NEW YORK, June 27, 2017 (GLOBE NEWSWIRE) — According to a new research report “Global E-Signature Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insights By Type (Signature Pad at POS, Public Key Infrastructure, Voice Signature, Clickwrap, Username & Pin, Others), By Deployment (Cloud, On-Premises), By Use-Case (Mediated, Unmediated, Third Party, Internal)” published by P&S Market Research, the global e-signature market is projected to reach $9,073.1 million by 2023, growing at a CAGR of 34.7% during 2017 – 2023.
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As per the research, the global e-signature market is likely to register a double-digit growth rate during the forecast period. Electronic signature refers to signatures in electronic form, which helps in speeding documentation processes and making them secure.
Public Key Infrastructure (PKI) contributes highest revenue to the e-signature market, while Username and pin, Signature pad at POS, Clickwrap and Voices signature are the other major types of e-signature market. The market for Clickwrap is likely to register the highest growth during the forecast period on account of growing e-commerce market, rising focus of the companies towards security and authenticity coupled with growing support of various government for bidding.
On the basis of use case, unmediated accounted the largest revenue in global e-signature market, on account of growing e-commerce market, rising online transactions and growing security concern. In addition, in an unmediated process, external assistance for form filling procedures is not required, as they are self-service online transactions for e-commerce transactions, commoditized insurance purchases.
Geographically, North America has been the largest market for e-signature and Asia-Pacific had been the fastest growing market. The U.S. stands as the largest market globally, whereas the market in India has been growing at highest pace. In addition, with growing government initiatives in India, such as Digital India and growing security concern among consumers, is expected to drive the demand of e-signature during the forecast period.
The legislators in the global regions, especially North America and Europe, have been encouraging the corporates for adoption of e-signature solutions to drive efficiency and security in business and e-commerce. Europe adopted a directive on e-signatures 93/1999 in the year 1999, while in the U.S., the legal enactment of e-commerce platform was done through Global and National Commerce (E-Sign) Act in 2000. The working groups across Europe and North America have followed the e-signature legislation and their adoption has been increasing, which has been driving the growth of its market. Currently, there are over 75 countries globally that recognize the legal validity of e-signatures.
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The research states that the global e-signature market is moderately competitive, with players investing heavily in research & development and enhancing the e-signature solutions and security to increase their market share. In 2016, Docusign Inc. and Adobe Systems Incorporated accounted the largest revenue share in global e-signature market. Apart from this, some of the key players operating in the global e-signature market are RPost, SIGNiX Inc., Citrix Systems Inc., SSL Europa France SAS, AssureSign LLC, Sertifi Inc. and Gemalto NV.
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