eSignature
Legality
Electronic signature solutions have been in use for decades but have started gaining greater legal and commercial acceptability in recent years. Governments across the globe are framing regulations governing the use of e-signatures, creating compliance requirements, and creating an ecosystem that favors e-signatures.
Globally, governments are supporting the adoption of digital signature solutions because they create efficiency and security within the documentation processes. The Directive 1999/93/EC was implemented by the EU in 1999, and the U.S. passed the Global and National Commerce (E-Sign) Act in 2000 to grant such solutions legal validity.
Regions Actively Adopting E-Signatures
- Europe has captured the second-largest share within the digital signature market. The digital signature market in European countries is predicted to be driven by the rising demand for security and an improved customer experience.
- North America in 2019 possessed the biggest share within the electronic signature market due to the growing usage of e-signatures in the BFSI and healthcare sectors and supportive legislations within the U.S. and Canada.
- Asia-Pacific (APAC) is projected to observe the fastest market advance during the forecast period because of the adoption of machine learning (ML) and artificial intelligence (AI), the popularity of digital payments, the presence of SMEs, and IT expenditure.
