Europe More than $10.5 billion of electronic signature markets, revenues

Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) — The report “Europe E-Signature Market Insights by Component, Deployment Type, Type, Use Case, Vertical – Revenue Estimation and Demand Forecast to 2030” has been added to ResearchAndMarkets.com offer.

The European electronic signature market was valued at USD 711.8 million in 2021, which is expected to reach USD 10,504.7 million by 2030, with a compound annual growth rate of 34.9%

This is due to favorable government regulations, the growing popularity of remote working, the increase in the number of online documentation procedures, and the cost effectiveness of electronic signatures.

To gain a major foothold in the European electronic signature market, players have been busy releasing new solutions. These market players are Dropbox Inc., OneSpan Inc., PandaDoc Inc., Citrix Systems Inc., Foxit Corporation, airSlate Inc., Formstack LLC, Entrust Corporation, Adobe Inc., Thales Group and DocuSign Inc.

The BFSI category has a share of over 40% in the European electronic signature market and is expected to maintain its position in the future. The BFSI vertical emphasizes the analysis of digital preferences, consumer behavior and choices due to the growing need for customer-centric business solutions. BFSI organizations benefit from these signatures as they improve security and accelerate customer onboarding.

Documentation procedures in companies and institutions are rapidly becoming digitized as a result of strong government support for digitisation. Additionally, as cloud computing has become more widely adopted, businesses and consumers have been able to conduct business online, thus creating the requirement for identification and authorization on both sides.

Key findings of the report on the electronic signature market in Europe

  • Foxit Corporation, a developer of advanced PDF products and services, introduced the Foxit eSign platform in May 2022. This service provides a complete and secure electronic signing process and is legally binding.
  • PandaDoc Inc. released PandaDoc Developers in September 2021, enabling developers to easily build and plug in unique document processes and electronic signature capabilities into their services, products and websites.
  • In 2021, the UK dominated the market with around 20% share. This is mainly due to the growing use of electronic signatures for online identification in the country, which is becoming hugely important as more services move online.
  • The PKI category represents over 40% of the European electronic signature market. This is because it is a standards-based solution that allows developers to choose their preferred trusted providers and does not require the activation of a third-party authentication server.
  • In the coming years, the European market for electronic signature services is expected to grow at a significant CAGR. This can be attributed to the benefits that related services provide to businesses, such as reducing process times from days to hours.
  • The public sector is the second largest vertical category in the market. This is because government agencies have been using electronic signature software and tools to digitalize their operations.
Ratio attribute Details
No. of pages 274
Forecast period 2021 – 2030
Estimated market value (USD) in 2021 $711.8 million
Projected market value (USD) by 2030 $10504.7 million
Compound annual growth rate 34.9%
Regions covered Europe

Market dynamics

Trends

  • Growing penetration of electronic signatures in SMEs
  • Increased adoption of electronic signature solutions based on the SaaS delivery model
  • Increasing use of electronic signatures in the BFSI sector

Drivers

  • Increasing prevalence of remote working
  • Laws and government regulations conducive to the adoption of electronic signatures
  • Increased volume of online documentation processes
  • Cost-effectiveness of electronic signatures
  • Analysis of the impact of drivers on market forecasts

Restrictions

  • Growing number of cyber attacks
  • Analysis of the impact of restrictions on market forecasts

Chance

  • Growing demand for cloud-based e-signature software
  • Growing e-business sector across Europe

Impact of COVID-19

  • European scenario of the impact of COVID-19
  • Impact of COVID-19 on the European electronic signature market

Porter’s five forces analysis

Company profiles

  • DocuSign Inc.
  • Adobe Inc.
  • Thales group
  • Entrust Corporation
  • airSlate Inc.
  • Formstack LLC
  • Foxit company
  • Panda Doc Inc.
  • Citrix Systems Inc.
  • OneSpan Inc.
  • Odoo SA
  • Box Inc.
  • Dropbox Inc.
  • Eversign (Stack Holding GmbH)
  • NitroSoftware Inc.

Definition of market segments

By type

  • PKI extension
  • Username and PIN
  • Signature pad at POS
  • Clickwrap
  • Signature of entries
  • Other

By Component

  • Software
  • Hardware
  • Service
  • Managed
  • Professional

By type of distribution

By use case

  • Not mediated
  • Mediated
  • Third
  • Internal

For vertical

  • Government
  • BFS extension
  • IT and Telecommunications
  • Health care
  • Legal
  • Other

For more information about this report, please visit https://www.researchandmarkets.com/r/qvv0qy

  • European electronic signature market

 
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