The global electronic signature software market was valued at US$ 1.6 billion in 2021 and it is anticipated to grow up to US$ 9.9 billion by 2031, at a CAGR of 19.7% during the forecast period.
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An electronic signature is a replacement for a handwritten signature. Electronic signature software allows users to gather signatures on documents shared electronically, eliminating the need for physical documents to record signatures.Electronic signature software facilitates the distribution of legally sensitive documents for collecting electronic signatures. Organizations use electronic signature software to encrypt documents, such as sales contracts or employment paperwork, for which client, employee, or partner signatures are often required. Electronic signature software integrates with third-party applications, including ERP systems, CRM software, and HR management suites, to facilitate contract and supplier management efforts.
Market Drivers and Trends
Nowadays, governments, corporate offices, and enterprises are moving towards paperless workflows. Paperless business processes are always beneficial for the environment. Several offices started using electronic documentation, saving a massive amount of paper. Moving to paperless document processes has reduced operational costs, improved operational efficiency, and fastened decision-making processes.
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Governments and businesses from BFSI, manufacturing, pharmaceuticals, government agencies, and legal verticals utilize digital signatures to secure digital documents. The electronic documentation tool requires documents to be signed for authentication using e-signatures (electronic signatures). E-signatures are inserted in electronic documents and are shared electronically over the network. These signatures can seamlessly integrate with business applications without bringing out any major changes in the existing workflow. Further, governments and enterprises are investing more in integrating digital signature technology with daily business applications, which boosts the global digital signature market growth.
Major Players in the Global Electronic Signature Software Market
The key players studied in the global electronic signature software market are Adobe Inc. (US), Ascertia (UK), Docusign, Inc. (US), Foxit eSign (US), HID Global Corporation (US), Legalesign Limited (UK), OneSpan (US), RPost (US), Thales Group (France), and Zoho Corporation Pvt. Ltd. (India).
COVID-19 Impact
In 2020, the COVID-19 pandemic had been a major challenge in business functioning. Governments of several nations had imposed lockdowns to curb the spread of the disease. Hence, organizations are adopting electronic signature software to simplify the process, and important documents are getting signed without delay or constraints. Due to COVID-19, the electronic signature software market has grown due to increased use cases from existing and new customers. Further, with the adoption of e-signatures, organizations and business enterprises were able to maximize their operational productivity and efficiency, as with e-signatures, organizations had to spend less on paper, printing, and postage costs while being faster than traditional methods. Moreover, with the advent of a global COVD-19 pandemic, most corporations embraced the work-from-home model to maintain their productivity.
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