The "Global E-Signature Market Size, Share, Development, Growth and Demand Forecast to 2023" report has been added to Research and Markets' offering.
The global e-signature market is expected to grow at a CAGR of 34.7% during the forecast period, to reach $9,073.1 million by 2023. A significant growth in demand for e-signature is anticipated due to surging security concern among enterprises, growing government focus towards eliminating paperless work coupled with growing e-commerce market and increasing online transactions across the globe.
With the growing modernization of corporates, the need for document authentication has surged significantly in the recent past. The documentation process in organizations and institutions have been digitizing at a fast rate globally, owing to the benefits imparted by this technology. This has been encouraging the corporates to deploy e-signature solutions in their work processes. E-signatures are one of the identity and access management (IAM) solutions that impart multiple benefits. E-signatures reduce the chances of human errors during crucial financial transactions. The electronically signed documents ensure that the agreed procedures have to be followed with the negligence of ad-hoc transactions. Apart from its security features, e-signatures also speeds-up the payment and transaction processes by automating factors that can affect the cash management.
E-signatures with their role in supply chain have been further creating demand in the corporate sphere. Though e-signature makes the supply chain of corporates efficient by operational cost reduction, and improvement in working capital management.
Furthermore, the increasing penetration of internet and cloud computing has enabled the consumers as well as companies to make deals online, which requires authorization of both the parties. This has been fueling the e-signature market globally. The growth in online financial transactions is one of the examples of increasing documentations over the web. The developed countries, such as the U.S., are witnessing more rapid growth in online banking transactions, owing to their advanced internet infrastructure.