According to P&S Intelligence, the European e-signature market was valued at $711.8 million in 2021, and it is set to reach $10,504.7 million by 2030, growing at a CAGR of 34.9% between 2021 and 2030.
The major reasons behind the growth of this industry are growing in the frequency of online working, a surge in the volume of online documentation processes, cost-effectiveness of e-signatures, and supportive government laws and guidelines.
The BFSI category held the largest revenue share of approximately 40%. This can be credited to the growing need for customer-centric business applications, BFSI vertical emphasizes on understanding digital preferences, consumers, choices, and behavior.
Furthermore, these signatures support BFSI firms in simplifying complex business processes by offering advanced security. Therefore, such factors are contributing to the growth of this category.
The development in the e-commerce sector has powered the growth of numerous related industries. The application used in the e-commerce sector offers deep integration of supply chains, effectiveness, and strong customer relationships.
Thus, the rising e-commerce industry is projected to offer growth opportunities to key players in the European e-signature market.
As several businesses are shifting to the online mode, more legally binding would be needed for accommodating and governing this conversion.
In addition, this would lead to a significant demand for solutions providing safety to sensitive documents online.
The industry is projected to grow at the fastest rate in the years to come. This can be because of the offered benefits for industries operating in the region.
Furthermore, it decreases the expense and improves the effectiveness of work. For example, in Spain, each transaction needing physical existence costs around $84, but the same transaction which is done electronically just costs $9.
As digital transformation is spreading throughout the region, paperwork in institutions and administrations is also being digitized rapidly.
Moreover, the increasing penetration of cloud computing has enabled consumers and companies to do transactions online, which requires authorization and authentication from both sides. This is indeed contributing to the growth of the market globally.
The U.K. held 20% of the revenue share in the past. This can be credited to the increasing usage of e-signature in the country. For online documentation, which is becoming vital as services shift online. GOV.U.K. Verify is a government platform that verifies the genuineness of an individual through paperwork dispensed by the government.
Therefore, as several businesses are shifting online, many dealings are happening online and administrations, are also being digitized at a high rate, which will contribute to the growth of the European e-signature industry in the future.
