For high-performance supply chain management, security, and workflow efficiency, enterprises are increasingly using e-signatures owing to the growth of online business operations. The surging online presence of corporates is resulting in the wide adoption of such identity and access management (IAM) solutions for reduced human errors, authentication, and security, especially during important financial transactions.

These solutions also help in reducing the overall operational cost and improving working capital management, by ramping up the documentation process, offering quick rollout, and curtailing manual workforce requirements. The expanding e-business industry is thus expected to drive the e-signature market at a high CAGR of 24.6% during the forecast period (2020–2030). According to P&S Intelligence, the market generated revenue of $951.3 million in 2019.

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Such IAM solutions can be adopted by businesses with an e-commerce presence for higher efficiency, tighter supply chain integration, and stronger partner–customer relationships. Online shopping companies in the emerging economies of India and China are increasingly using e-signatures due to the soaring trend of digital payments, social commerce, and mobile-first customers.

In recent years, governments and small organizations have been rapidly adopting software as a service (SaaS)-based e-signatures as these solutions can be used immediately after signing up and procurement, without the integration and customization processes. The solutions offered via the SaaS delivery model are used by the sales, legal, and human resources (HR) departments when external parties have to frequently sign document.

The surging adoption of the SaaS model in enterprises and governments will, therefore, fuel the usage of e-signatures in the foreseeable future.