NEW YORK, May 30, 2022 /PRNewswire/ — According to the market research report published by P&S Intelligence, the Europe e-signature market was valued at $711.8 million in 2021, which is expected to reach $10,504.7 million by 2030, at a compound annual growth rate of 34.9%. This is due to the favorable government legislations, growth in the popularity of remote working, increase in the number of online documentation procedures, and cost-effectiveness of e-signatures.
To gain a prominent foothold in the Europe e-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.
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Key Findings of Europe E-Signature Market Report
- Foxit Corporation, a developer of advanced PDF products and services, introduced the Foxit eSign platform in May 2022. This service provides a complete, secure e-sign process and is legally binding.
- PandaDoc Inc. released PandaDoc Developers in September 2021, allowing developers to create and connect unique document processes and e-signature features into their services, products, and websites with ease.
- In 2021, the U.K. dominated the market with around 20% share. This was mostly due to the growing usage of e-signatures for online identification in the country, which is becoming extremely important as more services move online.
- The PKI category accounts for over 40% share of the Europe e-signature market. This is because it is a standard-based solution that lets developers pick their preferred trust providers and does not require a third-party authentication server to be active.
- In the coming years, the European e-signature service market is predicted to grow at a significant CAGR. This may be attributed to the advantages related services provide to firms, such as reducing the procedure time from days to hours.
- The government sector is the second-largest vertical category in the market. This is because government agencies have been employing e-signature software and tools to make their operations digital.
The BFSI category holds over 40% share in the Europe e-signature market, and it is expected to maintain its position in the future. The BFSI vertical emphasizes analyzing digital preferences, consumer behavior, and choices due to the growing need for customer-centric business solutions. BFSI organizations benefit from these signatures since they improve security and speed up customer onboarding.
Documentation procedures in companies and institutions are becoming rapidly digitized as a result of the strong government support for digitalization. Furthermore, as cloud computing has become more widely adopted, businesses and consumers have been able to perform online tasks, thus creating the requirement for identification and authorization from both sides.
Europe E-Signature Market Segmentation Analysis
By Deployment Type
- Public Key Infrastructure (PKI)
- Username and Personal Identification Number (PIN)
- Signature Pad at Point of Sale (POS)
- Voices signature
By Use Case
- Third Party
- Banking, Financial Services, and Insurance (BFSI)
- Information Technology (IT) & Telecom
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