NEW YORK, Aug. 11, 2020 /PRNewswire/ -- As per a study conducted by P&S Intelligence, the global e-signature market revenue attained $951.3 million in 2019 and is projected to progress at a 24.6% CAGR during 2020–2030. The market is growing due to the rising preference for the online channel for the completion of documentation processes and increasing government support for the adoption of several technologies that can authenticate such transactions. Moreover, the growing requirement for smooth management of the supply chain, efficiency of the workflow, and security in the global sector is also driving the market.
The coronavirus (COVID-19) pandemic has notably transformed the way of living and conducting businesses. Majority of the businesses have temporarily closed their offices and have deployed remote workforces. This has led to inconvenience in usage of wet signatures on paper, resulting in shifting the focus on electronic formats. Owing to this, in the time of COVID-19, the new normal lifestyle continues to boost the usage of e-signatures. The latest instance of this includes the announcement made by the Federal Reserve Bank of New York that the bank will now accept certain documents with e-signatures in definite conditions. With the increasing need for global communication, and organizations of varied sizes adopting work from home policy, the market would witness huge impact on sales and licensing.
In terms of deployment type, the e-signature market is divided into cloud and on-premises, between which, the cloud division held the major share of the market in 2019. This is due to the rising adoption of cloud computing all over the world. E-signature solutions that are deployed on cloud provide seamless management advantages and improved security features. These solutions further don't need any physical hardware, since documents can be authenticated via a cloud-hosted signing service.
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In addition to this, due to the fact that the digital key of users is located on cloud, they can authenticate and sign documents by using any device with an internet connection. On the basis of component, the e-signature market is categorized into software, service, and hardware, among which, service is projected to progress at the fastest pace in the years to come.
The awareness regarding e-signature services is still quite low and several users are not so skilled when it comes to managing large-scale e-signature operations. Due to such factors, the demand for various managed and professional services, including cloud services, implementation, maintenance, and consulting, growing rapidly across industries. The Asia-Pacific region is projected to grow at the fastest pace in the years to come, on the basis of geographical scenario.
Browse report with detailed TOC on E-Signature Market Research Report: By Component (Software, Hardware, Service), Deployment Type (Cloud, On-Premises), Type (Public Key Infrastructure, Username and Pin, Signature Pad at POS, Clickwrap, Voices Signature), Use Case (Unmediated, Mediated, Third-Party, Internal), Vertical (BFSI, Government, IT & Telecom, Healthcare, Legal) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/e-signature-market
The e-signature market in the region is witnessing growth due to the rising number of small and medium enterprises, enhancing digital infrastructure, economic growth, growing spending in the information technology sector, and swift integration of machine learning, artificial intelligence, and several other innovative technologies. Furthermore, the increasing popularity of online payments, rising government support for digitization, and growth of the banking, financial services, and insurance sector are also resulting in the growth of the market in Asia-Pacific.
Some of the major players operating in the e-signature market are Adobe Inc., Secured Signing Limited, Entrust Datacard Corporation, DocuSign Inc., SIGNiX Inc., Ascertia Limited, Gemalto N.V., Thales eSecurity Inc., IndenTrust Inc., RPost Communications Limited, eSign Genie, KeepSolid Inc., Glykka LLC, Symtrax Holdings Inc., DocVerify Inc., SignaShare, GetAccept Inc., and Zoho Corporation Pvt. Ltd.
Digital Signature Market Analysis Report
Till 2030, Asia-Pacific (APAC) 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.
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SOURCE P&S Intelligence