Everyone understands the importance of signing a document or a message. A signature legally binds the person to follow the clauses written in a document, going against which can lead to serious charges against the person, if the matter is serious of course. These days, because of technological advancements, governments across the globe are focusing on reducing the usage of paper, and are, in turn, turning to paperless, digital solutions. This includes making documents available on a digital platform rather than printing them on paper.

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Attributed to this, the governments are increasingly making use of electronic signatures (e-signatures) for authenticating the validity of a document. An e-signature is the process of attaching an encoded signature to an electronic document. These signatures are legally binding on the basis of the U.S. Electronic Signatures in Global and National Commerce Act, implemented by Congress in 2000. This has enabled companies to improve their process and has also resulted in significant cost reductions.

E-signatures further make the processes swift as the need for signing, faxing or scanning, and filing documents is eliminated, saving time and cost. Because of these reasons, the adoption of e-signatures is increasing, thereby resulting in the growth of the e-signature market. Different types of e-signatures are public key infrastructure (PKI), username and pin, signature pad at point of sale (POS), clickwrap, and voice signature.

In the past, PKI was the most in demand, which is ascribed to the rising focus of businesses on data authenticity and security, expanding e-commerce sector, and increasing government initiatives for supporting e-bidding and digitization. The rapid growth of the e-commerce sector is further predicted to result in the growing requirement for signature pad at POS in the coming years.

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In addition to this, because of the growing e-commerce sectors, surging security concerns, and increase in the number of online transactions, unmediated use case is expected to be the most in use. The process does not need any external assistance for the filling of a form since this is self-service online transactions for retail shopping and for the purchase of commoditized insurance.