62 e-Signature Software Statistics You Can’t Ignore: 2024 Market Share Analysis & Data

The pandemic has forced many organizations to embrace e-signature software. The number of organizations utilizing e-signature has climbed by 50%, while the number of individual users has increased by 13%. Post-pandemic, 69% of survey responders prefer e-signature to in-person signing. (AirSlate, 2021) Thus far, e-signature software statistics project a growing market trend to continue in the next decade.

No surprise there, as IT decision-makers rapidly adopt technology to meet changing business and customer needs. Besides, over half of these decision-makers say that integrating new technology has been faster in the last year. (IDG, 2021a) If you want to embrace this technology, here are e-signature software statistics that can help you make an informed choice on the best e-signature software for your organization.

key esignature statistics

Digital Business Statistics
Security Market Statistics
e-Signature Market Statistics
e-Signature Market Trends

Digital Business Statistics

With digital transformations in businesses, the use of e-signature also increases. It is widely acknowledged that the pandemic has driven organizations to start or implement a digital-first approach.(IDG, 2021a) Here are data that could give you insights into digital business trends.

Half of business technologists are primarily responsible for building analytics capabilities (36%) and are involved in building platforms for digital commerce robotic process automation, and artificial intelligence (AI), among others. (Gartner, 2021b)
A combination of automation application development, AI tools, and integration is routinely used by 77% of businesses in their daily work. (Gartner, 2021b)
Business technologists that are enabled by organizations are 2.6 times more likely to accelerate digital business outcomes. (Gartner, 2021b)
The “digital-first” approach has been adopted by 52% of organizations; add to this those who plan to use such an approach, the rate totaled 91% in 2019. (IDG, 2021a)
In 2021, 61% of organizations that had digital business plans say that they were forced to begin/implement a digital-first strategy due to the pandemic. (IDG, 2021a)
Tech leaders expect to invest more in data & analytics and machine learning (ML)/ artificial intelligence (AI) to give customers better experiences, enable business resilience/agility, and improve employee productivity. (IDG, 2021a)
Organizations measure the success of their digital business initiatives through increased profitability, excellent customer service measured by customer satisfaction scores, and improved employee productivity using process efficiencies/automation. (IDG, 2021a)
Achieving digital business success has challenges associated with it, including competing priorities and lack of staff/skills. (IDG, 2021a)
In China, 28% of survey respondents believed a major technological breakthrough would take place in Big Data analytics in the next three years. (PwC, 2021)
23% of the same respondents said that large advancements were in the Artificial Intelligence (AI) field. (PwC, 2021)

Security Market Statistics

In 2021, the global cyber security market reached a size of $165.78 billion, and this is projected to reach $366.10 billion in 2028 at a CAGR of 12.0%. This rise is attributed to this market’s demand and growth, returning to pre-pandemic levels. (Fortune Business Insights, 2021)

General Security Market Background

The global information security market is expected to develop at an 8.5% CAGR, reaching $170.4 billion by 2022. (Gartner, 2021a) Possibly because there will be a higher need for security technology as there is a hacker attack every 39 seconds. Here are security technology statistics that could help you decide on how you can protect your information and data.

90% of security leaders from IDG’s 2021 Security Priorities study believe that their organization falls short in addressing cyber risks. (IDG, 2021b)
98% of respondents expect their security budgets to increase or remain the same to help them combat security risks. (IDG, 2021b)
In 2020, only 42% of IT security leaders took physical security as a responsibility, compared to 65% in 2021. (IDG, 2021b)
91% of surveyed security leaders know the reason behind their security incidents in the past year. A little under half (44%) reported non-malicious user errors. (IDG, 2021b)
According to survey respondents, five weeks is the average amount of time before a security incident is detected. (IDG, 2021b)
Security leaders hope to be prepared against security incidents. They also hope to improve/increase security awareness among end-users, improve the protection of confidential and sensitive data, and upgrade IT and data security. (IDG, 2021b)
The top spot on the list of technology organizations that are actively researching and continuing a steady adoption of 24% in 2019 to 35% in 2020 and 46% in 2021 are Zero Trust technologies. (IDG, 2021b)
The most significant threats to sensitive data continue to be employee mistakes at 53%. (Ponemon Institute, 2021)
The protection of customers’ personal information is the main driver for encryption, at 54%. (Ponemon Institute, 2021)
34% of Android and IOS users said they used a WiFi router for secure work communications during the pandemic. 18% and 15% acquired identity token/digital signature for Android and IOS, respectively. (Mobile Ecosystem Forum, 2021)
From November 22 until December 21, 2021, the most effective method of spam detection in Russia was analyses of sender attributes and formal attributes. The latter identified around 17% of spam over that period. (Kapersky Lab, 2021)

