The Europe electronic signature software market was valued at US$ 1.01 billion in 2022 and is expected to reach US$ 11.03 billion by 2030; it is estimated to register a CAGR of 34.7% from 2022 to 2030.
Verification, authentication, as well as security are the foundation of documents used in the e-commerce industry. The use of electronic signatures in the e-commerce industry provides several benefits, such as ease of use by adding e-signatures with a click of a button. With electronic signatures, once the document details are confirmed and validated, signing the documents becomes a simple task.
The originating party is capable of receiving signed documents over the Internet within minutes of being signed, regardless of their geographical location. It helps the e-commerce players maintain document accuracy, reduces time, facilitates easy storage and retrieval of documents, and offers enhanced customer services. Thus, with the flourishing e-commerce industry worldwide and the increasing use of digital signatures in the industry, the market is growing.
Since July 2016, electronic signatures in the region have been governed by the Electronic Identification and Trust Services (eIDAS) regulation; it offers a regulatory environment directly applicable to all EU Member States to allow seamless and secure electronic interactions between citizens, businesses, and public authorities. This also offers companies a predictable legal environment to develop and expand the use of electronic signatures in the region.
In Europe, most organizations have to meet the growing expectations of today's mobile-savvy customers who want to connect on all channels. From the organization's viewpoint, business transactions should be executable anywhere, anytime, and must be a simple process. Employees gradually expect the same from internal workflows. For both employees and customers, the traditional method of printing a document to capture a signature for proof of intent might slow down the business process. Hence, businesses across Europe are highly focused on adopting an advanced automated process for securely signing documents, such as electronic signature software.
Electronic signature software offers several advantages, such as enhanced productivity and helping businesses achieve better customer experience. Moreover, the UK government is constantly focusing on implementing electronic signature technology. As of March 2020, the UK government has officially accepted the Law Commission of England and Wales (the Commission's) opinion that electronic signatures on contracts and other necessary documents are already legally valid in England and Wales without the need for formal primary legislation. Thus, such official acceptance propels the growth of the electronic signature software market in the UK.
Furthermore, as electronic signature technology has evolved, the number of electronic signature software options available to organizations and users has also grown. Electronic signature software companies cater to various industries in the region, such as BFSI and government agencies, among others. Thus, the above factors are expected to boost the electronic signature software market during the forecast period.
Increasing Use of Electronic Signatures in E-commerce Industry Drives Europe Electronic Signature Software Market
The e-commerce industry is proliferating across the globe. Almost all documents in the e-commerce industry are processed electronically. As businesses shift online and teams work from many places, the need for secure, quick, and legally binding methods of signing documents has become critical. Digital signatures are a dependable option that allows organizations to streamline processes and decrease paper-related expenditures. This technology not only improves security but also ensures compliance with many regulations and global legal standards. Companies can improve overall efficiency and customer experience by integrating digital signatures into procedures ranging from contract signing to staff onboarding.Verification, authentication, as well as security are the foundation of documents used in the e-commerce industry. The use of electronic signatures in the e-commerce industry provides several benefits, such as ease of use by adding e-signatures with a click of a button. With electronic signatures, once the document details are confirmed and validated, signing the documents becomes a simple task.
The originating party is capable of receiving signed documents over the Internet within minutes of being signed, regardless of their geographical location. It helps the e-commerce players maintain document accuracy, reduces time, facilitates easy storage and retrieval of documents, and offers enhanced customer services. Thus, with the flourishing e-commerce industry worldwide and the increasing use of digital signatures in the industry, the market is growing.
Europe Electronic Signature Software Market Overview
The market for electronic signature software in Europe is segmented into France, Germany, Russia, Italy, the UK, and the Rest of Europe. In European legislation, electronic signatures were first acknowledged via the directive on a community framework for electronic signatures adopted in 1999. In Europe, in July 2016, the Electronic Identification and Trust Services Regulation (eIDAS) established a legal structure for electronic signatures and documents across the European Union (EU).Since July 2016, electronic signatures in the region have been governed by the Electronic Identification and Trust Services (eIDAS) regulation; it offers a regulatory environment directly applicable to all EU Member States to allow seamless and secure electronic interactions between citizens, businesses, and public authorities. This also offers companies a predictable legal environment to develop and expand the use of electronic signatures in the region.
In Europe, most organizations have to meet the growing expectations of today's mobile-savvy customers who want to connect on all channels. From the organization's viewpoint, business transactions should be executable anywhere, anytime, and must be a simple process. Employees gradually expect the same from internal workflows. For both employees and customers, the traditional method of printing a document to capture a signature for proof of intent might slow down the business process. Hence, businesses across Europe are highly focused on adopting an advanced automated process for securely signing documents, such as electronic signature software.
Electronic signature software offers several advantages, such as enhanced productivity and helping businesses achieve better customer experience. Moreover, the UK government is constantly focusing on implementing electronic signature technology. As of March 2020, the UK government has officially accepted the Law Commission of England and Wales (the Commission's) opinion that electronic signatures on contracts and other necessary documents are already legally valid in England and Wales without the need for formal primary legislation. Thus, such official acceptance propels the growth of the electronic signature software market in the UK.
Furthermore, as electronic signature technology has evolved, the number of electronic signature software options available to organizations and users has also grown. Electronic signature software companies cater to various industries in the region, such as BFSI and government agencies, among others. Thus, the above factors are expected to boost the electronic signature software market during the forecast period.
Europe Electronic Signature Software Market Segmentation
The Europe electronic signature software market is categorized into component, deployment, method, end user, and country.- Based on component, the Europe 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 Europe electronic signature software market is bifurcated into cloud and on-premise. The cloud held a larger market share in 2022.
- Based on method, the Europe 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 Europe electronic signature software market is segmented into manufacturing, BFSI, pharmaceuticals, government agencies, legal, and others. The BFSI held the largest market share in 2022.
- By country, the Europe electronic signature software market is segmented into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Germany dominated the Europe electronic signature software market share in 2022.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Europe Electronic Signature Software Market Landscape
5. Europe Electronic Signature Software Market - Key Industry Dynamics
6. Electronic Signature Software Market - Europe Analysis
7. Europe Electronic Signature Software Market Analysis - Component
8. Europe Electronic Signature Software Market Analysis - Deployment
9. Europe Electronic Signature Software Market Analysis - Method
10. Europe Electronic Signature Software Market Analysis - End User
11. Europe Electronic Signature Software Market - Country Analysis
12. Competitive Landscape
13. Industry Landscape
14. Company Profiles
15. Appendix
Companies Mentioned
- Adobe Inc
- Altron Ltd
- DocuSign Inc.
- HID Global Corporation
- Legalesign Ltd.
- OneSpan Inc
- RPost
- Thales SA
- U-Sign-It Pty Ltd
- Zoho Corporation Pvt Ltd
