DocuSign dominates approximately 70% of the market for electronic signatures. [1]
With a customer base of 1.44 million paying clients, including major Fortune 500 companies in the financial, healthcare, and tech sectors, this platform caters to the needs of over 1 billion users worldwide.
During the pandemic, the use of digital signatures increased significantly as businesses relied more on them. In this article, we’ll examine the revenue and growth statistics of DocuSign, one of the leading platforms for electronic signatures.
DocuSign Overview
Take a peek at a summary of DocuSign as both a service and a company:
| Facts/Figures | Key Info |
| Type | Public |
| Traded as | Nasdaq: DOCU |
| Industry | Software |
| Founders: | Tom Gonser, Court Lorenzini, Eric Ranft |
| Founded | 2003 |
| Based in | San Francisco, California, U.S.A. |
| Key People | Maggie Wilderotter Allan Thygesen |
| Market Cap | $10.91 billion (December 2022) |
| Revenue | $2.11 billion (January 31, 2022) |
| Total Assets | $2.54 billion (January 31, 2022) |
| Total Equity | $275.50 million |
| Number of employees | 8,148 (as per Linkedin) |
| Website: | https://www.docusign.com/products |
DocuSign, a trailblazer in 2003, revolutionized the electronic signature industry. Their success revealed that digitizing and automating signatures led to a broader transformation of the agreement process. This revolution has only continued to grow with no sign of slowing down. [2,3,4]
User-generated content (UGC) is crucial to today’s digital landscape. With the rise of social media and other online platforms, people can freely express their opinions, ideas, and creativity globally. UGC refers to any content created and shared by users on online platforms, including photos, videos, reviews, comments, and more.
DocuSign Agreement Cloud emerged from the chance to tackle a significant transformation and delve into its intricate ecosystem. The DocuSign Agreement Cloud includes a range of products, starting with its core offering, eSignature, and extending to more advanced features like the Admin Tools.
| Product | Function |
| DocuSign eSignature | Electronic Signature |
| DocuSign CLM | Contract Lifecycle Management |
| DocuSign Gen for Salesforce | Document generation |
| DocuSign Insight | Contract Analytics |
| DocuSign Notary | Electronic Notarization |
| DocuSign Payments | Payment Collection and Process |
| DocuSign Click | Clickwrap Solution |
| DocuSign Identify | Identity Verification |
| DocuSign Admin Tools | IT Tools |
| DocuSign Monitor | Security |
DocuSign User Statistics
DocuSign has more than one billion users as of December 2022. They stopped disclosing the number of users between 2018 and 2020. [2]
However, a forecast was provided for these figures for 2021 and 2022. At that time, DocuSign had already amassed 8 million individual users, signifying the start of its remarkable journey.
However, the platform’s phenomenal growth occurred after 2020, when it surpassed the remarkable milestone of serving over 1 billion users worldwide.
This exponential increase in the user base signifies the widespread adoption and trust in the platform’s secure and efficient digital signature solutions.
| Year | Number of Individual Users |
| 2010 | 8 million |
| 2011 | 15 million |
| 2012 | 25 million |
| 2013 | 40 million |
| 2014 | 50 million |
| 2015 | 100 million |
| 2016 | 200 million |
| 2020 | 1 billion+ |
| 2021 | 1 billion+ |
Countries where DocuSign is Most Popular
DocuSign is a widely recognized and utilized platform, particularly renowned in the United States, where it garners a substantial 67.64% of its traffic. [9]
Its popularity and widespread use in the country indicate its effectiveness and reliability in starting secure and efficient document-signing processes.
Apart from the United States, the majority of DocuSign’s traffic originates from a different set of countries altogether.
If we consider specific countries, Canada, Brazil, and the United Kingdom are among the most popular countries for DocuSign, following the United States’ lead.
| Country | Percentage |
| United States | 67.64% |
| Canada | 4.85% |
| Brazil | 4.16% |
| United Kingdom | 3.98% |
| Australia | 2.79% |
| Others | 16.57% |
DocuSign Revenue
In January 2022, DocuSign generated $2.11 billion in revenue, experiencing a substantial 45.52% year-over-year growth. [5]
Since its initial public offering in 2018, DocuSign has experienced consistent revenue growth, steadily increasing from 30 to 45 percent.
