Electronic signatures have revolutionized document signing and exchange in today's digital age. The electronic signature market has grown exponentially over the past few years as more businesses adopt this technology to streamline document workflows and boost efficiency.

As we draw closer to 2023, the electronic signature market is set for even greater expansion, with new products and innovations driving the industry forward. From e-signature software to hardware devices, a wide range of products in this space meet various business needs and use cases.

One of the primary drivers of growth in the electronic signature market is an increasing need for remote and mobile signatures as more people work remotely or while on the go. Businesses require solutions to sign and send documents anytime, anywhere. This has spurred the development of mobile e-signature apps and cloud-based e-signature solutions accessible from any device with internet access.

Another trend shaping the electronic signature market is its integration with other technologies, such as blockchain and artificial intelligence (AI). These integrations improve electronic signatures' security, dependability, and efficiency - making them even more desirable to businesses and individuals.

From cutting-edge e-signature software and innovative hardware devices, we'll assess their features, benefits, and use cases - giving readers invaluable insights into this rapidly transforming sector of electronic signature technology.

Growth and Trends in the Electronic Signature Market

Electronic signatures have revolutionized how businesses operate in today's digital world, as they enable remote work and paperless transactions. MarketsandMarkets reports that the global electronic signature market will grow from USD 2.02 billion in 2017 to USD 9.07 billion by 2023 at a compound annual growth rate (CAGR) of 28.3% during the forecast period.

Growth Drivers of the Electronic Signature Market

There are multiple factors driving growth in this market. One primary driver is businesses' rising adoption of paperless transactions across various sectors. Electronic signatures eliminate physical signatures and paperwork, drastically cutting processing times and costs.

Another significant factor driving the growth of the electronic signature market is the growing adoption of cloud computing technologies. Cloud-based electronic signature solutions offer businesses greater flexibility and scalability, allowing them to manage their signature workflows more efficiently. Furthermore, mobile device adoption and bring-your-own-device (BYOD) policies in the workplace have contributed significantly to expansion within this space.

Furthermore, the rising need for secure and compliant electronic transactions has fuelled the growth of the electronic signature market. Electronic signature solutions offer advanced security measures like encryption and digital certificates to guarantee document authenticity and integrity.

Trends in the Electronic Signature Market

  • Integration with Other Business Systems: One major trend within the electronic signature market is its integration with other systems. Electronic signature solutions are being integrated with customer relationship management (CRM), enterprise resource planning (ERP), and document management systems (DMS), helping streamline operations and boost efficiency.
  • Artificial Intelligence (AI) and Machine Learning (ML): AI and ML technologies are being integrated into electronic signature solutions to automate and optimize electronic signature workflows. AI algorithms can analyze signature patterns and predict signer behavior, giving businesses the power to streamline their signature processes while improving user experience.
  • Mobile-First Approach: With the rise of mobile devices and BYOD policies in the workplace, electronic signature solutions have taken a more mobile-first approach. Now, businesses can sign documents on the go while improving their productivity.
  • Blockchain-Based Electronic Signatures: Blockchain-based electronic signature solutions are becoming increasingly popular in the electronic signature market due to their advanced security capabilities. Blockchain technology enables the creation of secure and immutable records, guaranteeing the authenticity and integrity of electronic signatures.

Key Players in the Electronic Signature Market

The digital signature providers market is highly competitive, with several leading companies competing for market share. Notable names include eSignly, Adobe Inc., DocuSign Inc., OneSpan Inc., SIGNiX Inc., and HelloSign.

Adobe Inc.

