Europe Electronic Signature Software Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Deployment, Method, Offerings, and End-User Industry

According to our latest market study on “Europe Electronic Signature Software Market Forecast to 2028 - COVID-19 Impact and Analysis - by Deployment (On Premise and On Cloud); Method (General Electronic Signature, Qualified Electronic Signature, and Enhanced Electronic Signature); Offerings (Solutions and Service); End-user Industry (Manufacturing, BFSI, Pharmaceuticals, Government Agencies, Legal, and Others),” the market was valued at US$ 356.79 million in 2020 and is projected to reach US$ 2,155.27 million by 2028; it is expected to grow at a CAGR of 25.3% from 2020 to 2027.





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With the increasing global competition, businesses are ensuring their digital presence and are efficiently utilizing digital technologies to sustain in the market. Organizations in the present era, regardless of their size, are exploiting digital technologies for effective functioning and cost reduction. Although digitalization is taking place on a huge scale, several SMEs are still skeptical about adopting it. Factors such as fear of risks, lack of right understanding, and expenditures incurred on new technologies, among others, are the factors responsible for the limited adoption. However, there are several open opportunities for SMEs prevailing in the digital world. They can help the SMEs to efficiently compete with larger enterprises as technology is greatly scalable and flexible. Additionally, adoption of electronic signatures offers an opportunity of automating tasks with the integration of the software. This helps the SMEs in cost and time saving as well as reduction of errors, thereby improving the work quality.

The developing architectures and advanced features of cloud platforms are propelling the deployment of cloud-based solutions across every industry vertical, including the BFSI. The BFSI sector in Europe is one of the significant sectors witnessing huge growth. At present, cloud-based electronic signature solutions are being adopted by various banks owing to low initial investments and fast updates offered by these solutions, and this trend is anticipated to continue during 2020-2028. The COVID-19 pandemic had adversely hit countries in Europe. As a result, various business across different sectors have been suffering losses. Governments of different countries announced temporary business shutdowns in 2020; in addition, the emergence of coronavirus is hindering the operation of various business in the region. The governments have been encouraging people to adopt social distancing and contactless transaction across all BFSI, manufacturing, pharmaceuticals, government agencies, etc., through various measures. Thus, the deployment of electronic signature software is increasing across different sectors in Europe.

In the European Union (EU), the Electronic Identification and Trust Services Regulation (eIDAS) established a legal structure for electronic signatures and documents in July 2016. Since then, electronic signatures in the region are governed by the eIDAS regulation; it allows seamless and secure electronic interactions between citizens, businesses, and public authorities. This also offers companies a predictable legal environment to develop and expand the use of electronic signatures in the region. Most of the organizations in Europe need to meet the growing expectations of the modern tech-savvy customers that seek connectivity on all possible channels. From the organization’s viewpoint, business transactions should be executable anywhere, anytime, and must be straight and simple. Employees gradually expect the same from internal workflows. For both employees and customers, a traditional method of printing a document to take a signature for proof of intent might slow down the business processes. Hence, enterprises across Europe prefer adopting an advanced automated process, such as electronic signatures, for signing the document in a secure way. Thus, electronic signature software help improve productivity of businesses, along with allowing them to offer better customer experience. Furthermore, as electronic signature technology has evolved with time; numerous electronic signature software options are now available to organizations and users, such as BFSI and government agencies.

Impact of COVID-19 on Europe Electronic Signature Software Market

The adoption of electronics equipment has been affected massively due to the outbreak of COVID-19. The COVID-19 outbreak has distrusted the business across several industries in various countries of the region. The European member states such as Italy, Spain, and Germany have implemented drastic measures and travel restrictions to limit the spread of COVID-19. Moreover, due to rising automation of legal process across various sectors, such as manufacturing, BFSI, pharmaceuticals, and government agencies, across the region the deployment of electronic signature software is increasing. The deployment of electronic signature software increased owing to rising adoption cloud technology. Further, the recent imposition of containment measure owing to the spread of newly mutated strain might hamper the market growth in the Q1 2020 in this region. and then the deployment of electronic signature software increased as well as witnessed to grow further, owing to rising adoption cloud technology. Thus, the spread of newly mutated strain of COVID-19 is anticipated to positively impact the electronic signature software market during the forecast period.

The report segments the Europe Electronic Signature Software Market as follows:

Europe Electronic Signature Software Market - by Deployment

• On Premise
• On Cloud

Europe Electronic Signature Software Market - by Method

• General Electronic Signature
• Qualified Electronic Signature
• Enhanced Electronic Signature

Europe Electronic Signature Software Market - by Offerings

• Solutions
• Service

Europe Electronic Signature Software Market - by End-User Industry

• Manufacturing
• BFSI
• Pharmaceuticals
• Government Agencies
• Legal
• Others

Europe Electronic Signature Software Market - by Countries

• Germany
• France
• Italy
• UK
• Russia
• Rest of Europe