The global e-notary software market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing prevalence of e-documents, and increasing penetration of internet. Various government and non-governmental offices are now functioning online, especially post-covid-19 pandemic, which has surged the demand for online verification of documents. With the up-surge in e-documents, the need for e-notary is also increasing, which is estimated to boost the market growth. Moreover, e-notary services are more efficient and easily available, as compared to finding a local notary. Additionally, state certified e-notaries are faster and require less operation cost. Such factors are bound to improve the adoption of e-notary software in the upcoming years.
Furthermore, the growing penetration of IoT and ICTs, increasing users of mobile applications, and digitalization is anticipated to boost the market growth. According to the data by the World Bank, 56.727% of the total global population used internet globally, while 7.993 billion individuals had a cellular mobile subscription, as of 2019. Along with this, advancement in technology, and development of new software are foreseen to promote the growth of the market. CLICK TO DOWNLOAD SAMPLE REPORT
The market is segmented by type into cloud based, on premise, and others, out of which, the cloud-based segment is anticipated to hold the largest share in the global e-notary software market over the forecast period on account of growing adoption of cloud computing technology, along with increasing adoption of cloud-based software in general. The various advantages of cloud technology, such as, high mobility, easy access, unlimited storage and back-up facility, low-maintenance, and pay-per-use settings, are estimated to boost the segment growth.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global e-notary software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of technological development, and digitization in the developing countries, rapidly growing adoption of 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 market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period growing population of tech-savvy generation, surge in online submission and verification of documents, and rising adoption of technology in developed countries. Moreover, increasing penetration of internet is estimated to further impact the market growth in the region. As per the data by the World Bank, 89.43% of the population in the U.S. used internet services in 2019.
The global e-notary software market is further classified on the basis of region as follows:
Our in-depth analysis of the global e-notary software market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing digitalization and penetration of internet is estimated to boost the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
Growing security and privacy threats are estimated to hamper the market growth.
The market in the North America region will provide more business opportunities owing to the high internet penetration in the region.
The major players in the market are Notarize, WWNotary, L.L.C., SIGNiX, Inc., Pavaso, Inc., Notary Cam, Inc., notarykart.com LLP, Safedocs, Inc., Secured Signing Limited, On Call Notary, LLC., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user, and by region.
The cloud-based segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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