Electronic Signature Software Market is expected to reach US$ 35.7 billion by 2030

Integration of AI, Blockchain, and Advanced Technologies to Create Opportunities in Market During 2022–2030

According to our latest market study on "Electronic Signature Software Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Deployment, Method, and End-User," the market was valued at US$ 3.3 billion in 2022 and is expected to reach US$ 35.7 billion by 2030; it is estimated to record a CAGR of 34.2% from 2022 to 2030.

The integration of AI and blockchain technology in electronic signatures provides tamper-proof security. When it comes to e-signing, one of the most common issues is ensuring that signatures originate from the correct individual. This gets considerably easier with blockchain technology. Each block in a blockchain is given a cryptographic hash that uniquely identifies it and every subsequent block in the chain. E-signatures might be recorded on each of these blocks to verify their authenticity and record information regarding who has signed off on an e-contract or e-document is creating opportunities in the electronic signature software market. Blockchain can also aid in the tracking of signatures back to their origin is generating opportunities for the electronic signature software in the market growth. Electronic signature providers might use blockchain technology to maintain track of when and where e-signatures were made, as well as who made them. Moreover, AI can detect and rectify any flaws in a signature that could lead to a forgery claim; this reduces the possibility of deception, which is projected to create opportunities in the electronic signature software market. Furthermore, AI algorithms can assist in the matching of handwritten signatures with an individual's previous signatures, a process known as signature verification. This implies it can tell the difference between authentic and false signatures. AI can also detect fake signatures created using copy-and-paste or complex forgeries, lowering the danger of signature fraud is creating opportunities for the electronic signature software market growth. Various players such as Lightico and Inkpaper.ai across the globe provide AI and blockchain integration in electronic signatures. Thus, the integration of AI, blockchain, and advanced technologies will create further opportunities for the electronic signature software market during the forecast period.

Electronic Signature Software Market — by Geography, 2022

Source: The Insight Partners Analysis

Adobe Inc, DocuSign Inc., HID Global Corporation, Legalesign Ltd., OneSpan Inc, RPost, Thales SA, U-Sign-It Pty Ltd, Zoho Corp Pvt Ltd, and Altron Ltd are among the key power electronics market players profiled in the report. Several other major electronic signature software market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The electronic signature software market report provides detailed market insights, which help the key players strategize their growth.

The North America electronic signature software market is segmented into the US, Canada, and Mexico. Electronic signatures have simplified various transactions for consumers in North America. Trade deals such as the United States-Mexico-Canada Agreement (USMCA) increase the demand for the use of electronic signatures and driving the North America electronic signature software market share. Thus, it is critical to support regulation since it potentially increases the use of electronic signatures. The Internet replaces the traditional forms of business communication, and to fully implement Internet commerce communications—companies are looking for an appropriate replacement for traditional authentication procedures such as electronic signature software is driving the North America electronic signature software market share. An electronic signature software authenticates particular writing. The authenticating signature is then sent electronically, connected to, or logically associated with an electronic message.

An electronic signature might appear in numerous forms, such as a digitized fingerprint, a deployment name, a digitized image of a handwritten signature, or a PIN. Further, the North American Securities Administrators Association (NASAA), an organization that protects investors, has presented an agenda for more clarity in the electronic signature statement of policy for driving the electronic signature software market growth. For instance, the NASAA needs an electronic signature to meet both the Electronic Signatures in Global and National Commerce Act (ESIGN) and the Uniform Electronic Transactions Act (UETA) requirements. The statement of policy necessities focuses on electronic presentation and subscription documents to investors. Thus, the policies for electronic signatures and the growing demand for electronic signatures in the government sector propel the growth of the electronic signature software market.

Furthermore, various companies in the region are highly focused on providing electronic signature software to various industries, which is propelling the electronic signature software market. For instance, OneSpan Inc., a US-based company, provides electronic signature products to various industries, including BFSI companies, along with an enhanced digital customer experience is fueling the electronic signature software market. For instance, more than 20 insurers in the region use their product to process ~20 million documents every year. Lone Wolf Technologies, a software company based in the US, provides electronic signature products for the real estate industry. Its product, named Authentisign, has legally binding signatures and obeys all North American and international laws and statutes is boosting the electronic signature software market.  

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