esignature market set to soar to 100M by 2020

Over 100 million electronic signature transactions are projected to be made annually in Australia by 2020, but less than 20% of Australian businesses are currently prepared for this outcome, according to a recent survey undertaken by Forrester Consulting.

Forrester consultant Tim Sheedy said Australian law allows nearly all documents to be signed using simple electronic signatures with minimal requirements and clear enforceability. The survey of 209 Business and IT decision makers and managers in Australia was commissioned by Adobe, which has also commissioned law firm Norton Rose Fulbright to author a White Paper on legal considerations of esignatures in Australia (Available HERE)

With 68% of Australian businesses yet to implement an eSignature solution of any kind, customer demand for increased convenience and efficiency is set to fuel enormous growth says Forrester.

By 2020, customers across industries as varied as real estate, manufacturing, banking, and hospitality will likely come to expect the convenience of eSignature technology as commonplace, leaving businesses that hesitate to embrace the technology at risk of forfeiting their share of 100 million transactions every year.

According to the study, in addition to exponential growth projections for the eSignature market, by 2020, one in every 10 global eSignature transactions is expected to be completed in Australia. This is despite Australia currently trailing other markets in terms of its acceptance of cloud solutions, with only one in three Australian businesses willing to accept SaaS software solutions.

“Over 90% of the companies believe that an eSignatures solution can save up to 15% of operating cost,” said Sheedy, “Most companies are looking to invest in eSignatures solution in 1 to 2 years time.”

The Forrester surevy also found that while most of the companies have started their digital transformation journey the overall level of digitalisation is low. However, the vast majority believe it is important to their enterprise to provide a complete digital experience – i.e., eliminating any wet signature process.