E-Signature Platform Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.20 Billion |
| Market Size (2029) | USD 18.64 Billion |
| CAGR (2024 - 2029) | 29.08 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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E-Signature Platform Market Analysis
The Global E-Signature Platform Market size is estimated at USD 5.20 billion in 2024, and is expected to reach USD 18.64 billion by 2029, growing at a CAGR of 29.08% during the forecast period (2024-2029).
- 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.
E-Signature Platform Market Trends
This section covers the major market trends shaping the E-Signature Platform Market according to our research experts:
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.
E-Signature Platform Industry Overview
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.
- October 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.
- September 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.
E-Signature Platform Market Leaders
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DocuSign Inc.
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Zoho Corporation Pvt Ltd
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Adobe Inc.
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SignEasy
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PandaDoc Inc.
*Disclaimer: Major Players sorted in no particular order
E-Signature Platform Market News
- September 2022 - The National Institute of Standards and Technology requested additional digital signature proposals to be considered in the Post-Quantum Cryptography (PQC) standardization process. NIST is primarily interested in additional general-purpose signature schemes that are not based on structured lattices. For some applications, including certificate transparency, it may also be interested in signature schemes comprising short signatures and fast verification.
- August 2022 - ZorroSign announced upgrading its user experience and user interface with new features, security, compliance & system updates for its subscribers in the UAE.
- March 2022 - PandaDoc announced a partnership with the PandaDoc Connector by QuickBooks app. PandaDoc now integrates with QuickBooks Online Advanced, Intuit's leading financial management platform for mid-sized businesses.
- March 2022 - PandaDoc announced the acquisition of LiveNotary, a developer of a remote online notarization solution. The acquisition furthers PandaDoc's mission to build a full scope of digital document management solutions for SMBs, including legally binding agreements, transactions, and proposals. The company announced the immediate availability of PandaDoc Notary, developed by leveraging LiveNotary's technology and expertise to enable customers to securely and legally notarize documents 100% online.
E-Signature Platform Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumption And Market Defination
- 1.2 Scope of the study
2. RESEARCH METHODOLOGY
- 2.1 Research Framework
- 2.2 Secondary Research
- 2.3 Primary Research
- 2.4 Data Triangulation And Insight Generation
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Bargaining Power Of Suppliers
- 4.2.2 Bargaining Power Of Buyers
- 4.2.3 Threat Of New Entrants
- 4.2.4 Threat Of Substitutes
- 4.2.5 Intensity Of Competitive Rivalry
- 4.3 Assessment of the Impact of COVID-19 on the Market
- 4.4 Types of E-Signatures (SES, AES and QES) and Vendors Offering Different E-Signatures
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4.5 Market Drivers
- 4.5.1 Rise In E-signatures And Adoption Of Cloud-based Services
- 4.5.2 Increase In Remote Work Culture And Overseas Contracts
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4.6 Market Challenges/Restraints
- 4.6.1 Increasing Vulnerability Related To Cyber-attacks and Frauds
5. MARKET SEGMENTATION
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5.1 By Deployment
- 5.1.1 On-premise
- 5.1.2 Cloud
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5.2 By Organization Size
- 5.2.1 Small and Medium Enterprise
- 5.2.2 Large Enterprise
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5.3 By End-User
- 5.3.1 BFSI
- 5.3.2 Government and Defense
- 5.3.3 Healthcare
- 5.3.4 Oil and Gas
- 5.3.5 IT and Telecom
- 5.3.6 Logistics and Transportation
- 5.3.7 Other End-user Industries
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5.4 By Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.2 Europe
- 5.4.2.1 United Kingdom
- 5.4.2.2 Germany
- 5.4.2.3 France
- 5.4.2.4 Italy
- 5.4.2.5 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 China
- 5.4.3.2 Japan
- 5.4.3.3 South Korea
- 5.4.3.4 Rest of Asia-Pacific
- 5.4.4 Latin America
- 5.4.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Docusign Inc.
- 6.1.2 Zoho Corporation Pvt Ltd
- 6.1.3 Adobe Inc.
- 6.1.4 Signeasy (esign)
- 6.1.5 Pandadoc Inc.
- 6.1.6 Hellosign Inc. (hellosign Api)
- 6.1.7 Airslate Inc. (signnow)
- 6.1.8 Yousign
- 6.1.9 Silanis-esignlive (onespan Inc.)
- 6.1.10 Rightsignature (citrix Systems)
- *List Not Exhaustive
7. MARKET INVESTMENTS AND FUTURE TRENDS
- 7.1 Investment Analysis
- 7.2 Future of the Market
E-Signature Platform Industry Segmentation
An electronic signature solution is designed to support various business needs. It is an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign a record. It is a digital form of a wet ink signature that is legally binding and secure, but it does not incorporate any encryption standards. E-signature can be less secured and less authentic than a digital signature, but it still has legal validity and enforceability.
The Global E-Signature Platform Market is segmented by Deployment (On-Premise, Cloud), Organization Size (SME, Large Enterprise), End-User Industry (BFSI, Government and Defense, Healthcare, Oil and Gas, IT and Telecom, Logistics and Transportation), and Geography.
| By Deployment | On-premise | |
| Cloud | ||
| By Organization Size | Small and Medium Enterprise | |
| Large Enterprise | ||
| By End-User | BFSI | |
| Government and Defense | ||
| Healthcare | ||
| Oil and Gas | ||
| IT and Telecom | ||
| Logistics and Transportation | ||
| Other End-user Industries | ||
| By Geography | North America | United States |
| Canada | ||
| By Geography | Europe | United Kingdom |
| Germany | ||
| France | ||
| Italy | ||
| Rest of Europe | ||
| By Geography | Asia-Pacific | China |
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| By Geography | Latin America | |
| Middle-East and Africa |
E-Signature Platform Market Research FAQs
How big is the Global E-Signature Platform Market?
The Global E-Signature Platform Market size is expected to reach USD 5.20 billion in 2024 and grow at a CAGR of 29.08% to reach USD 18.64 billion by 2029.
What is the current Global E-Signature Platform Market size?
In 2024, the Global E-Signature Platform Market size is expected to reach USD 5.20 billion.
Who are the key players in Global E-Signature Platform Market?
DocuSign Inc., Zoho Corporation Pvt Ltd , Adobe Inc., SignEasy and PandaDoc Inc. are the major companies operating in the Global E-Signature Platform Market.
Which is the fastest growing region in Global E-Signature Platform Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global E-Signature Platform Market?
In 2024, the North America accounts for the largest market share in Global E-Signature Platform Market.
What years does this Global E-Signature Platform Market cover, and what was the market size in 2023?
In 2023, the Global E-Signature Platform Market size was estimated at USD 4.03 billion. The report covers the Global E-Signature Platform Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global E-Signature Platform Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
E-Signature Platform Industry Report
Statistics for the 2024 E-Signature Platform market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. E-Signature Platform analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
