Who uses e-signing services and their current needs
Geographically, North America is the largest digital signature market with more than 40% revenue contribution to the global market in 2017 and this market’s growth is due to the extensive growth opportunities observed regarding the demand of these signatures from the legal and financial sector along with adhering to strict cyber regulatory reforms.
It can be noted that the Asia-Pacific digital signature market is expected to have the highest growth of extensive adoption of this technology among SMEs. Moreover, the government of India has introduced different measures to boost and support the growth of the digital signature market in this region.
- 1.Digital Signature Market
The digital signature market depending on its application is segmented into government, healthcare and life science, telecom, IT, banking, retail, and others. Among these industries, the highest demand and interest comes from the banking industry. The reason for this is attributed towards the increasing benefits of digital signature such as the steady process of the invoice, enriched compliances, and deducted turnaround time for a particular document.
Many people can benefit from the use of e-signing services whether it is for individual uses or professional needs, but here are some users that will benefit from these type of software applications the most:
- Real estate professionals
Whether it is about purchase agreements, lease agreements, disclosures, liens, easements, real estate professionals are on the go constantly. They have the need to sign documents and end purchases on the spot with the clients, as well as have anything available. Also, they have the need to confirm the identity of the clients before signing any type of agreement.
- Lawyers and law firms
Legal formalities are very long processes. There is too much paperwork involved, when dealing with commercial licenses, terms and conditions, business contracts, confidentiality forms, etc. E-signatures can help legal companies overcome this time-consuming administrative nightmare with digital documentation and help them not only with automation of the signing processes but also with the electronic archiving of existing documents. With the use of e-signing software apps, lawyers can finalize contracts faster by uploading legal documentation to a central location and allowing colleagues to review and validate the documents with e-signatures. Likewise, legal documents can be shared with clients so they can review and send the documents back after adding their e-signatures using their smartphones.
Different documents need to be notarized and verified by an authorized notary agent or also known as the notary public in the United States. While providing services, notaries need to confirm the identity of each individual, inspect personal and other related documents. Before finalizing the signing process, they need to ensure the signers understand the content of the documents they are signing. The notary is responsible for ensuring the identity of the people signing important documents, following the country’s rules. Each notary must ensure licensing requirements in the country in which he/she provides the services. Notaries can work on their own or they can be employed by financial institutions and insurance companies; banks, title companies, and other types of businesses.