The expanding e-business industry is thus expected to drive the e-signature market at a high CAGR of 26.6% during the forecast period (2021–2030). According to P&S Intelligence, the market generated revenue of $1,198.6 million in 2020. Such IAM solutions can be adopted by businesses with an e-commerce presence for higher efficiency, tighter supply chain integration, and stronger partner–customer relationships.
Online shopping companies in the emerging economies of India and China are increasingly using e-signatures due to the soaring trend of digital payments, social commerce, and mobile-first customers. In recent years, governments and small organizations have been rapidly adopting software as a service (SaaS)-based e-signatures as these solutions can be used immediately after signing up and procurement, without the integration and customization processes.
The solutions offered via the SaaS delivery model are used by the sales, legal, and human resources (HR) departments when external parties have to frequently sign document. The surging adoption of the SaaS model in enterprises and governments will, therefore, fuel the usage of e-signatures in the foreseeable future. The different types of e-signatures are used in the banking, financial services, and insurance (BFSI), government, healthcare, architecture, information technology (IT) and telecom, legal, retail, construction, engineering, and architecture sectors.
In the coming years, the BFSI sector will adopt these solutions at the highest rate owing to the surging government initiatives to digitize their economy and soaring popularity of online documentation processes for payments, insurance policies, banking services, and legal agreements. As all these domains mandate the authentication of the identity of consumers, the usage of e-signatures will amplify considerably.
Globally, the North American e-signature market generated the highest revenue in 2019, and it will continue this trend throughout the forecast years. This can be credited to the escalating use of the technology in the BFSI and healthcare domains of the region and the enactment of favorable e-signature regulations in the U.S. and Canada. Some of the favorable regulations are the Electronic Signatures in North America and National Commerce (ESIGN) Act, Health Insurance Portability and Accountability Act (HIPAA), Personal Information Protection and Electronic Documents Act (PIPEDA), and Uniform Electronic Transactions Act (UETA).
Therefore, the increasing shift of corporates to the online platform and surging adoption of the SaaS delivery model will boost the adoption of e-signatures in several verticals in the foreseeable future.
Online shopping companies in the emerging economies of India and China are increasingly using e-signatures due to the soaring trend of digital payments, social commerce, and mobile-first customers. In recent years, governments and small organizations have been rapidly adopting software as a service (SaaS)-based e-signatures as these solutions can be used immediately after signing up and procurement, without the integration and customization processes.
The solutions offered via the SaaS delivery model are used by the sales, legal, and human resources (HR) departments when external parties have to frequently sign document. The surging adoption of the SaaS model in enterprises and governments will, therefore, fuel the usage of e-signatures in the foreseeable future. The different types of e-signatures are used in the banking, financial services, and insurance (BFSI), government, healthcare, architecture, information technology (IT) and telecom, legal, retail, construction, engineering, and architecture sectors.
In the coming years, the BFSI sector will adopt these solutions at the highest rate owing to the surging government initiatives to digitize their economy and soaring popularity of online documentation processes for payments, insurance policies, banking services, and legal agreements. As all these domains mandate the authentication of the identity of consumers, the usage of e-signatures will amplify considerably.
Globally, the North American e-signature market generated the highest revenue in 2019, and it will continue this trend throughout the forecast years. This can be credited to the escalating use of the technology in the BFSI and healthcare domains of the region and the enactment of favorable e-signature regulations in the U.S. and Canada. Some of the favorable regulations are the Electronic Signatures in North America and National Commerce (ESIGN) Act, Health Insurance Portability and Accountability Act (HIPAA), Personal Information Protection and Electronic Documents Act (PIPEDA), and Uniform Electronic Transactions Act (UETA).
Therefore, the increasing shift of corporates to the online platform and surging adoption of the SaaS delivery model will boost the adoption of e-signatures in several verticals in the foreseeable future.
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