The surging popularity of online documentation processes is another major factor fuelling the rising demand for e-signatures across the world. In addition to this, the governments of various countries all around the world are rapidly implementing measures and policies for promoting the adoption of e-signatures all over the world.
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Due to these factors, the global e-signature market generated a revenue of $951.3 million in 2019. The market is expected to advance at a CAGR of 24.6% during the forecast period (2020—2030). One of the prominent trends currently being witnessed in the e-signature market is the rising provision of e-signature solutions through software as a service (SaaS) model.
This is mainly ascribed to the fact that the SaaS model allows the utilization of e-signature solutions without their customization and integration and immediately after their procurement. Due to this reason, governments and organizations across the world are increasingly preferring the adoption of SaaS-based e-signatures. Furthermore, the SaaS-based e-signature solutions are being increasingly used for document signing procedures by external organizations, sales, legal departments, and human resources.
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Across the globe, the Asia-Pacific (APAC) region is predicted to observe the fastest growth in the adoption of e-signature solutions during the forecast period. This is primarily attributed to the rising number of small and medium enterprises (SMEs), increasing investments being made in the information technology (IT) sector, rapid economic growth, increasing incorporation of various advanced technologies such as machine learning (ML)and artificial intelligence (AI), and enhancing digital infrastructure in the region.
