The Global E-Signature Platform market was valued at USD 2. 28 million in 2021 and is expected to reach USD 10. 94 million by 2027, registering a CAGR of 29. 08% during the forecast period of 2022-2027.
New York, May 03, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Global E-Signature Platform Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)" – https://www.reportlinker.com/p06272912/?utm_source=GNW
Key Highlights
Various enterprises are shifting from traditional signatures to electronic signatures because it reduces the risk of legal disputes and provides more substantial evidence. There has been a constant need for data security during the transmission of sensitive information. Due to the e-commerce and online banking boom, companies needed to secure their networks to gain customers’ confidence. This requirement led to greater and faster adoption rates of electronic signatures, which act as the sender’s seal of authenticity over any electronic document.
Technological advancements led to the evolution of executing documents. With the increasing demand for modern, convenient methods for entering binding transactions, electronic agreements and signatures have gained momentum in recent years. Such developments significantly changed the entering and execution processes of the documents.
Younger consumers are a driving force behind the rise in electronic signatures in the financial services industry. During the pandemic, Gen Z and millennials worldwide signed financial documents, such as opening a bank account, loan agreement, investment, wealth management, and mortgage agreements, which resulted in a burgeoning electronic signature demand.
E-signature solutions are helping multiple industries go paperless, which is the fastest way to improve their businesses, increase their profitability, and give clients a better experience. For instance, using these solutions in the real estate sector enables agents and brokers to have the mobile tools to put contracts together anywhere.
Over the past few years, the threat of cybercrimes evolved into a severe problem for individuals, organizations, and society. The global adoption of the internet and the proliferation of digital services, which attract profit-seeking criminals, is the primary driver for such attacks. For instance, as per the National Crime Agency of the United Kingdom, cybercrimes surpassed all forms of traditional crimes.
With the outbreak of COVID-19, the electronic signature platform market is anticipated to exhibit a positive growth rate, owing to the rise in remote working that shifted the focus from relying on paper-based documentation to the digitalization of the transaction process. Enterprises seek business methods that are seamless and efficient and can be done from anywhere. Document processes have been one that enterprises are considering shifting online.
Key Market Trends
Government and Defense to hold significant share
The adoption of digital signature solutions helps in a wide range of document processing and automation capabilities for federal, state, and local governments that improve access to critical data while simultaneously reducing the cost associated with obtaining it. Some of the essential applications where digital signature and verification solutions are helpful include Vote-by-Mail, petition automation, Forms Data Extraction, and mail processing.
The government agencies have witnessed increasing fraud cases by forged signatures in municipalities. The state and local governments are not far behind on the targets for fraudsters. They spend a significant amount of money with thousands of different stakeholders and keep track of the transactions.
Various efforts by the government have been put into developing a digital infrastructure that triggers the need for software-based solutions for the data accumulated. The US government already has IT initiatives, such as digital experience, identity, credential, access management (ICAM), and digital strategy.
In May 2021, Rashtriya Swayamsevak Sangh(RSS) affiliate Swadeshi Jagran Manch(SJM) launched an e-signature campaign that appeals to the Indian government to use its sovereign rights to grant a compulsory license to more pharmaceutical companies for the production of COVID-19 vaccines and medicines.
Moreover, many government agencies invest in digitization in the military and defense sectors. For instance, in October 2021, North Atlantic Treaty Organization (NATO) launched an AI strategy and announced a USD 1 billion funding in the defense sector for digitization. These initiatives are expected to boost e-signature usage in the military and defense sectors.
Asia Pacific to Hold Significant Market Share
China follows a tiered electronic signature law, unlike other countries that follow permissive/minimalist electronic signature laws or perspective electronic signature laws. The law subscribes to a two-tiered method and allows permitting of both digital signatures and electronic signatures, along with the legalization of virtual signatures.
Additionally, the Electronic Signature Law of the People’s Republic of China was modeled in combination with the European Union directive, United Nations Convention on Electronic Communications, and UNCITRAL Model Law. However, some judges in the country have hesitated to honor the validity of electronic signatures as the law demands. Due to this, the country is witnessing increased demand for advanced digital signatures for extremely sensitive documents.
China mainly uses e-signatures for employee contracts, NDAs, privacy notices, employee invention agreements, benefits paperwork, and new employee onboarding documents during the HR process. The e-signature has gained more traction, especially since the outbreak of the COVID-19 pandemic. This trend is expected to prevail with the onset of the third and fourth wave of COVID-19, along with extension and allowance for remote working.
