Factors such as the surging need for digital transaction management; increasing government support; rising security concerns, workflow efficiency, and supply chain enhancement in the corporate sector; and mounting adoption of advanced technologies in developing countries are expected to drive the growth of the e-signature market at a CAGR of 26.6% during the foreseeable period. According to P&S Intelligence, the market size is projected to reach $12,721.4 million by 2030 from $1,198.6 million in 2020.Moreover, the market is witnessing a trend of surging implementation of signature pads for preventing forensic information.

The surging digital advancements across the corporate sector is one of the main factors boosting the e-signature industry growth. With the digital advancements, the demand for online document authentication is rising, which, in turn, encourages organizations to deploy e-signature solutions. Moreover, e-signatures minimize the chances of human error during crucial financial transactions, automate the transaction processes, and improve cash management. Thus, several organizations in the corporate sector have started deploying e-signature solutions for identity and access management and electronic invoice presentment and payment.

Based on type, the e-signature industry is classified into public key infrastructure (PKI), signature pad at point of sale (POS), username and PIN, voice signature, clickwrap, and others. Out of these, the PKI category accounted for the largest market share in 2020. This is due to the fact that PKI solutions provide assurance to signers and document authenticity in a cost-effective and secure manner. The solutions include standards, hardware, policies, and software, which are ensuring the authentication of an e-signature. Thus, the focus of companies on employing these solutions for the management of cybersecurity is increasing.

Moreover, on the basis of component, the e-signature market is classified into software, hardware, and service. Among these, the service category is projected to record the fastest growth during the forecast period. This is attributed to the lack of technical skills and awareness to manage large-scale operations, which is leading to the rising demand for cloud, maintenance, implementation, and consultancy services. Whereas, the software category accounted for the largest share in 2020, owing to the rising use of cloud-based and advanced e-signatures with encryption via PKI.

Globally, the North American e-signature market accounted for the largest share in 2020. This is mainly due to the surging adoption of e-signatures to minimize online fraud and their rising application in the BFSI sector. Moreover, mounting investments in advanced technologies are supporting the need for e-signatures in various sectors for quality control in the region. Whereas, the Asia-Pacific (APAC) market is projected to record the highest growth rate in the coming years. This can be ascribed to the surging deployment of digital services, increasing user acceptance of online billing and paperless transactions, and rising online commerce activities in APAC.

Thus, the surging need for digital transaction management and the rising security concerns across the world are projected to propel the market growth in the coming years.