In a bid to facilitate better adoption of e-signatures in the country, Adobe on Wednesday announced investment on integration of Aadhaar-based authentication in its e-signature solution "Adobe Sign".
Citing the results of the recently conducted "Adobe E-signatures Indian Market Study", the company said the market for e-signatures in India was growing at a Compound Annual Growth Rate (CAGR) of 57 percent and was expected to cross over 90 million transactions by 2020.
"With around 30 per cent market penetration and about 70 per cent of companies yet to start their e-signature journey, the Aadhaar-based authentication built in 'Adobe Sign' is the industry's first solution to make e-signatures legally binding in India," said Kulmeet Bawa, Managing Director, South Asia, Adobe.
"This legal validity will spur adoption among businesses that have so far had to limit the use of e-signatures to internal use," Bawa said in a statement.
Aadhaar-based e-signature in "Adobe Sign" is aimed at helping organisations to eliminate their dependency on wet signatures and allow digital validation of users' legal identity.
Adobe also announced the rollout of a new local data centre in the country as many Indian businesses indicated their preference to adopt a Software-as-a-Service (SaaS) solution which is hosted locally.
"India is a strategic focus for Adobe and our engineering labs are committed to make deep investments to deliver innovative and customised solutions to address the needs of our customers here," noted Abhigyan Modi, Vice President, Engineering, Adobe Document Cloud.