Adobe Inc. is a leader in electronic signature solutions. Their Adobe Sign product features advanced capabilities like mobile optimization and integration with other business systems. Adobe Sign is a cloud-based electronic signature solution enabling businesses to securely sign, send, and manage electronic documents. With its mobile-first approach, businesses can sign documents while improving their productivity. Adobe Sign is also integrated with leading business systems such as Microsoft Office and Salesforce, simplifying processes and increasing efficiency. Adobe Sign has been recognized by industry analysts such as Gartner and Forrester as a leader in electronic signature technology.

eSignly

eSignly is a cloud-based electronic signature solution offering extensive features like electronic signatures, document generation, and payment processing. This solution lets businesses create proposals, contracts, and other documents quickly and securely. Furthermore, eSignly integrates with various business systems like Salesforce and HubSpot to streamline processes while improving efficiency.

DocuSign Inc.

DocuSign Inc. is a leader in the electronic signature market, providing businesses of all sizes with an extensive suite of solutions for electronic signature management. Their solutions include eSignature, DocuSign Rooms, and DocuSign Click - making them perfect for businesses of any size! eSignature is a cloud-based electronic signature solution that gives businesses the security to securely sign, send and manage electronic documents. DocuSign Rooms is an enterprise collaboration platform that facilitates document lifecycle management - from creation to signature - throughout its entirety. DocuSign Click is designed to help businesses capture consent and agreement on digital forms and documents. Gartner and Forrester Research, among other industry analysts, have recognized it as an industry leader.

OneSpan Inc.

OneSpan Inc. is a leader in cloud-based electronic signature solutions featuring advanced security measures like digital certificates and encryption. Their electronic signature solutions include eSignLive and SignDoc; with eSignLive, businesses can sign, send, and manage electronic documents securely with multi-factor authentication or biometric authentication options. At the same time, SignDoc lets businesses sign documents on mobile devices safely. OneSpan has been recognized by industry analysts such as Gartner and Forrester as one of the top leaders in this space.

SIGNiX Inc.

SIGNiX Inc. provides blockchain-based electronic signature solutions with advanced security features and tamper-proof records. Their two solutions, SIGNiX Enterprise and Professional, enable businesses to sign, send, and manage electronic documents securely over the cloud; SIGNiX Professional allows businesses to securely sign documents on mobile devices. Through blockchain technology, SIGNiX creates immutable records that guarantee electronic signatures' authenticity and integrity.

HelloSign

HelloSign provides mobile-first electronic signature solutions with a seamless user experience and integration with various business systems. Their electronic signature solutions include HelloSign API, HelloSign Enterprise, and HelloSign Pro. HelloSign API is an electronic signature solution that integrates electronic signature workflows into existing applications. HelloSign Enterprise offers a cloud-based electronic signature platform that enables businesses to securely sign, send, and manage electronic documents. Similarly, HelloSign Pro enables individuals to sign documents on mobile devices securely. According to industry analysts such as Gartner and Forrester, HelloSign has become the leader in electronic signature technology.

RightSignature

RightSignature is an electronic signature solution with a user-friendly interface and advanced features like document templates and custom branding. The esignature services enables businesses to sign, send, and manage electronic documents securely. Furthermore, RightSignature integrates with various business systems like Salesforce and Dropbox to streamline processes and boost efficiency.

AssureSign

AssureSign provides electronic signature solutions, a cloud-based platform for businesses to sign, send and manage electronic documents securely. With advanced features such as digital certificates and biometric authentication, you can be certain your electronic signatures are authentic and authenticated. In addition, AssureSign integrates with various business systems like Salesforce or Microsoft Dynamics to streamline processes while increasing efficiency.

SignNow

SignNow is a cloud-based electronic signature solution with an intuitive user interface and advanced features like document templates and custom branding. The service enables businesses to securely sign, send, and manage electronic documents. Furthermore, SignNow integrates with various business systems like Salesforce or Google Drive to streamline processes and enhance efficiency.

Eversign

Eversign is an electronic signature solution with a user-friendly interface and advanced features like document templates and custom branding. Businesses can securely sign, send, and manage electronic documents with eversign's integration with various business systems like Salesforce and Dropbox - streamlining processes while increasing efficiency. Eversign has been recognized as the leader in the electronic signature market by industry analysts such as G2 and Capterra.

