Electronic signatures have been helping enterprises improve and speed up their operations for almost three decades now. Today, e-signature software offers a wide array of benefits more than just the convenience of electronic signing itself. Gone are the days of completing paperwork only in hard copy, more so when the deadlines are too tight. By automating document workflows across departments such as logistics, sales, HR, etc., e-signatures can provide substantial efficiencies in helping businesses of any size eliminate paperwork bottlenecks. Along with document management solutions, e-signature software is digitizing documents, which is far more efficient compared to the conventional pen-and-paper method.
We’ve prepared these key electronic signature statistics, along with industry trends, technology benefits, deployment, and other important e-signature considerations to help keep you abreast of what’s hot and what’s not in this major software niche.
The electronic signature software market is one of the fastest-growing markets across the world. In recent years, the global e-signature market is driven by growth drivers like expanding online documentation processes, supportive laws for the e-signature market, workflow efficiency, supply chain improvements, and growing demand for security. Here are some key e-signature market statistics that demonstrate its phenomenal growth:
A major factor behind these impressive electronic signature statistics is the technology’s increasing adoption through SaaS, mainly for transactions that are less complicated and lower in value. Aside from being easy to implement, this SaaS-based adoption growth is driven by the booming cloud deployment of e-signature solutions. Most SaaS-deployed e-signing tools are used in HR, sales, and legal departments of businesses that frequently require signatures of third-party partners.
An e-signature app seems trivial, but it is a major element in the overall global digital evolution, one that helps millions of businesses experience huge benefits in their operations. Although large enterprises have spearheaded the adoption of the technology, SMBs have recently joined the e-signature revolution and are beginning to enjoy what e-signing tools bring to their operations.
E-signature tools stand for a robust technological and innovative response to address the broad inefficiencies in handling physical (or “wet”) signatures. Most elaborate and resource-intensive transactions of SMBs—which typically involve a series of cumbersome administrative tasks like printing, scanning, etc.—greatly benefit from e-signature technology. Aside from reducing human error in financial transactions, electronically-signed documents guarantee that the agreed processes must be followed even if ad-hoc transactions fail. By automating workflows, e-signatures also accelerate payment and common transaction procedures.
Since 1999, electronic signature has been legally recognized in the US and Canada, while the rest of the world gradually followed suit. Legality and security have always been among the primary concern on the use of electronic signature in business. Here are some important industry facts that had been instrumental in making this modern signature format what it is today: the emerging preferred mode for legally-binding documents.
Today’s top e-signature software solutions vendors provide high-grade security measures, such as audit trail, password protected e-signing, and SOC 2 Type II certification to ensure your documents are handled and stored securely 24/7. Aside from knowing these key security and statutory facts, it’s helpful to clarify that electronic signatures vs. digital signatures are technically and legally distinct, the latter being cryptographic means to implement e-signatures and other e-commerce uses.
SinceDiffie and Hellman first described the e-signature concept in 1976, e-signature tools have transformed the entire corporate world. More and more businesses are using electronic signatures to achieve robust efficiencies, cost savings, security against fraud, achieve enhanced document integrity, and increased transparency. Here are some of the key current and upcoming digital signature trends:
Most of the major vendors are actively focusing on e-signature market study and development to enhance their products. They are also focusing on product launch and partnerships to enhance the product feature and expand their consumer base across the globe.
To sum up the above electronic signature market analysis, here are some key takeaways that will matter the most to your business:
This collection of e-signature statistics and trends primarily reflects the positive developments of this software category. Indeed, electronic signature solutions, along with related technologies like business process management software, are growing leaps and bounds because of the vast benefits they provide to businesses. Compared to the traditional pen-and-paper approach, they are easier to use, offer considerable cost and resource savings, more secure than using wet signatures, allow for remote authentication, and enable much faster turnaround. And in the long run, they do help a lot in saving the environment for future generations.
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