NEW YORK, May 31, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global e-signature market is expected to cross $9.0 billion by 2023, growing at a CAGR of 34.7% between 2017-2023. A significant growth in demand for e-signature is anticipated due to the increasing security concerns among business owners, increasing online transactions and the growing e-commerce market. Additionally, the rising government support to reduce paperwork and the adoption of advanced technology in the developing countries are also bolstering the growth of the e-signature market.
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In the long term, the increasing demand for security, workflow efficiency and supply chain enhancement solutions are expected to have high impact in the global e-signature market. During the long term, the requirement for process optimization is expected to increase owing to the growing consumer demand for convenient methods of authentication along with the requirement of automation in business processes.
Australia is one of the key countries for e-signature market globally. For instance, in March 2017, eSignLive, a subsidiary company of VASCO Data Security International Inc. has entered into a partnership with Myprosperity, an online solution to accountants and advisors in the Australian market to allow uses to offer clients the ability to review and sign financial documents online. The positive opinion of Australian business owners about e-signature technology is expected to drive the market in the country and at global level. In addition, according to Australian law on e-signature, electronic signatures are a valid way of executing agreements.
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E-signature, however being a convenient mode of transaction, remains costly to the subscriber which limits its widespread adoption. The cost of an e-signature solution can range from $250,000 to $1 million only for software licenses. The cost of software licenses is expected to decline due to increase in user base; however, it may exceed if the cost of transaction is included. The high cost is the key hindrance for the e-signature providers to target several small and medium sized companies and thereby, creating a negative impact on the growth of e-signature market.
Some of the key players operating in the e-signature market are Docusign Inc., Adobe Systems Inc., SIGNiX Inc., RPost, SSL Europa France SAS, Citrix Systems Inc., Sertifi Inc., Gemalto NV and AssureSign LLC.
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Digital Signature Market
Geographically, North America has been the largest market for digital signatures and Asia-Pacific had been the fastest growing regional market. The market in the region is also expected to grow at significant pace during the forecast period. By country, the U.S. stands as the largest market globally, whereas the market in China has been growing at highest pace.
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