The Asia Pacific electronic signature software market was valued at US$ 864.10 million in 2022 and is expected to reach US$ 10.15 billion by 2030; it is estimated to register a CAGR of 36.1% from 2022 to 2030.
Also, governments of growing nations such as India and China are taking initiatives such as 'Digital India' and 'Made in China 2025 Initiative' respectively, to fuel the adoption of digital services by consumers and industries. Owing to all these positive developments related to the adoption of cloud-based digital signature solutions, the demand for the market is expected to bolster during the forecast period.
Less awareness and investments in the security industry also contribute to the factors hindering the electronic signature software market in the region. In Asia Pacific, the adoption of technology continues to be on the rise. The Digital Signature Act of 1997 came into effect in Malaysia in October 1998. Also, there is an increase in the demand for security solutions. To avoid Denial-of-service (DDoS) attacks that might disrupt operations in significant industry verticals such as BFSI and government, they are required to adopt the electronic signature technology.
The swift adoption of electronic signature software and advanced technology is a major opportunity for the growth of the electronic signature software market in Asia Pacific. Business owners in the region are supporting the adoption of electronic signature software, a factor that primarily drives the market in the region. Moreover, Companies in China are highly focused on providing electronic signature solutions in order to gain traction in the market.
For instance, in November 2020, Esign, an e-signature services provider in China, announced that it had raised over US$ 151 million in a series D round led by the Shenzhen Capital Group, the Evergrande High-Tech Group, owned by Evergrande Group, a Chinese property giant, and Fortune Capital. Thus, the presence of such e-signature providers in the country propels the growth of the electronic signature software market.
Growing Adoption of Cloud-Based Solutions in Banking Industry Boosts Asia Pacific Electronic Signature Software Market
The evolving architectures and advanced features of cloud platforms are boosting the adoption of cloud-based solutions in every industry vertical, including the BFSI sector. Presently, cloud-based electronic signature solutions are being adopted by various banks due to low initial investments and fast updates offered by these solutions, and this trend is anticipated to grow during the forecast period. With investment in cloud-based electronic signature solutions, banks are likely to reduce their operational costs and enhance customer experience, thus increasing productivity and revenues. The complexity and high investment of on-premise solutions are another reason that is boosting the demand for cloud-based electronic signature solutions.Also, governments of growing nations such as India and China are taking initiatives such as 'Digital India' and 'Made in China 2025 Initiative' respectively, to fuel the adoption of digital services by consumers and industries. Owing to all these positive developments related to the adoption of cloud-based digital signature solutions, the demand for the market is expected to bolster during the forecast period.
Asia Pacific Electronic Signature Software Market Overview
The Asia Pacific electronic signature software market is segmented into South Korea, Australia, India, China, Japan, and the Rest of Asia Pacific. Electronic signatures are legal in the region. Cyberattacks in the region in the last few years have grown to be a higher risk. This is owing to swiftly increasing connectivity and the pace of digital transformation in APAC, further resulting in increased concern for technological threats among companies. The rise in the threat of cybercrime in the region is also largely because of the lack of transparency, resulting in weak cyber enforcement and regulations by government authorities.Less awareness and investments in the security industry also contribute to the factors hindering the electronic signature software market in the region. In Asia Pacific, the adoption of technology continues to be on the rise. The Digital Signature Act of 1997 came into effect in Malaysia in October 1998. Also, there is an increase in the demand for security solutions. To avoid Denial-of-service (DDoS) attacks that might disrupt operations in significant industry verticals such as BFSI and government, they are required to adopt the electronic signature technology.
The swift adoption of electronic signature software and advanced technology is a major opportunity for the growth of the electronic signature software market in Asia Pacific. Business owners in the region are supporting the adoption of electronic signature software, a factor that primarily drives the market in the region. Moreover, Companies in China are highly focused on providing electronic signature solutions in order to gain traction in the market.
For instance, in November 2020, Esign, an e-signature services provider in China, announced that it had raised over US$ 151 million in a series D round led by the Shenzhen Capital Group, the Evergrande High-Tech Group, owned by Evergrande Group, a Chinese property giant, and Fortune Capital. Thus, the presence of such e-signature providers in the country propels the growth of the electronic signature software market.
Asia Pacific Electronic Signature Software Market Segmentation
The Asia Pacific electronic signature software market is categorized into component, deployment, method, end user, and country.- Based on component, the Asia Pacific electronic signature software market is bifurcated into solution and services. The solution segment held a larger market share in 2022.
- In terms of deployment, the Asia Pacific electronic signature software market is bifurcated into cloud and on-premise. The cloud held a larger market share in 2022.
- Based on method, the Asia Pacific electronic signature software market is segmented into general electronic signature, qualified electronic signature, and advanced electronic signature. The qualified electronic signature segment held the largest market share in 2022.
- In terms of end user, the Asia Pacific electronic signature software market is segmented into manufacturing, BFSI, pharmaceuticals, government agencies, legal, and others. The manufacturing held the largest market share in 2022.
- By country, the Asia Pacific electronic signature software market is segmented into China, India, South Korea, India, Australia, and the Rest of Asia Pacific. China dominated the Asia Pacific electronic signature software market share in 2022.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Asia Pacific Electronic Signature Software Market Landscape
5. Asia Pacific Electronic Signature Software Market - Key Industry Dynamics
6. Electronic Signature Software Market - Asia Pacific Analysis
7. Asia Pacific Electronic Signature Software Market Analysis - Component
8. Asia Pacific Electronic Signature Software Market Analysis Deployment
9. Asia Pacific Electronic Signature Software Market Analysis - Method
10. Asia Pacific Electronic Signature Software Market Analysis - End User
11. Asia Pacific Electronic Signature Software Market - Country Analysis
12. Competitive Landscape
13. Industry Landscape
14. Company Profiles
15. Appendix
Companies Mentioned
- Adobe Inc
- DocuSign Inc.
- HID Global Corporation
- OneSpan Inc
- RPost
- Thales SA
- U-Sign-It Pty Ltd
- Zoho Corporation Pvt Ltd
