Global E-Signature Platform Market Size

E-Signature Platform Market Analysis

The Global E-Signature Platform Market size is estimated at USD 5.20 billion in 2024, and is expected to reach USD 18.64 billion by 2029, growing at a CAGR of 29.08% during the forecast period (2024-2029).

• Various enterprises are shifting from traditional signatures to electronic signatures because it reduces the risk of legal disputes and provides more substantial evidence. There has been a constant need for data security during the transmission of sensitive information. Due to the e-commerce and online banking boom, companies needed to secure their networks to gain customers' confidence. This requirement led to greater and faster adoption rates of electronic signatures, which act as the sender's seal of authenticity over any electronic document.
• Technological advancements led to the evolution of executing documents. With the increasing demand for modern, convenient methods for entering binding transactions, electronic agreements and signatures have gained momentum in recent years. Such developments significantly changed the entering and execution processes of the documents.
• Younger consumers are a driving force behind the rise in electronic signatures in the financial services industry. During the pandemic, Gen Z and millennials worldwide signed financial documents, such as opening a bank account, loan agreement, investment, wealth management, and mortgage agreements, which resulted in a burgeoning electronic signature demand.
• E-signature solutions are helping multiple industries go paperless, which is the fastest way to improve their businesses, increase their profitability, and give clients a better experience. For instance, using these solutions in the real estate sector enables agents and brokers to have the mobile tools to put contracts together anywhere.
• Over the past few years, the threat of cybercrimes evolved into a severe problem for individuals, organizations, and society. The global adoption of the internet and the proliferation of digital services, which attract profit-seeking criminals, is the primary driver for such attacks. For instance, as per the National Crime Agency of the United Kingdom, cybercrimes surpassed all forms of traditional crimes.
• With the outbreak of COVID-19, the electronic signature platform market is anticipated to exhibit a positive growth rate, owing to the rise in remote working that shifted the focus from relying on paper-based documentation to the digitalization of the transaction process. Enterprises seek business methods that are seamless and efficient and can be done from anywhere. Document processes have been one that enterprises are considering shifting online.