The global mobile notary public market is projected to achieve a market value of US$ 347.2 million by 2023, experiencing steady growth with a moderate CAGR of 18.4% from 2023 to 2033. The market size for mobile notary public services is expected to reach approximately US$ 1,885.3 million by 2033.
Increased interest in e-notary applications is helping to fuel the development of the mobile notary public industry. Advantages include a safer and more convenient experience for companies and customers that often use notarizations. Mobile notary public provides safe electronic notarization functionality to notaries public, attorneys, and anybody else who needs it. Having a notary public on call is a convenient and secure solution for businesses and clients who regularly need notarization.
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| Mobile Notary Public Market |
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A traditional notary public is unnecessary when using mobile notary public solutions to verify documents including deeds, insurance settlements, and affidavits. The main benefits of using e-notary software are that it saves time and effort compared to traditional notarizations, that confidential documents are protected and that audit trails are provided. The ordinary individual nowadays finds it difficult to focus their attention on a single task because of the hectic pace of modern life. This trend has increased the need for on-the-go notaries public.
Some e-notary software permits electronic notary journal entries, speeding and simplifying notary procedures, which is one positive effect contributing to the surge in demand for mobile notary public. These benefits explain why the need for a mobile notary public is growing.
However, the proliferation of online scams is a challenge for the growing field of mobile notary public market. Still, it’s a viable option due to the convenience and quickness of online notarization. This can be done while at home, in the office, or even on a business trip. This has led to the rise in adoption of mobile notary public. In addition, the growing incidence of COVID-19 may present new growth opportunities for the global mobile notary public market.
Competitive Landscape:
The mobile notary public market is growing rapidly with new innovations paving the way for the success of the industry.
On July 7, 2020, the Digital Signature Powerhouse was launched. After announcing a deal for $38 million in stock from Liveoak Technologies of Austin, Texas, DocuSign planned to incorporate remote online notary services into its core set of products. Furthermore, this agreement is based on existing business relationships.
What makes this deal unique in the mobile notary public market is the signature technology from DocuSign has been integrated into the Liveoak platform. DocuSign founder Tom Gonser joined the Liveoak board last year when his firm, Seven Peaks Ventures, participated in a $8 million fundraising round at the Austin Company. Furthermore, DocuSign claims that its new DocuSign notary product will be available in 2020 as part of its contract cloud suite. Notary Cam, Notaryize, and Signix are among the competitors.
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