The Rapid Expansion of the Electronic Signature Market

The global electronic signature market was valued at around 7.61 billion U.S. dollars in 2024 and is projected to grow to 118.88 billion by 2032. Due to rising investments in electronic documents by governments and enterprises.

Here at eSign, we welcome diverse businesses from all industries, and we love working to assist in providing digital transformation solutions to improve our client’s transaction customer workflow. Here, we look at why this market is accelerating and surpassing all forecasted expectations.

Multiple forecasts conclude the digital signature market size to more than double in the next three years, from 5.25 billion U.S dollars in 2023 to 12.95 billion in 2026.

The Major Growth Factors for the eSignature Market include:

• Improved operational efficiency
• Reduced operational expenditure (OPEX).
• Increased need for robust security measures
• Environmental benefits from eliminating paper-based processes
• Improved security, and increased adoption of digital signature solutions to securely sign documents.

Our first-hand experience can substantiate this, as our customer stories reveal customers often state to us the above requirements to improve their own customer experience and remain competitive within their own industries. By maintaining effective margins and reducing overheads.

What Sectors are the Biggest Adopters?

Banking, financial services and insurance segment (BFSI) are expected to grow at the highest rate during the forecast period.

The BFSI segment is expected to grow at the highest rate. However close behind this sector comprises of a multitude of adopters:

• Government
• Healthcare & Life sciences
• Legal
• Property
• HR
• Education
• Energy
• Transport
• Manufacturing

eSign has assisted in all these industries, each of which have a stated commonality; to simplify the complex processes, with enhanced security, improve turnaround time for onboarding a customer, to go paperless by automating the document workflow, and meet the regulatory compliances.

Europe and the US are Adopting eSignatures at the Highest Rate

Europe has distinctively been one of the fastest-growing markets in terms of rapidly adopting digital signature solutions. The digital signature market is also termed as the next big boom with regards to the ever-increasing adoptions across this region. This is because of the significant demand for high-end security solutions. As well as an increase in the need for digitisation of legal compliances.

The eIDAS regulation (of which eSign participates as a registered research partner for the European commission), attributed to the rapid growth of the digital signature market in the region. Resulting in an increase of engagement of consumers in the emerging countries of the region.

In addition to Europe, North America has proven to hold a significant share of the e-signature market too. The US was one of the earliest adopters of digital technologies. And has continued to grow to become one of the leading countries implementing electronic signatures. 

The use of e-signatures in the US was established by the Electronic Signatures in Global and National Commerce (ESIGN) Act which was introduced in 2000. It says that e-signatures are legal in every US state and territory where federal law applies. Additionally, in any state where federal law does not apply, the Uniform Electronic Transactions Act (UETA) is applicable in most states.

Why is the eSignature Market Growing so Rapidly?

Growth can be attributed to the increased demand for digital signature solutions and advancements in digital technologies. Moreover, regulatory compliance by government and legislation are benefitting all stakeholders present in the digital signature ecosystem.

The UK, Germany, and France are among the key countries considered for the digital signature market analysis in this region. Additionally, the rapid expansion of local service providers, as well as global enterprises, in Europe is also one of the important factors that is influencing the growth of the digital signature market.

The continually increasing acceptance of dematerialisation is one of the key driving forces behind market growth. This in combination with the growing popularity of paperless systems for both businesses and customers, has created more demand for electronic authorisation of documents. Also, the shift to hybrid and remote models of working, and the continued acceleration of eCommerce, have contributed to the growth of e-signatures. As they can provide a more efficient and secure way of handling digital transactions.

Innovative Solutions to Meet the Evolving Needs of the Digital World

There is also no doubt that the COVID-19 pandemic highlighted a need for digital transformation across many industries, specifically healthcare. In the UK, the NHS had to adapt rapidly to meet these evolving needs, and digitalisation played a crucial role.

The pandemic became a catalyst for businesses and organisations across the world in realising the need to adopt digital technologies. The benefits from time and cost savings, environmental benefits to better collaboration and productivity show that e-signature technology is here to stay.

A further key driver of the growth of the market is the need for robust security measures to protect digital signatures from fraud. This has led to the development of advanced encryption techniques, identification methods and blockchain technology integration. Ensuring the integrity and authenticity of electronically signed documents.

As more businesses and consumers begin to realise the benefits of electronic signatures such as faster transaction times, reduced operational costs and reduced environmental impact through adopting paperless processes, the eSignature market is expected to maintain its upward trajectory.

What has Hindered Market Growth in the Past?

Lack of awareness about the legality and benefits of eSignatures

As we have seen, over the past few years there has been substantial growth in the e-signature market with the compound annual growth rate ranging between 28% and 30%. This has been across various countries and industries. However, the implementation of electronic signature technology has been lower in some developing countries compared to developed economies. 

The hesitation to adopt e-signatures often stems from a lack of understanding about their advantages and the misconceptions surrounding their legal validity. Many businesses are hesitant to implement new technologies if they are unsure about the associated regulations. Additionally, the rise in cyberattacks has heightened concerns over data security. Making some organisations more cautious about embracing digital processes, which has contributed to delays in market expansion.

Despite these reservations, the electronic signature market has continued to grow. As many modern solutions, such as eSign, offer the highest standards of security measures to protect user data, and are compliant with all relevant e-signature laws internationally. Not only that but the market overall continues to be propelled forward by the need for greater security, operational efficiency, and more seamless workflows when it comes to document transactions.

What’s Driving the Electronic Signature Market as a Whole?

To summarise our first-hand experience as to what drives businesses to eSign documents, we can confidently state:

• Rising investments in Electronic Documents by Governments and Enterprises
• Improved Security with a Controlled and Seamless Workflow
• Improved Operational Efficiency with a Lower Operational Expense
• Enhanced end to-end-Customer Experience
• Environmental Benefits from Going Paperless

eSign continues to work with businesses of all industries to allow them to increase the number of partnerships, and acquisitions they can achieve with the adoption of electronic signature technology, as well as to improve acceptance of the integrations of cloud-based systems.

Why Choose E-Sign to Sign Your Documents?

At E-Sign, we realise that there are many different e-signatures available on the market. Our name may be E-Sign but we offer so much more than just e-signatures. Here’s why we think you should sign your documents with us:

Secure Signing

Our e-signature is secure and fully verifiable. When you sign with E-Sign, you’ll have a digital certificate and a full audit trail supporting your transactions. Our document management platform is also secured via 256bit SSL encryption, so you’ll have peace of mind that your data is secure.

Editable Documents

Before signing a document, your clients will first need to add their information. Create editable documents by adding drag and drop fields such as text boxes, tick boxes and e-signature fields to your document.

Built-in ID Checker

Ensure your document can only be accessed by authorised parties with our built-in ID checker. Your clients will be asked to provide personal details before they can view and sign your document. This will be screened against a global database to verify the identity of your signer.

Verification Tools

The security of your documents is of paramount importance. The E-Sign platform offers a range of verification tools to protect your sensitive information. Enable password protection on your documents or SMS authentication and ensure your documents are kept safe from prying eyes.

Integrated Payment Gateway

Signing documents is normally followed by exchanging money. With our integrated payment gateway, you can combine these two transactions into one and request payment as documents are signed. Speed up transactions and improve cash flow with E-Sign’s payment gateway.

Try E-Sign for free today

If you want to try out E-Sign for yourself, why not sign up for our 14-day free trial? We never ask for payment information and there’s no need to download or install any software. All you’ll need is your email address.