Electronic Signature Software Market Analysis and Forecast to 2031: By Component (Solutions, Component), Deployment Type (On-Premise, Cloud-Based), Industry Vertical (Manufacturing, BFSI, Pharmaceuticals, Government Agencies, Legal, Others), and Region

Electronic Signature Software Market Analysis and Forecast to 2031: By Component (Solutions, Component), Deployment Type (On-Premise, Cloud-Based), Industry Vertical (Manufacturing, BFSI, Pharmaceuticals, Government Agencies, Legal, Others), and Region

The global electronic signature software market was valued at US$ 1.6 billion in 2021 and it is anticipated to grow up to US$ 9.9 billion by 2031, at a CAGR of 19.7% during the forecast period.


An electronic signature is a replacement for a handwritten signature. Electronic signature software allows users to gather signatures on documents shared electronically, eliminating the need for physical documents to record signatures. Electronic signature software facilitates the distribution of legally sensitive documents for collecting electronic signatures. Organizations use electronic signature software to encrypt documents, such as sales contracts or employment paperwork, for which client, employee, or partner signatures are often required. Electronic signature software integrates with third-party applications, including ERP systems, CRM software, and HR management suites, to facilitate contract and supplier management efforts.

Market Drivers and Trends

Nowadays, governments, corporate offices, and enterprises are moving towards paperless workflows. Paperless business processes are always beneficial for the environment. Several offices started using electronic documentation, saving a massive amount of paper. Moving to paperless document processes has reduced operational costs, improved operational efficiency, and fastened decision-making processes.


Governments and businesses from BFSI, manufacturing, pharmaceuticals, government agencies, and legal verticals utilize digital signatures to secure digital documents. The electronic documentation tool requires documents to be signed for authentication using e-signatures (electronic signatures). E-signatures are inserted in electronic documents and are shared electronically over the network. These signatures can seamlessly integrate with business applications without bringing out any major changes in the existing workflow. Further, governments and enterprises are investing more in integrating digital signature technology with daily business applications, which boosts the global digital signature market growth.

Market Restraints and Challenges

In the modern era, all business processes are done electronically, including document creation, formatting, editing, sharing, and storage. However, most users will prefer to stick with the traditional wet-ink-based method when it comes to signing. This is due to several users still viewing digital signatures as untested, illegal, and new. Most users have never executed e-signatures. Hence, users don't want to take a risk with anything as new as an e-signature. An electronic signature is mostly used by the telecommunication sector and the BFSI sector on a mass scale. The digital signature technology is moving ahead, whereas the legislation is lagging. To keep pace with technology and accept electronic document processes, governments and enterprises should organize digital signature awareness programs. There must be provisions made by legal authorities of countries to spread awareness related to the legal acceptance and benefits of digital signature, as compared to the traditional signature. Thus, a lack of awareness about the legality of electronic signatures is acting as a restraining factor for the global electronic signature software market.

Global Electronic Signature Software Market Segmental Overview

The report analyses the global electronic signature software market based on component, deployment type, industry vertical, and region.

Global Electronic Signature Software Market by Component

Based on component, it is bifurcated into solutions and services. The solutions segment is expected to have the largest electronic signature software market share in 2021. Growing focus towards providing enhanced end-to-end customer experience, growing digitization, and increasing demand for technologically advanced solutions are the major factor driving the revenue generation of the solution segment in the electronic signature solution market. Due to these factors mentioned above, the solutions segment is expected to receive the main market attraction resulting in market growth.

Global Electronic Signature Software Market by Deployment Type

Based on deployment type, it is bifurcated into on-premise and cloud-based. The cloud-based segment is expected to dominate the market during the forecast period. Over the years, the demand for cloud-based systems is expected to grow substantially due to the cloud-based electronic signature software offering enhanced flexibility, scalability, and security to its users. Further, it allows the end users to receive automatic software updates without additional capital expenditures, improving technology competitiveness. Due to these factors mentioned above, the cloud-based electronic signature software is expected to dominate the market during the forecast period.

