10 Surprising Stats about eSignatures
The world of e-signatures reaches far beyond signing. To put it into perspective, here are ten interesting statistics that might surprise you.
- Use of e-signatures is growing. Fast. Global eSignature transactions have increased from 89 million to 754 million over just five years.
- It doesn’t stop there. eSignatures are expected to grow 39% more by 2020.
- According to these figures, this means the e-signature market will hit $9,073.1 million by 2023.
- US businesses waste $8 billion a year just on managing paper.
- Companies that adopt e-signature solutions reduce document handling expenses by a whopping 85%.
- Companies also save 80% on shipping costs when they go paperless, on average.
- 65% of companies using pen and paper report collecting physical signatures add an entire day to their work process.
- 41% of companies require signatures on more than half of their documents, printing more than half of their papers to get them signed.
- 48% of these businesses make three or more copies of their documents.
- However, companies that go paperless reduce 90% of their processing errors on average
Much like these statistics, the benefits of e-signatures include more than the signing process itself. From cutting costs to increase workflow and data security, digitizing documents ranks far superior to traditional pen and paper.