NEW YORK, June 29, 2021 /PRNewswire/ -- With the surging penetration of the internet, the preference for online documentation processes is growing rapidly. This is making governments encourage the adoption of the technologies that can authenticate online transactions. Moreover, the rising demand for the smooth management of the supply chain, higher workflow efficiency, and security is fueling the need for digital authentication technologies. Due to these factors, the global e-signature market is expected to advance at a CAGR of 26.6% from 2021 to 2030 and reach $12,721.4 million revenue by 2030, according to the market research study published by P&S Intelligence.
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The COVID-19 pandemic has positively impacted the growth of various e-signature service and solution providers. Moreover, with the increasing adoption of remote working policies by companies, on account of the imposition of lockdowns and social distancing protocols, and the burgeoning requirement for secure online transactions and connectivity are driving the expansion of the e-signature market. Furthermore, the process of distributing signed PDF documents has made the procedure of in-person contract closing obsolete. During the age of COVID-19, the 'new normal' fuels the demand for e-signatures. For instance, the Federal Reserve Bank of New York, recently declared that it will now accept documents using e-signatures in some cases.
Based on type, the e-signature market is classified into username and PIN, public key infrastructure (PKI), clickwrap, signature pad at point of sale (POS), voice signature, and others. Out of these, the PKI category held the largest share in the market in 2020, on account of the fact that PKI solutions guarantee document and signer authenticity in a cost-effective and secure manner. These solutions comprise policies, standards, software, and hardware, which are rapidly becoming trusted entities for making sure that e-signatures are authenticated. Thus, with the increasing focus of businesses on adopting these solutions for improving cybersecurity, the PKI category will exhibit huge expansion.
Browse detailed report with COVID-19 impact analysis 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
Globally, the Asia-Pacific (APAC) e-signature market is predicted to demonstrate the fastest growth throughout the forecast period. This is attributed to the increasing adoption of digital services, surging online commerce activities, and growing user acceptance of online billing, payment facilities, and paperless transactions. Additionally, India is predicted to exhibit the fastest growth during the forecast period.
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The players in the e-signature market are focusing on launching new and improved solutions for augmenting their sales and geographical reach.
- In May 2021, Entrust Datacard Corporation announced the launch of its remote signing service (RSS) solution. This solution was aimed at creating trust among increasingly dispersed employees by integrating verifiable employee signature capabilities and high-assurance into workflows and document apps. As enterprises adopt the cloud and workforces become more dispersed, the demand for supporting new remote business scenarios is growing rapidly.
- In February 2020, Secured Signing Limited released new improvements to the account reporting and signing processes for saving workflow settings for individual forms, thereby allowing users to send out templates quickly. These new enhancements include integration with JobAdder software platform, improvements to the platform integrated with Salesforce.com, and template workflow settings.
Entrust Datacard Corporation, Gemalto N.V., Secured Signing Limited, Citrix Systems Inc., DocVerify Inc., Zoho Corporation Pvt. Ltd., eSign Genie, IndenTrust Inc., SignaShare, RPost Communications Limited, Thales eSecurity Inc., GetAccept Inc., KeepSolid Inc., Ascertia Limited, Symtrax Holdings Inc., Adobe Inc., Glykka LLC, DocuSign Inc., and SIGNiX Inc. are some of the major e-signature market players.
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