E-signature and its benefits

The ability to sign documents electronically is no longer seen as a mere contrivance anymore. The worldwide use of digital signatures has grown at an intense rate. Electronic signatures have been helping enterprises improve and speed up their operations. The increasing use of digital signatures and signature capture devices to eliminate fraud, promote technological innovations and enhanced data integrity, scalability and reliability are driving this market growth. The Digital Signatures Market can be segmented by Deployment (On-premise, Cloud), Offering (Software, Hardware, Service), End-user Industry (Government, Healthcare, Oil and Gas, Military and Defence, Logistics and Transportation, Research and Education), and Geography. The digital signatures market was valued at USD 3.72 billion in 2019 and is expected to reach a value of USD 6.93 billion by 2025.

Gone are the days of completing paperwork only in hard copy, more so when the deadlines are too tight. By automating document workflows across departments such as logistics, sales, HR, etc., e-Signatures can provide substantial efficiencies in helping businesses of any size eliminate paperwork. By letting users sign digitally from virtually anywhere, users get their documents signed in under 30 seconds by their customers, partners, and employees. It is a time and cost saver solution that allows one to close several contracts simultaneously, regardless of the device or location.

High Security

Legality and security have always been among the primary concern on the use of e-Signature in business. As the incidents of fraud and data breaches harass today’s digital businesses the enterprises are looking to more advanced authentication and encryption options to validate the identity of participants in a digital transaction. Today’s top e-signature software solution vendors provide high-grade security measures, such as audit trail, password protected e-signing, and SOC 2 Type II certification, to ensure your documents are handled and stored securely 24/7. With a proper digital signature provider, one gets absolute control over the e-signature workflow and document tracking.

Customer Expectation

Customers expect from the digital platform a lot these days for various reasons. Digital signatures also have long been acknowledged as both legally binding and court-admissible, providing stronger evidence and reducing the risk of legal disputes. So it is no surprise that enterprises across all sectors are switching from traditional paperwork to e-signing platforms. Most of the major vendors are actively focusing on e-Signature market study and development to enhance their products to meet customers’ expectations.

Effectiveness

Physical documents must redo just one signature which can cost a company the same price as printing out an entirely new document. An e-signature solution fixes errors faster and at a lower price. The concept of a digital signature and digital writing pad is not something really new or unusual. That is the reason it very cost-effective to pay for digital signature capture devices once-off and reduce the recurring stationary expenses.

Popular E-signature Software

  • PandaDoc
  • Zoho Sign
  • SignRequest
  • SignNow
  • DocuSign

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