How is the electronic signature affecting local and international businesses? Well, the expansion of the digital signature market tells us the whole story.
In 2018, the total market expansion was about $1000 million. However, at the end of 2023, it can be more than $4 billion.
The reason is the rising investments that government organizations, corporates, multinational companies, and SMEs are making.
All these companies are investing in E-Signature online because they want to improve their documentation and signature processes.
In this way, they can satisfy their clients more effectively.
Why is the value of the digital signature market increasing?
Many businesses of diverse industries are becoming the business partners of
electronic signature solution providers.
It means that the businesses have now understood the assistance that digital strategies are providing to improve customer transactions and workflow.
However, there are numerous reasons for this acceleration. We have given an overview of these reasons.
However, the research and surveys have identified the following factors in this regard:
The companies can improve their operational efficiency.
It has been observed through research that businesses have reduced their operational costs while using an electronic signature.
The documents are more secure and protected after the inclusion of advanced digital signature solutions in the documentation processes.
More importantly, the case studies regarding customer experience also tell us about the value of operational efficiency, reduced operational costs, and a more secure environment in improving customer retention.
In this way, companies can remain competitive by increasing margins and reducing overhead expenses.
Which industries are showing more aggressiveness?
Well, banks, insurance companies, and financial institutions are the companies that are more interested in using an electronic signature.
The reason is that these companies need more security and protection during the documentation process.
However, the following industries are also showing great interest in this technology:
• Healthcare & Life sciences
Overall, the reason for choosing the technology of E-signature is due to the simplicity of the complex processes, enhanced security, the fastest turnaround time and paperless environment, onboarding of all stakeholders, automated workflow, and achieving compliance.
Which region is showing the highest adoption rate?
Well, previously, the companies in the United States of America and Canada were more enthusiastic.
However, with time, the acceptance rate has been shifted to the European countries.
The experts think that the next boom in the digital signature market will be due to Europe where thousands of companies are shifting their documentation processes to digital signature solutions.
Once again, the reason is the same. More importantly, when companies are planning to go digital, they immediately start thinking about digital signatures as well.
Another crucial aspect in this regard is the legislation that the members of the European Union have made with the name eIDAS.
Therefore, the trust level of Europe-based businesses is sky-high.
Now, they not only improve their business operations, get signed with the help of digital signature solutions, and improve security, but they can present these contracts as a legal identity in the courts and avoid any legal ambiguity due to any reason.
Why should other companies go for digital signature?
Business growth is the target of every company to take a competitive edge over others. They can achieve it only through digitization.
Another critical aspect in this regard is that you are secure under the law when you are using digital signatures according to the regulations defined in eIDAS.
Therefore, they can improve their workflow by minimizing the time in preparing and signing the documents, minimize the risk of data breaches, keep all the stakeholders on board, and protect the content from all unauthorized individuals and companies.
When a company is achieving all these targets and extracting maximum benefits, others must go for it and join the group of the most successful businesses in this world of technology.