E-Notary Software Market size is poised to reach USD 1 Billion by the end of 2036, growing at a CAGR of 10% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of E-Notary software was USD 220 Million. The reason behind the growth is due to the growing adoption of e-signature across the globe. Businesses all over the world have greatly accelerated the use of e-signatures as they offer a wide range of features and benefits that improve business processes in terms of convenience, and effectiveness, and help to improve performance by streamlining business procedures. Moreover, eSignatures have contributed to over 87% increase in employee communication and around 89% reduction in project length.
For instance, in just five years, the number of electronic signature transactions worldwide has increased from around 88 million to more than 750 million.
The growing advancements in e-signature technology are believed to fuel the E-Notary software market growth. For instance, the use of artificial intelligence, or AI, has increased across electronic signatures which helps in fixing any mistakes in a signature that can give rise to a forgery claim, lowers the possibility of fraud, assists in the process of signature verification, and can assist in verifying the signatories' identities by utilizing facial recognition software to increase the signing process's effectiveness safely.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~10% |
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Base Year Market Size (2023) |
~ USD 220 Million |
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Forecast Year Market Size (2036) |
~ USD 1 Billion |
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Regional Scope |
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Type (Cloud-Based, On-Premise)
The cloud-based segment in the E-Notary software market is estimated to gain a robust revenue share of 60% in the coming years owing to the growing adoption of cloud computing technology, along with the increasing adoption of cloud-based software in general. Companies all over the world are becoming more and more interested in cloud computing, which is a massive industry that is expanding many times every year as a means for improving the scalability of Internet-based database capabilities owing to the various advantages of cloud technology, such as high mobility, easy access, unlimited storage and backup facility, low maintenance, and pay-per-use settings. Numerous technologies are employed in electronic notarization, such as cloud-based digital tools that notarize documents electronically, provide an intuitive user interface, and enable automated administration of legal document storage. Cloud-based e-notary software is attractive to businesses as it records every session and stores it in an electronic journal while offering data security, scalability, and user-friendliness.
For instance, DocuSign operates a cloud-based electronic signature platform, that enables customers to sign a variety of documents, including agreements, permission slips from schools, contracts, and approvals from corporations in many languages and sent via email by users.
End-User (Large Enterprises, SMEs)
E-Notary software market from the large enterprises segment is set to garner a notable share shortly. Notarize is a strong tool for businesses, including strong security measures that assist in battling fraud and identity theft and is mostly ideal for larger firms that frequently require multi-user access to notary services, and frequently need to notarize substantial amounts of documents to save time and cost. For instance, businesses can use Notarize document preparation tools to cut down on signature errors and time by more than 45%.
Large businesses use e-notary software to digitize and expedite the notarization process since it provides several advantages, including improved customer service, higher efficiency, and lower a company's operating costs several times over.
In addition, notarization is sometimes necessary for small firms for a variety of documents, such as agreements, contracts, and other legal paperwork to guarantee that the parties have signed the documents willingly. Small companies are among the many that require notarizations for contracts and other agreements.
One of the simplest methods for small and medium-sized businesses (SMBs) to reduce waste, increase income, and minimize labor costs is by implementing electronic signatures which is an increasingly valuable tool for assisting small firms in growing and helping them operate more efficiently. Electronic signatures can be used for many different purposes by small enterprises such as to sign agreements, contracts, and commercial transactions since these are essential to any business's survival, to cut expenses by doing away with shipping, fax, and office supply charges.
Our in-depth analysis of the global E-Notary software market includes the following segments:
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Type |
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Application |
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End-User |
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North American Market Forecast
E-Notary software market in North America is predicted to account for the largest share of 35% by 2036 impelled by the growing population of the tech-savvy generation, surge in online submission, and verification of documents. Moreover, increasing penetration of the internet is estimated to further impact the market growth in the region. Moreover, adult Americans now make up over 70% of those who use the internet. Particularly, at the beginning of 2023, more than 90% of Americans were using the internet.
APAC Market Statistics
The Asia Pacific E-Notary software market is estimated to be the second largest, during the forecast timeframe on the back of technological development, and digitization in developing countries, rapidly growing adoption of the internet in remote areas, and evolving dynamics of government services. Countries, such as India, Singapore, and Japan, are experiencing swift transformation in the working of government, as well as, private sectors, which is estimated to boost the E-Notary software market growth.
Author Credits: Abhishek Verma
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