Types of Electronic Signature Products

Electronic signature products come in various types, each with features and capabilities. Businesses should understand the different types of electronic signature products available so they can choose one that best meets their requirements.

Basic Electronic Signature Products

Basic electronic signature products are the most widespread and straightforward digital signature solutions. These services typically use a person's name, initials, or an image of their handwritten signature to validate document authenticity. Basic signature products are user-friendly; they can easily be accessed via web browsers or mobile devices.

Basic electronic signature products offer cost-efficiency and ease of implementation. Still, they may not be suitable for high-value transactions that necessitate greater security and authentication.

Advanced Electronic Signature Products

Advanced electronic signature products offer higher security and authentication than basic ones. These typically utilize digital certificates to confirm the signer's identity and guarantee document integrity.

Advanced electronic signature products may also use biometric authentication, such as fingerprints or facial recognition, to confirm a signer's identity. These solutions are ideal for high-value transactions or sensitive documents that require extra security.

Qualified Electronic Signature Products

Qualified electronic signature products offer the safest and legally binding digital signature solutions. These services use a digital certificate issued by an established certification authority to validate the signer's identity and protect the document's integrity.

Qualified electronic signature products are recognized by law in many countries. They can be used for legally binding transactions, such as contracts and agreements. They provide the highest level of security and authentication, making them ideal for businesses that demand trust and confidence when using electronic signatures.

Global Electronic Signature Products

Global electronic signature products are tailored to the requirements of businesses operating across multiple countries and jurisdictions. These solutions comply with all relevant electronic signature laws and regulations in different nations, enabling you to sign documents across borders securely.

Global electronic signature products usually provide multi-lingual support. They can be customized to meet different countries' legal and regulatory requirements. They're perfect for global businesses requiring a single electronic signature solution that works across different markets and jurisdictions.

Cloud-Based Electronic Signature Products

Cloud-based electronic signature products have seen a meteoric rise in popularity over the last few years due to their convenience, affordability, and user-friendliness. These services enable businesses to sign and manage documents electronically without needing physical signatures or paper-based processes.

Features of Cloud-Based Electronic Signature Products

  • Document Templates: Cloud-based electronic signature products provide templates businesses can use to create and customize documents. These templates can be tailored with the business' logo, branding information, and other pertinent details to save time and effort in document creation and customization.
  • Electronic Signature: Cloud-based electronic signature products allow businesses to sign and manage documents electronically, eliminating the need for paper-based processes. These tools make document signing much simpler by eliminating paper-based steps.
  • Workflow Automation: Cloud-based electronic signature products provide workflow automation to allow businesses to create automated document signing and management processes. This feature helps save time and reduce errors by automating routine tasks and processes.
  • Security: Cloud-based electronic signature products provide robust security features like encryption, secure storage, and authentication. These measures guarantee the safety and integrity of documents while safeguarding sensitive information.

Benefits of Cloud-Based Electronic Signature Products

  • Convenience: Cloud-based electronic signature products provide the benefit of signing and managing documents remotely, anytime, using any device with an internet connection. This feature helps businesses streamline processes while reducing time and effort spent on document signing and management tasks.
  • Cost-Effectiveness: Cloud-based electronic signature products are more cost-effective than traditional paper-based processes due to the absence of printing, scanning, and mailing requirements. This eliminates the need for physical document production - cutting down on associated expenses associated with paper-based methods.
  • Increased Efficiency: Cloud-based electronic signature products can increase efficiency by reducing the time and effort spent on document signing and management. These solutions offer document templates, workflow automation, and other features designed to streamline business processes for maximum effectiveness.
  • Eco-Friendly: Cloud-based electronic signature products are eco-friendly due to eliminating paper-based processes. This feature helps businesses reduce their carbon footprint and contributes to environmental sustainability.

