One of the major factors behind the increasing demand for e-signatures is the government support for the technology in numerous countries. To make online transactions safe, secure, and efficient, regulations have been implemented in numerous countries to make e-signatures mandatory. For instance, the European Union adopted Directive 1999/93/EC in 1999, whereas the U.S. implemented the Electronic Signatures in Global and National Commerce (E-Sign) Act in 2000. Similarly, the U.K., India, Canada, China, and several nations have also passed similar regulations, and presently e-signatures enjoy legal validity in over 75 countries.

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Throughout the historical period, North America was the largest user of the technology. This was the result of the rapidly growing e-commerce sales, number of connected devices, and popularity of online documentation, apart from the advanced information technology (IT) infrastructure here. During the forecast period, the e-signature market in Asia-Pacific (APAC) is expected to prograess the fastest, primarily due to the high pace of process digitization in countries such as India and China. Further, the increasing investments from e-signature vendors and the demand for the technology from businesses is also helping the regional market grow.

Of the two ways in which the technology can be deployed — on-premises and cloud — cloud deployment is swiftly becoming popular. This is, in turn, leading to the increasing provision of e-signatures via the software as a service (SaaS) platform, which is preferred for its ease of implementation. SaaS-based e-signatures are majorly used for low-value and complexity transactions, but now even the sales and human resources departments, which regularly deal with third-party signatures, are deploying it. This is acting as a lucrative opportunity for the vendors to augment their profits and expand their customer base and geographical reach.

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Apart from governments, businesses are also becoming aware of the need for secure online transactions and authorized documentation. With the digitization of processes, an increasing number of organizations are deploying e-signatures. The technology helps reduce instances of human error during documentation and important financial transactions. Apart from making the transactions and documentation secure, e-signatures also speed them up. Additionally, the technology is being rapidly incorporated in the supply chain to reduce operational costs and improve working capital management.