After all, you can’t really argue that Bitcoin is extremely useful at this moment, despite the huge potential it has.
And right within the whole digital ecosystem and digital market, electronic signatures have slowly but surely making inroads within the mainstream business process. Surprise surprise perhaps for many, but this is something that many industries (such as banking) are hoping to capitalise on. 2018 seems to be a very promising year for the market, and for good reason.
Despite significant reluctance from risk-averse departments and a whole host of legal issues, the introduction of e-sign friendly laws within the European Union and their coordination with similar statutes in the United States has provided a considerable boost to the acceptance and usage of electronic signatures in business processes. For the most part, it’s always been a legal battle for acceptance. But even that has been solved in some way.
In fact, for a whole host of companies dedicated to electronic signatures, it’s become quite a significant business boom.
Global companies such as DocuSign (www.docusign.com), Gemalto (www.gemalto.com) and Adobe Sign (www.adobe.com) have experienced hypergrowth, fueled by the increase in acceptance and usage of electronic signatures throughout business processes in a multitude of industries. Even risk-averse sectors, such as the legal / notary sector, is slowly opening up to the usage of electronic signatures because of their overall usefulness.
And the numbers can be surprising.
Because according to market research conducted by Research and Markets, global economic signature market will experience double-digit growth in terms of size until 2025. Adding to that, as a whole, the double-digit growth will revolve around the 20 to 30% mark, bringing the whole e-signature market to more than 1 billion US Dollars, with some research firms bringing the number closer to 2 billion US Dollars as a whole by 2020.
While those numbers might not seem impressive (simple statistics in IT), it’s important to consider the fact that electronic signatures were a tech niche just a couple of years ago. Annual growth of more than 30%, in the best case, is a fantastic number and it shows both the health of the market and the increased acceptance / usage of electronic signatures.
And, in the end, what’s not to love? Using electronic signatures you limit your operational costs, you reduce the time for contract signing and you streamline the whole business process entirely.
And no more wasted paper. 🙂
Edward Cretescu – Business Consultant Digidemat