According to P&S Intelligence, the European e-signature market was valued at $711.8 million in 2021, and it is set to reach $10,504.7 million by 2030, growing at a CAGR of 34.9% between 2021 and 2030.
The major reasons behind the growth of this industry are growing in the frequency of online working, a surge in the volume of online documentation processes, cost-effectiveness of e-signatures, and supportive government laws and guidelines.
The... moreU.K. Is Dominating Europe E-Signature Market
According to P&S Intelligence, the European e-signature market was valued at $711.8 million in 2021, and it is set to reach $10,504.7 million by 2030, growing at a CAGR of 34.9% between 2021 and 2030.
The major reasons behind the growth of this industry are growing in the frequency of online working, a surge in the volume of online documentation processes, cost-effectiveness of e-signatures, and supportive government laws and guidelines.
The BFSI category held the largest revenue share of approximately 40%. This can be credited to the growing need for customer-centric business applications, BFSI vertical emphasizes on understanding digital preferences, consumers, choices, and behavior.
Furthermore, these signatures support BFSI firms in simplifying complex business processes by offering advanced security. Therefore, such factors are contributing to the growth of this category.
The development in the e-commerce sector has powered the growth of numerous related industries. The application used in the e-commerce sector offers deep integration of supply chains, effectiveness, and strong customer relationships.
Thus, the rising e-commerce industry is projected to offer growth opportunities to key players in the European e-signature market.
As several businesses are shifting to the online mode, more legally binding would be needed for accommodating and governing this conversion.
In addition, this would lead to a significant demand for solutions providing safety to sensitive documents online.
The industry is projected to grow at the fastest rate in the years to come. This can be because of the offered benefits for industries operating in the region.
Furthermore, it decreases the expense and improves the effectiveness of work. For example, in Spain, each transaction needing physical existence costs around $84, but the same transaction which is done electronically just costs $9.
As digital transformation is spreading throughout the region, paperwork in institutions and administrations is also being digitized rapidly.
Moreover, the increasing penetration of cloud computing has enabled consumers and companies to do transactions online, which requires authorization and authentication from both sides. This is indeed contributing to the growth of the market globally.
The U.K. held 20% of the revenue share in the past. This can be credited to the increasing usage of e-signature in the country. For online documentation, which is becoming vital as services shift online. GOV.U.K. Verify is a government platform that verifies the genuineness of an individual through paperwork dispensed by the government.
Therefore, as several businesses are shifting online, many dealings are happening online and administrations, are also being digitized at a high rate, which will contribute to the growth of the European e-signature industry in the future.
Natural Language Processing Market To Demonstrate CAGR of 19.7% during 2019–2024
The growing focus on enhancing the customer experience, rising need to manage large volumes of data, surging demand for these solutions in contact centers, and rapid automation of repetitive processes across industries are expected to drive the growth of the natural language processing (NPL) market at a CAGR of 19.7% during the forecast period (2019–2024). According to P&S Intelligence, the market generated revenue... moreNatural Language Processing Market To Demonstrate CAGR of 19.7% during 2019–2024
The growing focus on enhancing the customer experience, rising need to manage large volumes of data, surging demand for these solutions in contact centers, and rapid automation of repetitive processes across industries are expected to drive the growth of the natural language processing (NPL) market at a CAGR of 19.7% during the forecast period (2019–2024). According to P&S Intelligence, the market generated revenue of $8.3 billion in 2018, and it is projected to reach $22.9 billion by 2024.
One of the major factors leading to the increasing demand for NLP solutions is the increasing need to manage large volumes of data. Over 2 quintillion bytes of data are generated in the structured and unstructured forms every day around the world. Companies are in a need for solutions that can resolve business-related issues by scrutinizing the extracted data. Most enterprises are still using traditional procedures to collect the structured data from spreadsheets and relational databases. Thus, NPL solutions are used to manage the data efficiently, especially that obtained in the unstructured form.
Another key factor driving the demand for NLP solutions is the numerous initiatives being taken to automate the mundane business processes. Companies in today’s competitive world want to retain their position in their respective industry with the use of automated solutions for improving human–machine interactions. Furthermore, these solutions help consumers in receiving quick replies through seamless discussions. Enterprises are using NLP solutions, including chatbots, to study consumers’ inputs and automatically provide appropriate answers.
The application segment of the natural language processing market is categorized into machine translation, report generation, information extraction, question answering, and text processing. Among these, the machine translation category generated the highest market revenue in 2018. This is ascribed to the surging adoption of advanced solutions that translate text into several languages, to address various queries of customers who speak, different languages.
Moreover, the natural language processing market is classified into banking, financial services, and insurance (BFSI), automotive, retail, healthcare, information technology (IT) & telecommunications, and others, based on industry. In this segment, the BFSI industry accounted for the largest revenue share in 2018 due to the fact that financial service providers are using NLP solutions to examine data, take effective decisions, and provide quality products and services to customers.
Geographically, the natural language processing market in the Asia-Pacific (APAC) region is expected to witness the most-rapid advance during the forecast period. This can be ascribed to the technological advancements, surging adoption of cloud-based solutions, increasing number of customer contact centers, and growing number of small and medium-sized enterprises (SMEs) in the region. In APAC, in 2018, China accounted for the largest share due to the several innovation programs introduced for the deployment of advanced technologies, such as NLP, artificial intelligence (AL), machine language (ML), and deep learning.
Thus, the increasing need to manage large volumes of data and growing automation of repetitive work are projected to drive the market growth during the foreseeable period.
