Market Trends of Global E-Signature Platform Industry
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.
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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.
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