Biometric Market Statistics

The biometric market, including thumbprint and facial recognition technology, has become ever more significant as the need for stronger security rises. The global biometric system market size was about $36.6 billion in 2020 and is expected to increase rapidly, reaching $68.6 billion by 2025. (MarketsandMarkets, 2020)

In 2020, the global biometrics market was valued at $27.09 billion. With a CAGR of 15.2 from 2021 to 2026, it could reach $62.52 billion by 2026. (Mordor Intelligence LLP, 2021b)
48% of respondents in a 2021 survey with industry professionals internationally agreed that using technology for new solutions would be critical to managing the coronavirus and future pandemics. Twenty-eight percent agreed that health protection would be more important than privacy protection in the next few years, while 25% disagreed. Additionally, 19% strongly agree that biometrics should be used internationally. (Biometrics Institute, 2021)
33% of respondents in a 2021 survey of industry professionals around the globe said digital identity would be the biggest development in biometrics in the next five years. (Biometrics Institute, 2021)
53% of respondents in the same survey strongly agreed that biometrics would play a key role in the enabling of digital identities, and 52% said there would be continued growth in various identity verification systems and technologies. (Biometrics Institute, 2021)
56% of respondents from Europe said legislation in their region is strict enough in the use of biometrics. (Biometrics Institute, 2021)
49% of respondents from the Americas said their legislation regarding the use of biometrics in their region is not strict enough. (Biometrics Institute, 2021)
The top factors that restrained the worldwide biometrics market, according to respondents, were privacy and data protection concerns (65%), lack of public trust (51%), and legislation and governance (44%) (Biometrics Institute, 2021)
The aspects of biometrics that bring worldwide public concern are linking biometrics to databases, leading to mass surveillance (68%), demographic differentials or bias (55%), and watchlists were a concerning aspect (40%). (Biometrics Institute, 2021)
The global biometric authentication and identification market could reach about $100 billion in 2027, at a CAGR of 14.6% from 2019 to 2027. (MRFR, 2021)

Source: ReportLinker; MarketsandMarkets

Security Technology Adoption

Perfect cyber security and network protection are difficult to achieve since a security breach could be caused by a single employee unintentionally falling victim to a cyber threat. As such, cyber technologies giving enhanced protection, assisting in preventing cyber attacks, and influencing human behavior toward safer cyber practices must be adopted.

38% of respondents in a global survey in 2021 said they either actively research zero trust or have it on their radar. (IDG, 2021b)
64% of airports express a plan to implement self-boarding gates using biometrics with ID documentation by 2023. (SITA, 2021)
43% of developers in another 2021 survey said they are engaged in biometrics for ID verification (i.e., fingerprints/iris/voice) (SlashData, 2021)
There is an overall increase in the share of organizations using biometric responses worldwide from 2014 to 2020, and 19% of respondents used biometric responses as a research method. (GreenBook, 2021)
In 2020, about 40% of Russian companies did not perform security diagnostics when transmitting or storing personnel data. Meanwhile, 26% performed so only when necessary, and 11% did so per internal audit request. (Deloitte, 2021)
Biometrics for ID verification (i.e., fingerprints, iris, and voice) has an adoption rate among software developers worldwide of 13%. Twenty-two percent are learning about it, and 65% are interested. (SlashData, 2021)

e-Signature Market Statistics

The pandemic revealed an unpalatable truth: handling paper documents is inefficient and outdated. As a result, the use of e-signatures and digital documents skyrocketed, and Adobe Sign even saw a triple-digit year-over-year growth in the number of users each month. Post pandemic, the use of e-signature is expected to become even more extensive.