Examples of Cloud-Based Electronic Signature Products

  • eSignly: This cloud-based electronic signature product provides document templates, workflow automation, and other features. It has become popular with businesses of all sizes and is considered a leader in the electronic signature market.
  • Adobe Sign: Adobe Sign is a cloud-based electronic signature solution that offers document templates, workflow automation, and other features. It works seamlessly with other Adobe products and can be tailored to fit business requirements.
  • HelloSign: HelloSign is a cloud-based electronic signature product that provides document templates, workflow automation, and other features. With its user-friendly interface and competitive price point, HelloSign is an ideal choice for small businesses seeking an affordable electronic signature solution.

On-Premises Electronic Signature Products

On-premises electronic signature products refer to solutions installed and managed on a business's servers or data centers rather than being hosted in the cloud. These solutions are ideal for companies with stringent data security regulations or prefer keeping their data local.

Features of On-Premises Electronic Signature Products

  • Electronic Signature: On-premises solutions offer electronic signature capabilities like cloud-based electronic signature products. These solutions allow businesses to sign and manage documents electronically, eliminating the need for paper-based processes.
  • Document Templates: On-premise electronic signature products provide templates businesses can use to quickly and easily create documents with their company logo, branding information, and other pertinent details. This saves time and energy in the creation process.
  • Workflow Automation: On-premise electronic signature products provide workflow automation, allowing businesses to create automated document signing and management processes. This feature saves time and minimizes errors by automating repetitive tasks and processes.
  • Security: On-premise electronic signature products offer robust security capabilities such as encryption, secure storage, and authentication. These measures guarantee the safety and integrity of documents while safeguarding sensitive information.

Benefits of On-Premises Electronic Signature Products

  • Data Security: One major advantage of on-premises electronic signature products is enhanced data security. Businesses host the solution on their own servers or data centers, giving them complete control over the security of their sensitive information.
  • Compliance: On-premises electronic signature products can assist businesses in meeting compliance regulations such as HIPAA, SOX, and GDPR. With complete control over their data, businesses can guarantee they adhere to regulatory obligations.
  • Customization: On-premises electronic signature products can be tailored to fit the unique requirements of businesses. This feature enables organizations to tailor the solution to their processes and requirements.
  • Economical Advantage: On-premises electronic signature products can be cost-effective in the long run. While the initial investment may be higher, businesses save on subscription fees and other expenses associated with cloud-based solutions.

Examples of On-Premise Electronic Signature Products

  • eSignly:This on-premises digital signature free solution can be installed at a business's servers or data center and offers electronic signature capabilities, document templates, and workflow automation.
  • OneSpan Sign:OneSpan Sign offers an on-premises solution that can be installed at a business' servers or data center. This solution provides electronic signature capabilities, document templates, and workflow automation features.
  • DocuSign:DocuSign offers an on-premises solution called DocuSign On-Premises that can be installed on a business' servers or data center. This solution provides electronic signature capabilities, document templates, and workflow automation features.

Mobile Electronic Signature Products

Mobile electronic signature products provide businesses and individuals with electronic signature solutions that enable them to sign documents using their mobile devices. Due to the growing use of mobile devices for remote work, these electronic signature solutions have become increasingly popular.

Features of Mobile Electronic Signature Products

Electronic Signature: Mobile electronic signature products provide electronic signature capabilities that enable businesses and individuals to sign documents using their mobile devices, eliminating the need for paper-based processes and enabling users to sign documents anytime, anywhere. This feature makes mobile document signing much more efficient than traditional methods; users can sign documents without worrying about where they are located or when they have free time.

  • Document Templates: Mobile electronic signature products offer templates businesses and individuals can use to quickly create and customize documents. These templates can be tailored with the user's information, logo, and other pertinent details - saving them time and effort.
  • Workflow Automation: Mobile electronic signature products offer workflow automation, enabling businesses and individuals to create automated document signing and management processes. This feature can save time by automating routine tasks and processes.
  • Security: Mobile electronic signature products offer advanced security measures like encryption, secure storage, and authentication to protect documents' confidentiality and integrity. These features guarantee the safety and integrity of documents while shielding sensitive information from prying eyes.
  • Mobile-Friendly Interface: Mobile electronic signature products provide a user-friendly interface optimized for mobile devices, making it simple for users to sign documents using their phones and complete the signing process quickly and conveniently.

