrap signatures is similar to wet signatures, which is why the former are considered at par with verbal or written agreements. Such solutions require the user to click “I accept”, “I agree”, or other similar phrases, to agree to the contract terms and electronically sign it.
In 2019, the unmediated category contributed the highest revenue to the e-signature market, because the preference for completing online transactions without third-party involvement is quite high; therefore, customers usually look for channels which help them do so.
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The banking, financial services, and insurance (BFSI) sector dominated the e-signature market during the historical period, as a large number of people are opting for online channels to complete payment-, banking service-, legal agreement-, and insurance policy-related documentation processes. Moreover, governments of numerous countries are stepping up efforts to transform into digital economies, which are creating a high demand for such solutions in the BFSI sector.
In 2019, North America held the largest share in the e-signature market, due to the rising usage of e-signatures in the BFSI and healthcare sectors in the region and supportive legislations in the U.S. and Canada. Additionally, online documentation is being done by the huge number of people immigrating to Canada and the increasing number of small and medium enterprises (SMEs) here. Asia-Pacific (APAC) would observe the fastest market advance during the forecast period, as the adoption of machine learning (ML) and artificial intelligence (AI), popularity of digital payments, presence of SMEs, and IT expenditure are increasing. Moreover, the BFSI sector and regional economies are growing, and governments are launching measures to reduce the paperwork and digitize the economy.
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Product Launches Present Market Players Numerous Opportunities
New and enhanced products are being launched by many e-signature market players, to target customers with the prospect of:
- Being able to e-sign documents from multiple platforms, in less time
- Saving settings for individual templates, for faster document dispatch
- Signing multiple documents at once and being assured of enhanced security
- Utilizing clear audit trails and automated contract creation features and connecting securely with partners and customers
- Modifying their existing public key infrastructure (PKI) authentication framework for access to the cloud
The major companies operating in the global e-signature market include Adobe Inc., Entrust Datacard Corporation, Secured Signing Limited, DocuSign Inc., Ascertia Limited, SIGNiX Inc., Gemalto N.V., RPost Communications Limited, Thales eSecurity Inc., eSign Genie, Glykka LLC, IndenTrust Inc., DocVerify Inc., Symtrax Holdings Inc., KeepSolid Inc., SignaShare, Zoho Corporation Pvt. Ltd., and GetAccept Inc.
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Digital Signature Market
Till 2030, Asia-Pacific is expected to display the highest CAGR in the digital signature market, due to the increasing focus of organizations and governments in the region on decreasing frauds. Further, the BFSI sector is expanding, the preference for digital payments is rising, and initiatives being taken by the government, to promote the adoption of digital technologies and reduce paperwork, are increasing. For instance, the Indian government launched the Digital India initiative in July 2015 to make government services available to people in the electronic form.
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Key Management as a Service Market
Asia-Pacific (APAC) would observe the highest CAGR in the key management as a service market in the years to come, on account of the stepping up of digitization efforts, rising requirement for cloud solutions, increasing awareness about cyber attacks and ways to counter them, and improving key management lifecycle processes. Fujitsu Limited, a Japanese multination IT firm, selected Thales SA’s Cloud HSM service and key management platform in February 2020. While the HSM service is being integrated to support public key infrastructure (PKI) security, the purpose behind implementing the key management platform is securing the lifecycle management of customers’ cryptographic keys.
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