Electronic Signature Software Market to 2027 - Global Analysis and Forecasts by Deployment (On Premise and On Cloud); Method (General Electronic Signature, Qualified Electronic Signature, and Enhanced Electronic Signature); Offerings (Solutions and Service); End-user Industry (Manufacturing, BFSI, Pharmaceuticals, Government Agencies, Legal, and Others)
The global electronic signature software market accounted for US$ 853.75 Bn in 2018 and is expected to grow at a CAGR of 23.7% over the forecast period 2019-2027, to account for US$ 5,639.48 Bn in 2027. During the forecast period of 2019 to 2027, the positive growth outlook towards the growing concerns related to cybersecurity is expected to drive the electronic signature software worldwide. However, the challenges related to variations in laws and policies concerning electronic signatures may restrain the future growth of the electronic signature software market. Despite these limitations, the growing adoption of cloud-based solutions in the banking industry is projected to offer ample growth opportunities for the players operating in the electronic signature software market during the forecast period Some of the leading players in electronic signature software market are highly focusing on strategic market initiatives to enrich their production capabilities as well as to expand their geographical presence across the globe. Also, the players are focusing on receiving numerous strategies to focus strongly on the electronic signature software market. This, in turn, is contributing to the growth of the electronic signature software market.
The electronic signature software market has been segmented on the basis of deployment, method, offerings, end user industry, and geography. Based on offerings, the market has been segmented into solutions and services. Solution segment represented the largest share of the overall market throughout the forecast period, however, services segment is expected to be the fastest-growing. Based on end user industry, the electronic signature software market has been segmented into BFSI, manufacturing, pharmaceuticals, government agencies, legal, and others. In 2018, BFSI contributed a substantial share in the global electronic signature software market. Geographically, the electronic signature software market is categorized as North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America held the largest share of the electronic signature software market in 2018, and it is expected to continue its dominance during the forecast period of 2019-2027. It has contributed more than 39% to the overall revenue of the electronic signature software market in the year 2018. The Europe and APAC held the second and third position in the global electronic signature software market in 2018 with market shares of >28% and >21%, respectively. The market in APAC is anticipated to grow at the highest growth rate from 2019 to 2027. Other developing regions such as the Middle East and Africa and South America are also anticipated to offer ample growth opportunities to the electronic signature software market players during 2019-2027.
The overall electronic signature software market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the electronic signature software market. It also provides the overview and forecast for the global electronic signature software market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the electronic signature software market. Some of the players present in electronic signature software market are Adobe Inc., Docusign, Inc., Esign Genie, HID Global, Legalesign Limited, OneSpan, RPost, Thales S.A., U-SIGN-IT, and Zoho Corporation among others.
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