Benefits of Mobile Electronic Signature Products

  • Convenience: One major advantage of mobile electronic signature products is convenience. Since users can sign documents using their phones, they can sign documents anytime they like - eliminating the need for physical signatures or in-person meetings.
  • Efficiency: Mobile electronic signature products can help businesses and individuals save time and boost efficiency. Documents can be signed electronically, enabling users to complete the signing process quickly and effortlessly, cutting down on manual steps which take a lot of effort.
  • Cost-Effectiveness: Mobile electronic signature products can be economical for businesses and individuals since users can sign documents electronically, saving on paper, printing, and shipping expenses associated with traditional signing processes.
  • Improved Security: Mobile electronic signature products offer enhanced security features to safeguard sensitive information and guarantee document integrity. This capability helps businesses and individuals meet compliance regulations while reducing the risk of fraud or data breaches.
  • Remote Work: Mobile electronic signature products enable remote work by enabling users to sign documents anytime, anywhere. This feature can be particularly beneficial for businesses with remote employees or operating within a virtual environment.

Examples of Mobile Electronic Signature Products

  • eSignly: This popular electronic signature product provides a mobile app enabling users to sign and manage documents using smartphones. It provides electronic signature capabilities, document templates, workflow automation capabilities, and security features.
  • Adobe Sign:Adobe Sign is a widely-used mobile electronic signature product featuring an app that enables users to sign and manage documents using their phones. It provides electronic signature capabilities, document templates, workflow automation capabilities, and security measures.
  • SignNow:SignNow is a mobile electronic signature product that provides an app to allow users to sign and manage documents with their smartphones. The app features electronic signature capabilities, document templates, workflow automation, and security features.

Use Cases and Applications of Electronic Signature Products

Electronic signature products are revolutionizing how businesses and individuals sign and manage documents. These legally binding electronic signatures offer a secure, convenient, and efficient method.

Contract Signing

Electronic signature products are widely used for contract signing. Businesses and individuals alike can utilize them to execute agreements and contracts electronically, legally binding them without physical signatures or in-person meetings. This application is especially helpful in remote work settings since it eliminates the need to print, ship, and store physical copies of contracts. Electronic signatures save businesses time and cost by eliminating this step from their process by eliminating physical copies from storage or printing costs.

HR and Employee Onboarding

Electronic signature products can also be utilized in HR and employee onboarding processes. Businesses can use them to electronically sign employment contracts, offer letters, NDAs, and other HR-related documents. Businesses save time and reduce errors by automating the onboarding process while ensuring all necessary documents are signed and stored securely.

Real Estate

Real estate is another industry that could benefit from electronic signature products. Real estate agents and brokers can use these applications to electronically sign and manage documents such as purchase agreements, listing agreements, and lease agreements. This application helps real estate professionals save time and reduce errors during document signing by automating the process and ensuring all necessary documents are signed securely.

Financial Services

Electronic signature products can also be employed in the financial services sector. Financial institutions can utilize electronic signature products to sign loan documents, investment agreements, and other important documents. This application helps save time and reduce errors during document signing by automating the process and ensuring all necessary documents are signed and stored securely.

Healthcare

The healthcare industry can greatly benefit from electronic signature products. Healthcare providers can use them to sign and manage patient consent forms, treatment agreements, and other documents. This application helps save time and reduce errors by automating document signing processes and ensuring all required documents are signed securely.

Government

Government agencies increasingly turn to electronic signature products for document signing and management. Government departments can utilize these applications to electronically sign contracts, grant agreements, and other important government-related documents. Automating this process helps save time and reduce errors by automating document signing procedures while ensuring all required documents are signed securely.