| Year | Revenue | % Increase |
| 2017 | $518.50 million | — |
| 2018 | $700.97 million | 35.19% increase |
| 2019 | $973.97 million | 38.946% increase |
| 2020 | $1.45 billion | 48.88% increase |
| 2021 | $2.11 billion | 45.52% increase |
DocuSign Profit
At the close of the fiscal year on January 31, 2022, DocuSign reported a profit of $1.62 billion, marking a significant increase of 50.46% compared to the previous year. [6]
Here’s the data representing DocuSign’s profit starting from 2017, as presented in the table below:
| Year | Profit | % Increase |
| 2017 | $400.23 million | — |
| 2018 | $508.55 million | 27.06% increase |
| 2019 | $730.74 million | 43.69% increase |
| 2020 | $1.09 billion | 49.16% increase |
| 2021 | $1.64 billion | 50.46% increase |
Take note of the fact that every year following 2019 witnessed a minimum of a 40% rise in profits.
DocuSign Market Share
DocuSign dominates the global electronic signature industry with a 77.64% market share. [7]
After DocuSign, there’s Xink with a 15.24% market share, followed by a few others under 10%:
| Player | Market Share % |
| DocuSign | 77.64% |
| Xink | 15.24% |
| Adobe Sign | 2.56% |
| SignNow | 1.35% |
| MyLiveSignature | 0.62% |
| HelloSign | 0.49% |
| Other | 0.65% |
Although Adobe Sign is a big player, it only makes up just 2.56% of the total market share.
DocuSign Market Cap
DocuSign’s market capitalization stands at $10.90 billion, reflecting a year-over-year growth decline of -63.82%. [8]
In 2020, DocuSign reached its peak market capitalization, reaching a value of $41.47 billion.
DocuSign’s market capitalization increased by 212.04% in 2020 compared to 2019, which was already 100% higher than that of 2018.
| Year | Market Cap | Y/Y Change |
| 2018 | $6.62 billion | — |
| 2019 | $13.29 billion | 100.76% increase |
| 2020 | $41.47 billion | 212.04% increase |
| 2021 | $30.13 billion | -27.35% decrease |
| 2022 | $10.90 billion | -63.82% decrease |
Top Industries using DocuSign
Companies in the information technology and financial services industries, in particular, rely heavily on DocuSign for document signing.
DocuSign is the preferred option for businesses in various sectors, offering secure and efficient electronic signature solutions. It simplifies workflows and ensures smooth operations.
DocuSign is witnessing competition between the IT and Financial Services sectors, each vying to become the most prominent industry within the company.
Following these two, the Real Estate industry comes into view, with 1,641 companies utilizing the software. [10]
| Industry | Number of Companies |
| Information and Technology Services | 2011 |
| Financial Services | 2010 |
| Real Estate | 1641 |
| Computer Software | 1591 |
| Hospital and Health Care | 891 |
| Construction | 771 |
| Insurance | 573 |
| Higher Education | 564 |
| Banking | 541 |
| Marketing and Advertising | 480 |
Conclusion
DocuSign is a clear leader in the electronic signature industry. Many different sectors trust its reliable solutions. Its strong presence and popularity in key global locations, especially the United States, highlight its projected revenue and growth potential for 2023.
DocuSign’s innovative and secure services continue to attract clients from diverse industries, making it a significant player in the international market.
References:
- https://www.forbes.com/sites/robertdefrancesco/2019/05/19/docusign-aims-to-build-upon-its-25-billion-e-signature-opportunity/?sh=5a339e1e4082
- https://www.docusign.com/en-in
- https://www.linkedin.com/company/docusign/
- https://www.google.com/finance/quote/DOCU:NASDAQ?sa=X&ved=2ahUKEwj-1M211o_8AhXzg2MGHWyEAJwQ3ecFegQIJBAg
- https://www.google.com/finance/quote/DOCU:NASDAQ?sa=X&ved=2ahUKEwjrkczYso78AhX7zjgGHeBeCCkQ3ecFegQIJRAg
- https://www.google.com/finance/quote/DOCU:NASDAQ?sa=X&ved=2ahUKEwjrkczYso78AhX7zjgGHeBeCCkQ3ecFegQIJRAg
- https://www.statista.com/statistics/1338004/electronic-signature-market-share-by-company/
- https://companiesmarketcap.com/docusign/marketcap/
- https://www.similarweb.com/website/docusign.com/#geography
- https://enlyft.com/tech/products/docusign