Electronic Signature Software Market | CAGR 34.2% by 2030

Electronic Signature Software Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Solution and Services), Deployment (Cloud and On-premise), Method (General Electronic Signature, Qualified Electronic Signature, and Advanced Electronic Signature), and End-User (Manufacturing, BFSI, Pharmaceuticals, Government Agencies, Legal, and Others)

Publication Month : Jan 2024

  • Report Code : TIPTE100000939
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 189
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[Research Report] The electronic signature software market was valued at US$ 3.3 billion in 2022 and is projected to reach US$ 35.7 billion by 2030; it is expected to record a CAGR of 34.2% from 2022 to 2030.

Analyst Perspective:

Electronic signatures, such as cloud signatures, are considered to be the most secure type of e-signature across the globe. When an enterprise or individual needs the highest level of assurance to identify a signer, they can protect their transaction or comply with local laws by opting for an electronic signature that uses a digital identity verified by a trusted third party. A few of the key factors that are contributing to the growth of the electronic signature software market include increasing digitization, advancements in technologies, and companies' growing focus on providing better end-to-end services. On a global scale, manufacturing, BFSI, pharmaceuticals, government agencies, and legal are a few of the major end-use industries that are at the forefront of electronic signature software spending worldwide. 

Electronic Signature Software Market Overview:

An e-signature or electronic signature is an effective and legal way to sign electronic documents quickly. It is a secure and trusted system that can replace a handwritten signature in many processes. The electronic signature provides superior security to the party signing documents and the one receiving them. Electronically signed documents have a greater potential in the legal sector, which is a major factor supporting the electronic signature software market growth. Electronic signature software provides several advantages that enable businesses to streamline the workflow. The advantages of electronic signatures include increased business speed, improved document accuracy, cost and time optimization, and enhanced customer service, among others.

Electronic Signature Software Market Driver:

Rising Adoption of Digital Technologies by Enterprises

     

Electronic signature software is witnessing increased adoption across every public as well as private enterprise. International and national banks, government offices, small and medium-sized firms, and others require digital signatures to protect and control critical data. Various firms use digital signatures to avert data breaches and ensure dependable interactions with their business partners and internal procedures. This is further supported by younger consumers, who are increasingly incorporating digital signature solutions in their daily lives. For example, according to Adobe 2020 research, more than 61% of Adobe's clients in APAC were millennials from 2019 to 2020.

Furthermore, companies with employees and branches located in different sites across the globe are increasing the usage of electronic signatures in their processes. It helps them to reduce time by eliminating the need to print and transport documents for approval. Also, it is not easy to store and retrieve physical documents in the long term. According to the Federation of Indian Chambers of Commerce and Industry (FICCI) report as of October 2023, approximately 35% of respondents reported a reduction in their annual operational costs by 11–20% as a result of digitalization. Companies are transforming their business digitally to compete effectively in the digital era. Thus, the rising adoption of digital technologies by enterprises drives the electronic signature software market growth.

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Electronic Signature Software Market: Strategic Insights

electronic-signature-software-market
Market Size Value inUS$ 3.3 billion in 2022
Market Size Value byUS$ 35.7 billion by 2030
Growth rateCAGR of 34.2% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Electronic Signature Software Market Segment Analysis:

The electronic signature software market is categorized on the basis of component, deployment, method, and end-user. Based on deployment, the electronic signature software market is bifurcated into cloud and on-premise. Based on offering, the electronic signature software market is divided into solutions and services. Based on method, the electronic signature software market is categorized into general electronic signature, qualified electronic signature, and enhanced electronic signature. Based on end-user, the electronic signature software market is classified into BFSI, pharmaceutical, manufacturing, government agencies, legal, and others. By geography, the market is segmented into five main regions, including North America, Asia Pacific, Europe, Middle East & Africa, and South America.

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Businesses in the present market scenario are focusing on the adoption of cost-effective solutions that offer additional features with enhanced data integrity and greater transparency. Various entities across the globe are using electronic signature solutions. For instance, in November 2023, Lion Travel adopted the DottedSign e-signature solution that helps the company achieve a more efficient, convenient, and sustainable method of signing travel contracts, which is expected to result in an annual paper saving of ~4.5 metric ton. Thus, such instances propel the electronic signature software market growth for the solution segment.

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Electronic Signature Software Market Regional Analysis:

The Europe electronic signature software market was valued at US$ 1.01 billion in 2022 and is projected to reach US$ 11.03 billion by 2030; it is expected to record a CAGR of 34.7% from 2022 to 2030. The market for electronic signature software in Europe is segmented into France, Germany, Russia, Italy, the UK, and the Rest of Europe. In European legislation, electronic signatures were first acknowledged via the directive on a community framework for electronic signatures adopted in 1999. In Europe, in July 2016, the Electronic Identification and Trust Services Regulation (eIDAS) established a legal structure for electronic signatures and documents across the European Union (EU). Since July 2016, electronic signatures in the region have been governed by the Electronic Identification and Trust Services (eIDAS) regulation; it offers a regulatory environment directly applicable to all EU Member States to allow seamless and secure electronic interactions between citizens, businesses, and public authorities. This also offers companies a predictable legal environment to develop and expand the use of electronic signatures in the region.

Key Player Analysis:    

The electronic signature software market analysis is based on the annual performances of major players such as Adobe Inc.; Docusign, Inc.; Esign Genie; HID Global; Legalesign Limited; OneSpan; RPost; Thales S.A.; U-SIGN-IT; and Zoho Corporation. Several other essential electronic signature software market players were analyzed to get a holistic view of the market and its ecosystem.

Recent Developments:

Companies in the electronic signature software market focus on both inorganic and organic strategies for their business growth. A few recent key market developments by the above electronic signature software market players are listed below: 

  • In 2023, Adobe Inc integrated its Acrobat Sign with Salesforce to help organizations operate faster with trusted e-signatures. Acrobat Sign benefits its customers by allowing them to sign in seconds from any device, which increases productivity for everyone involved in the approval process.
  • In 2023, DocuSign Inc. launched an AI-powered ID verification solution to conduct biometric checks. It helps signers to present valid identification documents physically during the signing process.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Deployment, Method, and End-User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What is the incremental growth of the global electronic signature software market during the forecast period?

The incremental growth expected to be recorded for the global electronic signature software market during the forecast period is US$ 32,311.99 million.

What will be the market size of the global electronic signature software market by 2030?

The global electronic signature software market is expected to reach US$ 35,707.44 million by 2030.

Which are the key players holding the major market share of the global electronic signature software market?

The key players holding majority shares in the global electronic signature software market are Adobe Inc., Docusign, Inc., Esign Genie, HID Global, and Legalesign Limited.

What are the future trends of the global electronic signature software market?

High implementation of electronic signatures across SMEs is impacting positive impact, which is anticipated to play a significant role in the global electronic signature software market in the coming years.

What are the driving factors impacting the global electronic signature software market?

Rising adoption of digital technologies by enterprises, growing number of green initiatives, and increasing use of electronic signatures in e-commerce industry are some of the drivers for the market.

What is the estimated market size for the global electronic signature software market in 2022?

The global electronic signature software market was estimated to be US$ 3.39 billion in 2022 and is expected to grow at a CAGR of 34.2% % during the forecast period 2023 - 2030.

The List of Companies - Electronic Signature Software Market

  1. Adobe Inc.
  2. Docusign, Inc.
  3. Esign Genie
  4. HID Global
  5. Legalesign Limited
  6. OneSpan
  7. RPost
  8. Thales S.A.
  9. U-SIGN-IT
  10. Zoho Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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