Education

Electronic signature products can also be utilized in the education industry. Schools and universities can utilize them to sign enrollment forms, financial aid documents, and other education-related documents. The free digital signature solution helps educational institutions save time and reduce errors by automating document signing processes and ensuring all required documents are signed securely.

Regulations and Compliance in the Electronic Signature Market

Electronic signatures are becoming increasingly popular as a convenient, efficient, and secure method to sign and manage documents. But with this rise also come regulations and compliance obligations.

Electronic Signatures in Global and National Commerce Act (ESIGN)

The Electronic Signatures in Global and National Commerce Act (ESIGN) is a federal law in the United States that grants electronic signatures the same legal standing as traditional paper signatures. ESIAGN sets forth an oversight framework for electronic signatures, requiring they are recognized as legally binding if certain conditions are met.

Uniform Electronic Transactions Act (UETA)

UETA is a model law adopted by most U.S. states to create an electronic transactions framework and recognize electronic signatures as legally binding if they meet certain criteria. Similar to ESIGN but specific to state laws, UETA provides legal protection for electronic transactions and recognizes them as valid legal evidence when certain conditions are met.

European Union eIDAS Regulation

The European Union eIDAS Regulation is a regulation that sets standards for electronic identification and trust services within the EU. This establishes an official legal framework for electronic signatures, providing them with uniform European rules. These signatures will be recognized as legally valid documents if certain criteria are met.

Personal Information Protection and Electronic Documents Act (PIPEDA)

The Personal Information Protection and Electronic Documents Act (PIPEDA) is a Canadian federal law that sets standards for collecting, using, and disclosing personal information. Under PIPEDA, electronic signatures that meet certain criteria can be legally valid documents.

Security Standards

Electronic signature products must adhere to security standards to guarantee the confidentiality, integrity, and availability of electronic signatures and the documents they represent. Common security protocols include ISO 27001 and SOC 2.

Audit Trail

Electronic signature products must provide an audit trail that records all actions related to the signature process. This includes creating the signature, verifying who signed it, recording when and where it occurred, and any modifications made to the document after signature approval.

Authentication

Electronic signature products must provide a way to verify the signer's identity. This can be done using various methods, such as passwords, PINs, biometric data, or digital certificates.

Consent

Electronic signature products require the signer's signature before beginning the signature process. This consent can be given in several ways, such as by filling out an electronic consent form or asking them to confirm their intent to sign the document.

Retention

Electronic signature products must retain electronic signatures and associated documents for a specified time, determined by legal and regulatory requirements, and may differ by jurisdiction and industry.

Accessibility

Electronic signature products must be accessible to individuals with disabilities. This includes providing alternative formats for those with visual impairments and ensuring that electronic signature products can be used alongside assistive technology.

The Key Takeaway

The electronic signature market has experienced considerable growth over the last several years. It is projected to continue this upward trajectory. Businesses and individuals alike benefit from using electronic signatures due to their convenience, security, and efficiency. With the current shift towards digital transformation, electronic signatures have become indispensable tools for organizations across industries.

By 2023, the electronic signature market will reach new heights as businesses embrace digital solutions. The COVID-19 pandemic has only cemented this shift towards electronic signatures as remote work and electronic transactions have become the norm. MarketsandMarkets estimates the global electronic signature market will reach $9.07 billion by 2023, growing at a compound annual growth rate (CAGR) of 26.4% from 2018 through 2023.

The growth of the electronic signature market can be attributed to several factors. Firstly, electronic signatures provide a more efficient method for signing and managing documents, eliminating paper-based processes. This results in cost savings, increased productivity, and faster turnaround times. Furthermore, electronic signatures are more secure than traditional paper-based signatures as they can be authenticated, encrypted, and tracked. Lastly, electronic signatures enable remote work and digital transactions - increasingly important features in today's globalized and interconnected world.

Overall, the electronic signature market is expected to experience strong growth through 2023 and beyond. As businesses and individuals embrace digital transformation through remote work and electronic transactions, electronic signatures will continue to play a pivotal role in their operations.