The global e-signature market could witness a 26.6% CAGR during 2021–2030, possibly reaching $12,721.4 million by 2030. (P&S Intelligence, 2021)
The United States holds 22% of the market share, the largest, thus, far. Still, the Asia Pacific region, India, China, and Brazil are close behind. (P&S Intelligence, 2021)
Similarly, the Global Signature Verification Market is predicted to grow at a 25.3% CAGR, reaching $4,795.57 billion by 2026. Still, the Asia Pacific is growing at the highest CAGR in the same period. (Mordor Intelligence LLP, 2021a)
The major companies operating in the Signature Verification Market are Parascript LLC, ASCERTIA LTD, JUMIO corporation, Ekata Inc., and IBM Corporation. (Mordor Intelligence LLP, 2021a)
23% of registered investment advisors (RIAs) considered investing in e-signature to help drive business growth. (TD Ameritrade, 2020)
58% of survey respondents identified keys for external cloud or hosted services, including Bring Your Own Key (BYOK) keys, as being among the most difficult types of enterprise encryption keys to manage.
52% of the same respondents said signing keys like code signing and digital signatures are difficult to manage. (Ponemon Institute, 2021)
Still, the global digital signature market size is projected to reach $16.8 billion by 2026 at a 33.1% CAGR. (MarketsandMarkets, 2021)
In Russia alone, digital signatures were companies’ most commonly employed means of information security; roughly 80% of Russian companies used it to keep data secure. (Deloitte, 2021)
67% of sales departments and 57% of marketing departments employ digital documentation tools, which refer to file sharing and e-signatures, for example. (Forrester Research, 2020)
40% of surveyed organizations use e-signature for increased security, 39% use it for improved productivity, and 53% use it for improved experiences for stakeholders. (DocuSign, 2021)
95% of organizations either currently use e-signature or plan to use e-signature in the future. (DocuSign, 2021)
Two-thirds of businesses currently using e-signature only adopted it in the last two years. (DocuSign, 2021)
44% find e-signature somewhat easy to use (DocuSign, 2021)
The top barriers to the use of e-signature are customer willingness to sign electronically (37%), Security/compliance concerns (36%), and Legality concerns (33%). (DocuSign, 2021)
Current e-signature users (83%) report increased security as the most common benefit of the technology. (DocuSign, 2021)
Even respondents who don’t use e-signature (71%) overwhelmingly agree that it is more secure than a manual signature. (DocuSign, 2021)
At 32% of organizations, compliance teams are often the very first to use e-signature. (DocuSign, 2021)
Over half the survey respondents currently using e-signature already integrated it with compliance technology. (DocuSign, 2021)
Some 9 in 10 of the respondents plan on integrating e-signature and compliance technology. (DocuSign, 2021)
eSignature saves $36 per agreement on average by reducing hard costs and improving employee productivity. (DocuSign, 2021)
3 in 10 professionals think technical complexity is a barrier to e-signature adoption. A similar percentage of e-signature users say technical skills are significant obstacles. (DocuSign, 2021)
More than 4 in 5 say of e-signature users said their providers offered training that gave them all the skills required to use the product effectively. (DocuSign, 2021)
63% of respondents already integrate with identity verification software, 60% with procurement management, 59% with CRM system, 59% with vendor management, and 58% with CLM system. (DocuSign, 2021)
Over half the current e-signature users see benefits related to speed, security, and quality of work. (DocuSign, 2021)
The most appealing feature of e-signature to non-users is remote or in-person mobile signing (36%) and the tracking of signature in real-time (35%). (DocuSign, 2021)
Meanwhile, the most beneficial feature is signer authentification or verification (46%) (DocuSign, 2021)

Source: Mordor Intelligence

e-Signature Market Trends

The e-signature market is evolving rapidly, driven by technological advancements and changing business needs. Here are some key trends shaping the industry:

