> For the complete documentation index, see [llms.txt](https://docs.vulos.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.vulos.io/digital-signature-market-outlook/e-signing-market-size-trends-drivers-and-challenges.md).

# E-signing Market Size, Trends, Drivers, and Challenges

According to research agencies reports on electronic market trends, **the global e-signature market is expected to grow at a CAGR between 25 to 38%** during the upcoming period. One [research](https://www.marketsandmarkets.com/PressReleases/digital-signature.asp) shows that the market size is estimated to grow from USD 662.7 Million in 2016 to USD 2.65 Billion by 2021, at an expected **Compound Annual Growth Rate** (CAGR) of 32.0% from 2016 to 2021. [Another research](https://markets.businessinsider.com/news/stocks/global-e-signature-market-size-share-development-growth-and-demand-forecast-to-2023-industry-insights-by-type-by-deployment-by-use-case-1003715690) exhibits an even bigger expectation of market growth, which predicts **CAGR of 34.7% during the forecast period, to reach $9,073.1 million by 2023.** <br>

It is expected an important growth in demand for e-signatures and use of it in many activities. This is all due to increased security concerns among companies, **growing government focus towards eliminating paperless work** together with **growing e-commerce market** and **increasing online transactions** across the globe.<br>

The global e-signature market is **driven by factors** such as the increase of online shopping and online documentation, penetration of internet and the growing acceptance of e-signatures in the BFSI (Banking, Financial Services and Insurance) sector. Other important **market drivers** for the growth of the e-signature market, are the **increased demand for security,** **workflow efficiency** and **supply chain enhancement incorporates.**<br>

The biometric-based signature technology is considered as a most protected measure in order to precede the authentication and identification process of an individual. The pattern of a signature cannot be replicated or stolen. This is the main factor that creates awareness and interest about this among companies across the world.&#x20;

The **e-signatures use shown in number of transactions**, solely in [2014](https://www.statista.com/statistics/618202/worldwide-esignature-transaction-annually/), was around 210 million transactions electronically signed worldwide. <br>

The current **market challenges** happening in the digital signatures market are:&#x20;

* Implementation of stringent norms by the government authorities leading to uncertainties regarding electronic and digital signatures;
* redundant technology adopted in the development of digital signature
* inconsistency among various technologies of these signatures