The global mobile notary public market is expected to reach a market valuation of USD 347.2 million by the year 2023, accelerating with a moderate CAGR of 18.4% from 2023 to 2033. Mobile notary public market size is anticipated to be valued at about USD 1,885.3 million by 2033.
Constant improvements in connectivity and a slew of new technologies like 5G, blockchain, cloud services, IoT, and AI have helped propel the global mobile notary public market forward in the previous two decades. Moreover, 4.5 billion people around the world were online as of April 2021.
In addition, the expansion of the information and communication technology (ICT) industry has substantially contributed to the expansion of GDP, the productivity of workers, and the investment in research and development across a wide range of national economies. The creation of goods and services in the information and communication technology industry is also a factor in the mobile notary public market expansion.
With mobile notary public software, notaries public, attorneys, and anyone else in need of electronic document certification have access to secure electronic notarization functionality. For companies and clients that rely on notarization services, this means more safety and ease. This software makes it easy to see who has accessed a document waiting to be notarized or otherwise confidential. The rate of adoption of a mobile notary public is rising.
Many countries' economies and governmental operations have slowed due to the expanding distribution of COVID-19, which has helped the mobile notary public software business to some extent. The mobile notary public industry has benefited greatly from the rising popularity of remote work and the widespread adoption of electronic devices like smartphones, desktops, and laptops since 2020.
| Attributes | Details |
|---|---|
| Mobile notary public Market Size (2023) | USD 347.2 million |
| Mobile notary public Market Projected Size (2033) | USD 1,885.3 million |
| Mobile notary public Market Value CAGR (2023 to 2033) | 18.4% |
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One of the major factors driving the growth of the mobile notary public market is the rising demand for e-notary software because of its many advantages. These advantages include increased security and convenience for businesses and consumers that deal with notarizations frequently.
With mobile notary public, notaries public, attorneys, and anyone else in need of electronic document certification have access to secure electronic notarization functionality. Businesses and clients who frequently use notarization will appreciate the added safety and ease of use that comes with the adoption of a mobile notary public.
Documents such as deeds, insurance settlements, and affidavits can all be validated with the use of mobile notary public solutions without the need for a traditional notary public. E-notary software's primary advantages lie in its ability to reduce the amount of time and energy expended on physical notarizations, as well as to keep private papers' contents secure and to provide audit trails.
Due to the fast-paced nature of modern life, it is challenging for the average person to dedicate more time to a single endeavor. There has been a rise in demand for mobile notary public because of this.
There are some good outcomes that are contributing to the rise in demand for mobile notary public, such as the fact that some e-notary software enables electronic notary journal entries, streamlining and facilitating notary procedures. As a result of these merits, the demand for mobile notary public continues to rise.
However, the increasing prevalence of internet scams is a potential roadblock for the mobile notary public industry. Nonetheless, the speed and ease of online notarization make it a worthwhile alternative. This can be done in the convenience of your own home or workplace or even while you are away on business. Due to this, e-notary programs have become increasingly popular. Furthermore, the increasing prevalence of COVID-19 may create new expansion chances for the worldwide mobile notary public market.
The North American mobile notary public market is well known for the purpose of e-notary software, such as the growing number of property transactions over the past few years, as well as several notary-related works being done online in this region using a variety of software. This has contributed to the widespread use of e-notary software in the North American region.
Most people in this region complete most of their jobs online because North America appears to be at the forefront of technological advancement. Additionally, the policies of the government in this region are contributing significantly to the expansion of the mobile notary public market.
One of the primary factors that are contributing to the expansion of the mobile notary public market in the Asia Pacific region is the region's rapidly expanding middle class, which is embracing new technologies at an increasing rate. Similarly, increasing curation and property transactions have led to the widespread adoption of a mobile notary public, despite the spread of the virus.
Principal Consultant
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 USD 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 an USD 8 million fundraising round at the Austin Company. Furthermore, DocuSign claims that its new DocuSign notary product is expected to be available in 2020 as part of its contract cloud suite. Notary Cam, Notaryize, and Signix are among the competitors.
Closings, Loans, and Mortgages
Notaries who go from client to client often make their living primarily via loan closings. More than half of a notary's income often comes from mortgage and loan signatures.
Unsurprisingly, the entire notary profession suffered greatly in 2008 when the housing market collapsed and the Great Recession set in. Notaries saw a decline in business from 2008 to 2012 as consumers were either unable or reluctant to buy homes in the face of economic uncertainty. The need for notaries, however, has increased since 2013 and is now higher than before the recession.