Increased Adoption Across Industries: More businesses across various sectors, including real estate, finance, healthcare, and education, are embracing e-signature solutions. The push for remote work and digital transformation has accelerated this trend, making e-signatures essential for streamlining processes.
Integration with Other Software: E-signature software increasingly integrates with popular business tools, such as CRM systems, document management platforms, and project management software. This integration enhances workflow efficiency by allowing users to send and sign documents without switching between applications.
Focus on Security and Compliance: As the use of e-signatures grows, so does the emphasis on security features. Providers are implementing advanced encryption, multi-factor authentication, and compliance with regulations like the eIDAS and UETA. This focus on security helps build trust among users and ensures that e-signatures are legally binding.
Mobile Accessibility: The rise of mobile devices has made it crucial for e-signature solutions to offer robust mobile functionality. Users increasingly expect the ability to sign documents on the go, prompting providers to develop user-friendly mobile apps and responsive web interfaces.
AI and Automation: Artificial intelligence and automation are becoming integral to e-signature solutions. These technologies can streamline the signing process, reduce manual errors, and enhance document tracking, making e-signatures more efficient and reliable.

Enhanced Business with E-Signatures

The e-signature software statistics are showing positive trends in e-signature technology use as the market and adoption of e-signature are all seen to increase in the next decade. This rate of increase attributes primarily to the need for increased security and companies’ adjustment to post-pandemic situations where work-from-home has become widespread.

E-signatures are as good as written signatures as acknowledged by legislation. Besides, it is acknowledged as a viable means of security information, as surveys reveal. As such, e-signature is a reasonable investment considering global businesses’ evident need for it.

References:

AirSlate. (2021, May 19). How individuals and US businesses are using eSignature during COVID-19. Business Automation | AirSlate Blog.
Biometrics Institute. (2021). Biometrics Institute Industry Survey 2021. Biometrics Institute.
Deloitte. (2021). Digital personnel data management level of development in companies in Russia 2020. Deloitte.
DocuSign. (2021). 10 Reasons to Adopt E-Signature. DocuSign.
Forrester Research. (2020). How Digital Document Processes Are Shifting From Best Practice to Business Necessity. In Adobe. Forrester Research.
Fortune Business Insights. (2021, January). How much will the cyber security market be worth in 2028? Trends Analysis 2028. Fortune Business Insights.
Gartner. (2021a, September 14). Forecast Analysis: Information Security, Worldwide, 2Q18 Update. Gartner.
Gartner. (2021b, September 21). Gartner Survey Reveals Half of Business Technologists Produce Technology Capabilities for Users Beyond Their Own Department. Gartner.
GreenBook. (2021). GreenBook Research Industry Report, Insights Practice Report 2020. GreenBook.
IDG. (2021a, August 11). 2021 Digital Business Research. IDG.
IDG. (2021b, October 19). 2021 Security Priorities Study. IDG.
Kaspersky Lab. (2021, December). Статистика киберугроз от “Лаборатории Касперского.” SecureList; Kaspersky Lab.
MarketsandMarkets. (2020, November). Biometric System Market with COVID-19 Impact by Authentication Type, Offering, Type, Vertical, And Region. Global Forecast to 2025. MarketsandMarkets.
MarketsandMarkets. (2021). What is the projected market value of the global digital signature market? MarketsandMarkets.
Mobile Ecosystem Forum. (2021).
Mordor Intelligence LLP. (2021a). Signature Verification Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026). Mordor Intelligence.
Mordor Intelligence LLP. (2021b, December). Global Biometrics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026). Reportlinker.
MRFR. (2021, February). Who are the leading players in the biometric system market? Market Research Future.
Ponemon Institute. (2021). 2021 Global Encryption Trends Study. Entrust.
P&S Intelligence. (2021, June). Global E-Signature Market Is Expected To Reach $12,721.4 Million in 2030. Prescient & Strategic Intelligence.
PwC. (2021). China FinTech Survey 2020. In PWCCN. PwC.
SITA. (2021, February). Air Transport IT Insights 2020. SITA.
SlashData. (2021). State of the Developer Nation 20th Edition. SlashDate.
TD Ameritrade. (2020). TD Ameritrade Institutional 2020 RIA Sentiment Survey. Tdainstitutional.

By Louie Andre

B2B & SaaS market analyst and senior writer for FinancesOnline. He is most interested in project management solutions, believing all businesses are a work in progress. From pitch deck to exit strategy, he is no stranger to project business hiccups and essentials. He has been involved in a few internet startups including a digital route planner for a triple A affiliate. His advice to vendors and users alike? "Think of benefits, not features."