The PropTech sector has been growing faster than ever before.
eSigning of real estate agreements has become the new normal. The pandemic has been instrumental in strengthening this trend. It is anticipated that between 2021 and 2027, the global market for digital signatures will expand on average by 26.3% yearly.
There is flexibility and safety. Building connections with cloud-based programs like Google Drive and Dropbox is one tactic. This method takes all document exchanges and signings in one location.
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The rise of e-signatures has also hampered virtual notarization, a procedure that had previously called for in-person signatures.
Depending on the source, projections for the size of the worldwide signing market in 2020 ranged from USD 2.3 to USD 2.8 billion.
In addition, it is anticipated that the global market for digital signatures will grow to $5 billion by 2025 and over $17.5 billion by 2032.
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In the US, almost 1.3 billion documents are notarized annually.
This implies there is room for significant growth in the sector through 2023 and beyond.
It will be fascinating to watch how many of these transactions use smart contracts on the blockchain now that signatures are essentially virtual.