The Growth Of E-Signature Market

E-Signatures are a way to speed up legal paperwork by replacing physical contract documents with electronic alternatives. In this case, the signatures are made electronically by the parties involved in a safe and secure manner. Besides this, e-signatures are also seen to be massively cheaper than physical paperwork. In a study on the benefits on e-signatures, Ombud Research came up with the following numbers:

Parameter Average Change
Turnaround time 80% savings
Cost $20 per document less
Customer Loyalty 5x increase

According to a report on Celent, the e-signature industry has grown multifold in the past five years. The usage by life insurance companies has increased from 47% in 2007 to 74% in 2013. Even the US army today has deployed an esignature solution from Silanis for their over 1 million personnel. Here is how the various e-signature approaches have grown.

E-signature type 2007 2013
Signature pad at POS 34% 36%
PKI 34%
Voice signature 30%
Clickwrap 34% 70%
Handwritten mouse signature 15%
Username & pin 45%
Shared secrets 15%

Research firm, G2 Crowd reviewed the market share held by various e-signature providers among small business (1-50 employees), medium (51-1000 employees) and Enterprise (>1000 employees) which showed the following results

Provider Small Medium Enterprise
Echosign 34% 43% 23%
DocuSign 41% 33% 26%
Silanis 34% 33% 33%
AssureSign 21% 43% 36%
Right Signature 53% 27% 20%
Sertifi 31% 31% 38%

In terms of deployment method (cloud vs. on-premise), this is how it worked out:

Provider Cloud On-premise
Echosign 77% 23%
Docusign 77% 23%
Silanis 79% 21%
AssureSign 100% 0%
Right Signature 75% 25%
Sertifi 85% 15%
Average 85% 15%

In terms of user ratings and recommendations, the G2 Crowd found the following


Rank, Provider, % customers likely to recommend
1, Silanis, 95%
2, AssureSign, 88%
3, Sertifi, 87%
4, Right Signature, 86%
5, Docusign, 81%
6, Echosign, 76%