The global e-signature market size is expected to reach USD 12.1 billion by 2024, with a CAGR of 32.3% during the forecast period (2018 – 2024). The major factors leading to the considerable growth in the e-signature market are the mounting need for security and efficiency in documentation and operations and increasing online transaction in BFSI industry. Also, with the increasing identity thefts and online frauds, the need to use electronic signature solutions to retain and improve online service experience for customers is increasing rapidly, across the globe.
Market Segmentation
Based on type, the e-signature market is categorized into:
Of all, public key infrastructure segment holds the largest share in the market. The segment has the largest market size as public key infrastructure facilitates secure and encrypted transfer of information for different activities ranging from e-commerce to online banking. The technology also provides authentic communication and among different parties or individuals validating their identity.
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On the basis of use-case, the market is segmented into:
Among all use-case, the unmediated e-signature market size was the largest and it is also predicted to grow at the fastest CAGR during the forecast period. The key traction for unmediated e-signature is due to the due to its user friendly and faster process.
Based on deployment mode, the market is segmented into:
Of both, the larger market share is held by the cloud-based e-signature market, globally and the category is also expected to observe the higher CAGR of 36% during the forecast period. This is primarily due to the faster and easier workflow without any hardware burden with the cloud-based solution.
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Industry Dynamics
Factors that have been acting as the driving factors for the growth of this industry are:
Key factors hindering the growth of the e-signature market are:
Geographic Overview
Of all the different regions, North America account for the largest share of the e-signature market, globally. The key factors leading to the largest e-signature market size in North America are increased level of internet penetration and adoption of online business practices.
Asia-Pacific is observed to witness significant growth at 36% CAGR in the e-signature market during the forecast period, as the region provides immense opportunities for industry players as the region is witnessing boomin e-commerce industries especially in the developing nations like India and China.
Competitive Insight
The key players operating in the global e-signature market are: Adobe Systems Inc., Citrix Systems Inc., SIGNiX Inc., Docusign Inc., SSL Europa France SAS, Gemalto NV, Sertifi Inc. RPost and AssureSign LLC.