Global Electronic Signature Software Market by Industry Vertical

Based on industry vertical, it is segmented into manufacturing, BFSI, pharmaceuticals, government agencies, legal, and others. The BFSI segment is expected to be the largest segment in the electronic signature software market in 2021. The BFSI sector is witnessing digital transformation at every level with the rapidly changing customer demands. Online services have soared, including internet banking, mobile banking, and stock trading. The BFSI vertical focuses on understanding consumer behavior, preferences, and choices through customer-centric business applications. Further, electronic signatures help BFSI firms simplify complex business processes by offering enhanced security and improved turnaround time for onboarding customers. Thus, the BFSI segment will likely hold a major market share in 2021.

Geographical Analysis of Global Electronic Signature Software Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to hold the majority of the market share in 2021. North America is one of the advanced regions regarding IT adoption, serving as headquarters for most multinational and small-scale enterprises. Further, the US and Canadian governments' adoption of securing electronic documents because of the multiple benefits of using digital signatures has boosted the growth of the North America digital signature market. Moreover, the North American region has witnessed phenomenal growth in BFSI and legal sectors along with the government and healthcare sectors. Additionally, the software developers of electronic signature software are mostly present in North American region. This, in turn, boosts the demand for electronic signature software in the North American region.

Major Players in the Global Electronic Signature Software Market COVID-19 Impact

In 2020, the COVID-19 pandemic had been a major challenge in business functioning. Governments of several nations had imposed lockdowns to curb the spread of the disease. Hence, organizations are adopting electronic signature software to simplify the process, and important documents are getting signed without delay or constraints. Due to COVID-19, the electronic signature software market has grown due to increased use cases from existing and new customers. Further, with the adoption of e-signatures, organizations and business enterprises were able to maximize their operational productivity and efficiency, as with e-signatures, organizations had to spend less on paper, printing, and postage costs while being faster than traditional methods. Moreover, with the advent of a global COVD-19 pandemic, most corporations embraced the work-from-home model to maintain their productivity.

Recent Developments

• May 2022, Foxit had announced that qualified electronic signatures are now included in the Foxit eSign platform. This new addition to Foxit eSign allows users to leverage electronic signing in situations that require remote in-app identification using eIDAS qualified trust services while signing a document.
• April 2021, Airbus selected Ascertia to deliver digital signing and document approval for the 1,30,000 staff working in their highly regulated and multi-national company. The project was implemented through an Ascertia MSP (managed service provider), highlighting the opportunity for MSPs in Ireland to deliver similar solutions.
• February 2021, Legalesign had launched a new API named Legalesign Firehose. This new real-time events API provides developers with e-signature integration capabilities and implements OAuth 2.0.

Frequently Asked Questions
Q1. How big is the electronic signature software market?Ans. The global electronic signature software market size was US$ 1.6 billion in 2021 and is anticipated to reach US$ 9.9 billion in 2031, growing at a rate of 19.7% from 2022 to 2031.
Q2. What is the electronic signature software market growth rate?Ans. The growth rate of the electronic signature software market is 19.7% from 2022 to 2031.
Q3. Which region holds a major market share for the electronic signature software market?Ans. North America holds a major market share of the electronic signature software market in 2021.
Q4. Which segment accounted for the largest electronic signature software market share?Ans. Based on component, it is bifurcated into solutions and services. The solutions segment is expected to have the largest electronic signature software market share in 2021.
Q5. Who are the key players in the electronic signature software market?Ans. The global electronic signature software market report includes players such as
Q6. What are the factors driving the electronic signature software market growth?Ans. The major factors driving the growth of the market are increasing trend of paperless business processes and fast growth in investments in electronic documents by governments and enterprises.
Q7. What are the key growth strategies of electronic signature software market players?Ans. The key growth strategies of electronic signature software market players are product launch, partnerships, and government initiatives.
Q8. Which region will provide more business opportunities for the electronic signature software market during the forecast period?Ans. The Asia Pacific region will provide more business opportunities for the electronic signature software market during the forecast period.

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