The Japanese law does not distinguish certificate-based digital from other electronic signatures in terms of admissibility or enforceability, which further drives opportunities for vendors in the market. However, the E-Signature Act stipulates the requirements for some specified authentication services, such as authorized service providers or Japanese public key infrastructure.
Competitive Landscape
The digital signature market primarily comprises multiple domestic and international players fighting for market space. Technological advancements in the market also impart a sustainable competitive advantage to the companies. Technologies, such as the cloud, are reshaping the market trends. The competition in the market studied is high, and it is expected to increase over the forecast period.
Oct 2021 – PandaDoc launched an integration with HubSpot CRM for PandaDoc Free eSign users. The integration combines PandaDoc’s document management and e-signature capabilities with HubSpot CRM for free.
Sep 2021 – NetDocuments, the foundational content management platform for legal professionals, introduced its integration with DocuSign eSignature, which combines the governance and security of NetDocuments with the power of eSignature to deliver a natively integrated, seamless solution for users when sending, receiving, and tracking e-signatures.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06272912/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
__________________________
Yahoo Finance Live anchors discuss AMC stock performance ahead of its $APE listing debut.
What to make of the markets today? While last week ended on a down note, we’re still looking at a general rally trend, with year-to-date losses being heavily moderated and the major indexes having climbed out of bear territory. The key point for now, as it has been so often this year, is volatility. Covering the markets for JPMorgan, global market strategist Marko Kolanovic tells investors to take advantage of down days and buy the dips. “Buying on weakness so far yielded positive returns and ha
GigaCloud Technology (NASDAQ: GCT) has taken investors on a wild ride since its initial public offering on Aug. 18. The Chinese e-commerce solutions company went public at $12.25, started trading at $19.
The Wall Street Journal reports that Amazon.com, UnitedHealth, Option Care Health, and CVS are bidding for home-health-services provider Signify Health.
AMC Entertainment is officially going "APE" in an effort to further solidify its financial future as its primary rival Cineworld says it's exploring a bankruptcy.
In this article, we discuss 10 stocks that Warren Buffett is not giving up on despite losses. If you want to see more stocks in this selection, Warren Buffett Is Not Giving Up on These 5 Stocks Despite Losses. Warren Buffett, the legendary billionaire heading Berkshire Hathaway, has always stressed upon the importance of buying […]
PSP Investments cut positions in Apple, Tesla, and Microsoft in the second quarter, and bought more Walmart shares.
In this article, we discuss 10 inverse Jim Cramer stocks to buy today. If you want to read about some more inverse Jim Cramer stocks to buy today, go directly to 5 Inverse Jim Cramer Stocks to Buy Today. Jim Cramer is a former hedge fund manager and present host of Mad Money on CNBC […]
Don’t suffer through the downturn. Take advantage of it, instead.
You won't find all of the Oracle of Omaha's holdings in Berkshire Hathaway's quarterly 13F filing.
(Bloomberg) — A luxury yacht formerly owned by sanctioned Russian businessman Dmitry Pumpyansky will be sold at auction on Tuesday after the billionaire failed to repay JPMorgan Chase & Co. a loan, according to an auctioneer’s website.It will be the first superyacht to be publicly auctioned since Russia’s invasion of Ukraine pushed authorities to freeze luxury vessels in ports around the world, Nigel Hollyer, a broker at auction house Howe Robinson Partners, told Bloomberg by phone. Axioma was
A Georgia jury awards plaintiffs $1.7 billion in punitive damages in a case related to roof strength of old Ford trucks.
The wait for the “Game of Thrones” prequel series lasted a little longer for some viewers. HBO Max said the show had millions of viewers on Sunday night.
Jefferies analyst Pablo Zuanic sees boost for U.S. and Canadian cannabis companies as a potential $12.6 billion German market beckons.
Novavax (NASDAQ: NVAX) is one of my favorite stocks. Sometimes you'll hear the advice, "Don't fall in love with your stocks." I used to believe that, but now I think it's fine to love your stocks. Did I love Novavax when it went up 3,000% for me in 2020? Yes, I did.
Waiting for housing to plunge? You may be waiting a long time.
The euro fell enough to achieve parity with the dollar again. In early trading, the euro dropped 0.4% to 0.9997 versus the dollar, finally falling below parity. The last time the euro was worth less than the dollar at the close was in December 2002, according to FactSet.
Wall Street remains split on Tesla stock. About half of the analysts covering the company rate shares Buy. The other half say don't buy.
Investors gained a new appreciation for S&P 500 dividend stocks this year. But few investors love dividends as much as some.
The company deserves credit for taking steps to navigate the potential economic outcomes of vaccine sales slowing down