The demand for a mobile notary public is expected to keep growing as the frequency with which people sell and buy houses increases. The need for notaries is expected to rise in line with the growth and aging of the USA population since more people are likely to need their services when buying a property. This includes both millennials (buying their first home) and Baby Boomers (selling their current home and maybe downsizing).
Agreements to Settle Debts
While it's regrettable that so many people end up in debt, the increasing demand for mobile notary public related to debt settlement is good news for those in the profession. Moreover, notaries' chances of finding work improve when they form partnerships with respected businesses that offer debt settlement signature services.
Checking I-9s for Accuracy
Employers increasingly rely on freelancers and remote workers, as is well known. There has been a growth in the need for notaries as the federal government has been conducting audits of businesses to ensure that they are following the law by having each new employee fill out an I-9 form. Notaries are frequently employed by businesses to conduct identity checks on potential employees and complete any necessary paperwork on their behalf.
The I-9 forms, issued by USCIS, confirm an employee's identification and work eligibility in the USA.
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Having something notarized is frequently a momentous occasion. When closing on a house, adopting a kid, getting married, or making a will, you might need the services of a notary public. For 2021, the most recent year for which data is available from the National Notary Association, there were more than 4.4 million notaries in the USA.
The number of people using online notary services, which provide the same level of security and reliability as a traditional notary public, has increased steadily over the past few years. This has led to the creation of opportunities in the market.
The Stewart-owned company NotaryCam has notarized papers for hundreds of thousands of consumers in all 50 states and more than 146 countries, making it the undisputed industry leader in online notarization and mortgage eClosing solutions. Supporting all eClosing situations (RON, IPEN, and Hybrids) with a customizable workflow for document recording and unrivaled identity verification, security, and customer base, the company's eClose360® platform provides the ideal online mortgage closing in every jurisdiction. NotaryCam's RON services, which include the execution of wills, legal documents (such as powers of attorney), and apostilles, are used by a wide range of businesses, from Fortune 500 conglomerates to small and medium-sized enterprises. Additionally, the company takes great pride in having a customer satisfaction rate of 99.8 percent and the highest Net promoter score (NPS) among the greatest worldwide technology brands.
Conceived as a meeting place for notaries and those in need of notarization, an online hybrid platform was developed by OneNotary. Clients can have their documents notarized in a timely manner through the platform, which allows them to schedule an online notarization session, upload the documents, verify their identity using personal history questions, meet their notary online for a session, and then download all the notarized documents.
One of the most important trends to emerge in 2021 is the growing demand from customers for mobile and online notary services. Due to COVID limits, many of the more common places to use a notary, such as a bank, have become less accessible, however, this has opened the door for mobile Notaries.
Notaries have developed creative responses to the evolving coronavirus outbreak, such as:
The rising popularity of remote internet notarization is another method in which notaries are broadening their clientele (RON). Nearly 40 states already offer RON in some form. Many Notaries have chosen to specialize in RON because it broadens the scope of their services, enabling them to work with clients in different states and even countries, and provides a less risky option to in-person notarizations for signers who may be vulnerable due to health concerns.
Recent Developments
| Attributes | Details |
|---|---|
| CAGR | 18.4% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Region Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Segments Covered | Type, Application, Region |
| Key Companies Profiled | NotaryCam; Nexsys Technologies; ENotaryLog; OneNotary; Superior Notary Services; First American Financial Corporation; The Closing Exchange; RED SEAL NOTARY; Bancserv; Mobile Notary Tampa |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The 2023 market value is USD 347.2 million.
Until 2033, the market will rise at an 18.4% CAGR.
By 2033, the market will total USD 1,885.3 million.
High demand for e-notary software drives market expansion.
North America will be a highly lucrative market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Cloud-Based 5.2. Web-Based 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Large Enterprises 6.2. SEMs 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. NotaryCam 17.2. Nexsys Technologies 17.3. ENotaryLog 17.4. OneNotary 17.5. Superior Notary Services 17.6. First American Financial Corporation 17.7. The Closing Exchange 17.8. RED SEAL NOTARY 17.9. Bancserv 17.10. Mobile Notary Tampa 18. Assumptions & Acronyms Used 19. Research Methodology
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Mobile Notary Public Market
