The value of the electronic signature market has nearly doubled in forecasted value (£3.2 Billion by 2023), and surpassed it’s initial forecast, due to rising investments in electronic documents by governments and enterprises.
Here at E-Sign, we enjoy welcoming diverse businesses from all industries to our family, and we love working to assist in digital strategies to improve our client’s transaction customer workflow. Here, we take a look at why this market is accelerating and surpassing all forecasted expectations.
Multiple forecasts conclude the digital signature market size to grow from £800 million in 2018 to 3.2 billion by 2023, at a CAGR of 36.7% during 2018-2023 – Research shows major growth factors for the market include:
- Improved operational efficiency
- Reduced Operational Expenditure (OPEX).
- Improved security, and increased adoption of digital signature solutions to securely sign the documents.
Our first hand experience can substantiate this, as our case studies reveal customers often state to us the above requirements to improve their own customer experience and remain competitive within their own industries, by maintaining effective margins and reducing overheads.
What sectors are the biggest adopters? - Banking, financial services and insurance segment (BFSI) to grow at the highest rate during the forecast period
The BFSI segment is expected to grow at the highest rate, however close behind this sector comprises of a multitude of adopters:
- Healthcare & Life sciences
E-Sign has assisted in all these industries, each of which have a stated commonality; to simplify the complex processes, with enhanced security, improve turnaround time for onboarding a customer, to go paperless by automating the document workflow, and meet the regulatory compliances.
Europe to adopt electronic signatures at the highest rate
Europe has distinctively been one of the fastest-growing markets in terms of rapidly adopting digital signature solutions. The digital signature market is also termed as the next big boom with regards to the ever-increasing adoptions across this region. This is because of the significant demand for high-end security solutions, as well as an increase in the need for digitization of legal compliances.
The eIDAS regulation (of which E-Sign participates as a registered research partner for the European commission), attributed to the rapid growth of the digital signature market in the region, resulting in an increase of engagement of consumers in the emerging countries of the region.
Growth can be attributed to the increased demand for digital signature solutions and advancements in digital technologies. Moreover, regulatory compliance by government and legislation are benefitting all stakeholders present in the digital signature ecosystem.
The UK, Germany, and France are among the key countries considered for the digital signature market analysis in this region. Additionally, the rapid expansion of local service providers, as well as global enterprises, in Europe is also one of the important factors that are influencing the growth of the digital signature market.
What’s driving the electronic signature market as a whole?
To summarise our first hand experience as to what drives businesses to E-Sign documents, we can confidently state:
- Rising investments in Electronic Documents by Governments and Enterprises
- Improved security with a controlled and Seamless Workflow
- Improved operational efficiency with a lower operational expense
- Enhanced end to-end-customer experience
E-Sign continues to work with businesses of all industries to allow them to increase the number of partnerships, and acquisitions they can achieve with the adoption of Electronic signature technology, as well as improve acceptance and integrations of cloud-based security solutions.
To find out how we can help your business, please get in touch with one of our team, who would love to hear from you.Share comments powered by Disqus