The signature reached its critical point in 2021. eSignature gained traction with a wide range of digital offerings, despite the fact that in-person interactions have been declining since the Covid-19 pandemic.
According to Prescient and Strategic Intelligence, the global market for eSignatures is expected to grow at nearly 26.6% CAGR between 2021 and 2030. The U.S. holds the largest market share at 22%, but the adoption of digital technologies is accelerating and the Asia Pacific region, India China, Brazil, and China are all close behind.
There are many opportunities for eSignature market penetration. There are many opportunities for eSignature market penetration. It is clear that eSignature will continue to grow alongside the rise in demand for workflow automation technologies and SaaS technologies. This is why more companies, from small businesses to large enterprises, have prioritized this digital transformation solution.
The eSignature Market Overview: What options do businesses have?
eSignature software is adding more features as we move into 2021. Meanwhile, the majority of the market that requires its core capabilities are becoming more competitive. The demand for eSignature software is determined not only by its ability to comply with legal and regulatory requirements that vary by country or use case, but also by how it fits into a particular business workflow. Gartner says that eSignature market offerings are divided into three categories.
* Basic eSignature: It is a "click to sign" signature that does not require digital certificates. This signature can be used in the U.S.A, Australia, Canada and Ireland due to technology-neutral legal frameworks.
* Advanced eSignature: To ensure that the document is not altered or altered after signing, each signer uses a digital certificate they have obtained.
* Qualified electronic signature (QES): A digital certificate is issued on the basis of a digital ID that has been validated by an industry or government-sponsored identity proofing program. It can be used in the EU, Asia Pacific and South America. Some use cases may require a qualified electronic signature.
Leveraging eSignature offers multiple benefits to businesses, including faster document turnaround, greater accuracy, better team collaboration, industry-level conformity and data security. Not to mention the positive impact on the environment and significant savings in paper supply. We see a growing demand for cloud-based eSignature applications that can be used to sign internal documents. However, the demand for eSignature solutions on-premises is declining.
eSignature vendors provide a wide range of capabilities to support the signing process. These include custom workflow creation, eSigning mobile, identity verification, integrations with third-party software (CRM and ERP), as well as integration with third-party software. APIs and software development kit (SDKs) are available.
Introduce eSignature into Your Business
Many businesses adopted workflow automation tools and eSignature to keep customers engaged during lockdowns. Recent airSlate research shows that the number of businesses using eSignature has increased 50% and individual users have increased 13% with the emergence COVID-19. In a post-pandemic environment, 69% of respondents will choose eSignature to in-person signing.
An organization must review its eSignature use case and determine the jurisdictional requirements before leveraging eSignature. Spend optimization will be possible by excluding use cases that do not require eSignatures but can be served using the available efficiencies.
Next, we will evaluate the business process to determine whether there are any management or workflow requirements for an electronic signature solution. This could include if a CRM integration is required or a custom-built application via an API.
A business must analyze all software options to determine which ones are best suited for a particular use case. Prioritizing core capabilities can help increase price competition when negotiating with potential vendors of eSignature.
What can businesses do to speed up the process of eSignature implementation and ensure that it goes smoothly?
1. Maintain a list with authorized signers that you regularly update and authorize additional signers to be added to your company.
2. Cloud-based eSignature platforms offer additional security as they have built-in authorization features.
3. To verify that eSignature can be used for a particular transaction or series of transactions, consult a legal team.
Business Challenges with eSignature
There are many challenges when introducing eSignature technology into an organization's business process. It is important for business owners to be prepared to deal with organizational inertia. Employees are used to signing on paper. With eSignature being so fast, it can be difficult to integrate it into enterprise software. According to research, 19% will continue to use in-person signatures even after a pandemic.
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There are also other challenges that can arise from eSignature deployment.
* Concerns about the legal validity of the eSignature
* Security and compliance issues.
* Cost of eSignature implementation across departments.
* A lack of digital skills in the workforce.
eSignature Does Not Fit All Businesses - It's Flexible and Scalable
eSignature isn't a one-size fits all solution. In fact, the diversity of eSignature tools available on the market allows small-to-medium-sized businesses and enterprises to find an option to meet their needs. The pandemic-induced shift towards the democratization and facilitation of software development has allowed businesses to replace technically cumbersome solutions by low-code/no code tools. This has also empowered citizen developers and reduced IT team burnout.
SaaS-based workflow automation and no-code eSignature solutions are increasingly popular. SaaS-based eSignature has many advantages over its on-premise counterparts, including flexibility in deployment, minimal IT dependency and vendor support. Security and compliance are just a few of the benefits.
Organizations should look at their eSignature options in a digitally transformed world to ensure business continuity after a pandemic.