The Middle East & Africa electronic signature software market was valued at US$ 170.79 million in 2022 and is expected to reach US$ 1.49 billion by 2030; it is estimated to register a CAGR of 31.1% from 2022 to 2030.
Fear of risks, lack of right understanding, expenditures incurred on new technologies, and other factors are responsible for the limited adoption. However, there are several open opportunities for SMEs prevailing in the digital world. They can help the SMEs to efficiently compete with larger enterprises as technology is greatly scalable and flexible.
Additionally, the adoption of electronic signatures provides an opportunity to automate tasks by integrating the software. This helps the SMEs in cost savings. It also helps save time and reduce errors, thereby improving work quality. Various players PandaDoc Inc. and Dropbox Sign across the globe are providing electronic signatures for SMEs. Thus, the high implementation of providers of electronic signatures for SMEs is expected to fuel the electronic signature software market growth in the coming years.
Electronic signature software plays a significant role in delivering advanced security services associated with data protection and robust credentials for identity management. In the Middle East & Africa, the advent of the digital age and the recent explosive development in mobile technologies have significantly increased the potential for e-signatures, which are widely used in business.
The adoption of e-signature technology in the Middle East & Africa has been less prevalent compared to Europe and North America. However, the development of digital technologies is being adopted in the region to streamline daily transactions. Moreover, several institutions in the region are launching electronic signature solutions. For instance, as of November 2023, Banque du Caire has announced the launch of an electronic signature service (I-Sign) for corporate and institutional clients, making it the first bank to use electronic signatures in banking forms and documents related to cash flow management services and products, foreign trade operations, and securities products. The site also includes forms for corporate Internet banking subscriptions. The rise in the launch of electronic signature software propelled the growth of the electronic signature software market in the Middle East.
In Africa, the adoption rate is low compared to the technologically advanced countries in the Middle East. However, in the region, digitalization has seen a substantial shift from paper-based procedures to electronic. Most businesses have adopted methodologies for signing documents to ensure auditable document tracks, reducing the costs related to paper-based transactions and the risks of identity theft and fraud. Further, in order to fully ensure digital signature security, South Africa's Electronic Communications and Transactions (ECTA) Act identifies the concept of an Advanced Electronic Signature (AES). This ensures that the person signing the document has been verified in person.
High Implementation of Electronic Signatures Across SMEs Bolsters Middle East & Africa Electronic Signature Software Market
With the increasing global competition, businesses are ensuring their digital presence and efficiently utilizing digital technology to sustain in the market. Organizations, regardless of their size, are exploiting digital technologies for effective functioning and cost reduction. Although digitalization is growing on a huge scale, many SMEs are still considering adopting it.Fear of risks, lack of right understanding, expenditures incurred on new technologies, and other factors are responsible for the limited adoption. However, there are several open opportunities for SMEs prevailing in the digital world. They can help the SMEs to efficiently compete with larger enterprises as technology is greatly scalable and flexible.
Additionally, the adoption of electronic signatures provides an opportunity to automate tasks by integrating the software. This helps the SMEs in cost savings. It also helps save time and reduce errors, thereby improving work quality. Various players PandaDoc Inc. and Dropbox Sign across the globe are providing electronic signatures for SMEs. Thus, the high implementation of providers of electronic signatures for SMEs is expected to fuel the electronic signature software market growth in the coming years.
Middle East & Africa Electronic Signature Software Market Overview
At present, many countries in the Middle East & Africa are recognizing the potential of implementing technologies in various end user industries in a bid to improve the socio-economic climate of the respective country. Further, as the operations of government have moved online, information technology security services based on cryptography have become vital.Electronic signature software plays a significant role in delivering advanced security services associated with data protection and robust credentials for identity management. In the Middle East & Africa, the advent of the digital age and the recent explosive development in mobile technologies have significantly increased the potential for e-signatures, which are widely used in business.
The adoption of e-signature technology in the Middle East & Africa has been less prevalent compared to Europe and North America. However, the development of digital technologies is being adopted in the region to streamline daily transactions. Moreover, several institutions in the region are launching electronic signature solutions. For instance, as of November 2023, Banque du Caire has announced the launch of an electronic signature service (I-Sign) for corporate and institutional clients, making it the first bank to use electronic signatures in banking forms and documents related to cash flow management services and products, foreign trade operations, and securities products. The site also includes forms for corporate Internet banking subscriptions. The rise in the launch of electronic signature software propelled the growth of the electronic signature software market in the Middle East.
In Africa, the adoption rate is low compared to the technologically advanced countries in the Middle East. However, in the region, digitalization has seen a substantial shift from paper-based procedures to electronic. Most businesses have adopted methodologies for signing documents to ensure auditable document tracks, reducing the costs related to paper-based transactions and the risks of identity theft and fraud. Further, in order to fully ensure digital signature security, South Africa's Electronic Communications and Transactions (ECTA) Act identifies the concept of an Advanced Electronic Signature (AES). This ensures that the person signing the document has been verified in person.
Middle East & Africa Electronic Signature Software Market Segmentation
The Middle East & Africa electronic signature software market is categorized into component, deployment, method, end user, and country.- Based on component, the Middle East & Africa 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 Middle East & Africa electronic signature software market is bifurcated into cloud and on-premise. The cloud held a larger market share in 2022.
- Based on method, the Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa electronic signature software market is segmented into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa electronic signature software market share in 2022.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Middle East & Africa Electronic Signature Software Market Landscape
5. Middle East & Africa Electronic Signature Software Market - Key Industry Dynamics
6. Electronic Signature Software Market - Middle East & Africa Market Analysis
7. Middle East & Africa Electronic Signature Software Market Analysis - Component
8. Middle East & Africa Electronic Signature Software Market Analysis - Deployment
9. Middle East & Africa Electronic Signature Software Market Analysis - Method
10. Middle East & Africa Electronic Signature Software Market Analysis - End User
11. Middle East & Africa 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
- OneSpan Inc
- Thales SA
- U-Sign-It Pty Ltd
- Zoho Corporation Pvt Ltd
