The e-signature market is expected to reach $9,073.1 million by 2023, and it is projected to grow at a CAGR of 34.7% during the forecast period (¬2017–2023). The key factors driving the growth of the market are legislative support to the e-signature technology, increasing online documentation process, and growing demand for security, workflow efficiency, and supply chain enhancement in the corporate sector. The electronic form of signatures, referred to as e-signature, makes the documentation process swifter and more secure.
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On the basis of type, the e-signature market is divided into voice signature, clickwrap, username & pin, signature pad at point of sale (POS), and public key infrastructure (PKI). Out of these, PKI held the largest share of the market (around 29.0%) in 2016, but the username & pin division is predicted to dominate the market by 2023. The clickwrap division, however, is expected to grow at the fastest pace during the forecast period. This is attributed to the rapid technological advancements and growing government support.
The increasing demand for workflow efficiency, security, and supply chain enhancement in the corporate sector is leading to the growth of the e-signature market. The requirement for document authentication has grown considerably due to the swift modernization of the corporate sector, which is allowing corporates to deploy e-signature solutions in their work processes.
Another factor driving the growth of the e-signature market is the increasing online documentation processes. Due to the numerous benefits of modern technology, the documentation process in institutions and organizations has been digitizing rapidly. One of the examples of the increasing documentation over the web is the growth in online financial transactions.
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Electronic signatures are a valid way of executing agreements in Australia. eSignLive entered into a partnership with Myprosperity in March 2017 to enable clients with the ability to sign and review financial documents online. Similarly, eSignLive also joined forces with Nuvola Group in June 2015 to create a unique solution, which lets users make end-to-end digital transactions for global and Australian organizations. A joint cloud solution for digital transactions with the e-signature technology provided by eSignLive has been developed by Myprosperity and Nuvola. Thus, Australia is providing growth opportunities to the e-signature market players.
The growing online documentation process and increasing demand for workflow efficiency in the corporate sector are thus resulting the progress of the market for e-signatures.
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