E-Notary Statistics, Trends And Facts 2023

E-Notary, or electronic notary, is a process of notarizing electronic documents using digital signatures, electronic seals, and other electronic tools. With the increasing use of electronic documents in the modern world, e-Notary has become an important tool for businesses and individuals to authenticate and legally notarize documents.

In this blog post, we will explore e-Notary statistics that highlight the current state and future trends of e-Notary.

E-Notary Statistics:

1. According to the National Notary Association (NNA), 28 states have laws that allow e-notarization, and 19 states have laws that permit remote online notarization (RON).
2. The global e-notarization market is expected to grow at a CAGR of 12.5% from 2021 to 2028.
3. The US e-notary market is projected to grow at a CAGR of 21.8% from 2021 to 2028.
4. The global e-signature market is expected to reach $9.07 billion by 2025.
5. The global digital signature market is projected to reach $5.5 billion by 2026.

E-Notary Facts:

1. E-notarization reduces the cost of notarization by eliminating the need for physical presence.
2. E-notarization reduces the time required for document processing.
3. E-notarization reduces the risk of fraud, as the electronic signature cannot be forged.
4. E-notarization is more secure than traditional notarization, as it uses encryption technology to protect the data.
5. E-notarization can be done remotely, making it convenient for customers.

E-Notary Benefits:

1. E-notarization saves time and money.
2. E-notarization provides greater convenience and flexibility for customers.
3. E-notarization is more secure and reduces the risk of fraud.
4. E-notarization reduces the use of paper, making it environmentally friendly.
5. E-notarization improves the efficiency of the notarization process.

E-Notary Trends:

1. The use of e-notarization is expected to increase as more states adopt e-notarization laws.
2. The adoption of e-notarization is expected to increase as more businesses move online.
3. The demand for remote online notarization (RON) is expected to increase as customers seek greater convenience.
4. The use of e-notarization is expected to increase in the real estate industry, as it simplifies the closing process.
5. The adoption of e-notarization is expected to increase in the legal industry, as it streamlines the document review process.

E-Notary Adoption:

1. The adoption of e-notarization is highest in the real estate industry.
2. The adoption of e-notarization is highest in states that have laws that permit RON.
3. The adoption of e-notarization is highest among businesses that operate online.
4. The adoption of e-notarization is highest among customers who seek greater convenience.
5. The adoption of e-notarization is highest among millennials and Gen Z, who are more comfortable with digital technology.

E-Notary Market Analysis:

1. The e-notary market is highly competitive, with many players offering e-notary services.
2. The e-notary market is dominated by software providers who offer e-notary software.
3. The e-notary market is expected to consolidate as larger players acquire smaller players.
4. The e-notary market is expected to expand as more businesses move online.
5. The e-notary market is expected to grow as more states adopt e-notarization laws.

Current State of E-Notary

1. The e-Notary market is expected to grow from $157.9 million in 2020 to $356.6 million by 2025, at a CAGR of 17.7%.
2. As of 2020, there are 23 states in the US that allow e-Notary services.
3. In the US, the first state to legalize e-Notary was Utah in 2005.
4. The adoption of e-Notary is expected to reduce fraud and increase efficiency in the notarization process.
5. In a survey of 401 notaries in the US, 93% said they would use e-Notary services if they were available.
6. E-Notary services can save up to 60% of the time and cost associated with traditional notarization.
7. E-Notary services can be used for a variety of documents, including real estate contracts, wills, powers of attorney, and medical directives.

E-Notary Technology

8. E-Notary technology is based on digital signatures, which are legally binding and have the same effect as handwritten signatures.
9. Electronic seals are used in e-Notary to authenticate the notarization and ensure its integrity.
10. Biometric authentication, such as fingerprint scanning or facial recognition, can be used to ensure the identity of the signer.
11. Electronic journals are used to record e-Notarizations and provide a secure record of the transaction.
12. Blockchain technology can be used to ensure the security and immutability of e-Notarizations.

Benefits of E-Notary

13. E-Notary services provide greater accessibility to notary services for people with mobility issues or living in remote areas.
14. E-Notary services can be completed online, reducing the need for physical contact during the pandemic.
15. E-Notary services can be completed quickly and efficiently, reducing the time and cost associated with traditional notarization.
16. E-Notary services can be completed from anywhere, allowing for greater flexibility for businesses and individuals.
17. E-Notary services can reduce the risk of fraud, as the use of digital signatures and electronic seals provides greater security than traditional notarization.

Legal Framework for E-Notary

18. In the US, e-Notarizations are legal in accordance with the Electronic Signatures in Global and National Commerce Act (ESIGN) and the Uniform Electronic Transactions Act (UETA).
19. The European Union has adopted the eIDAS regulation, which provides a legal framework for e-Notary services in member states.
20. Canada has also adopted electronic signature laws that provide a legal framework for e-Notary services.
21. In Australia, e-Notarizations are recognized under the Electronic Transactions Act 1999.
22. In India, e-Notary services are legal under the Information Technology Act 2000.