Market Highlights
The global signature verification market is predicted to touch USD 2.99 billion at a 25.09% CAGR over the forecast period (2018-2023), states the new Market Research Future (MRFR) report. Signature verification is a method used by intelligence agencies, high-profile institutions, and banks to validate an individual’s identity. It is used in authorizing bank checks, documents, contracts, verifying identification, and validating credit card transactions.
Various factors are propelling the signature verification market growth. These factors, as specified by the Market Research Future (MRFR) report, include increasing digital transformation, increasing disposable income, changing lifestyle, increasing number of e-commerce transactions, and increasing need to prevent identity duplication. Additional factors propelling market growth include the increasing incidence of transaction fraud, security breaches, and data theft, higher dependence on internet results, web applications, and digital technologies, and increase in focus on offering customers in various sectors with the highest level of security.
On the contrary, fluctuations in the emotional and physical state of the user causing errors, high error rates, and high intra-class variability are factors that may deter the signature verification market growth over the forecast period.
Segmentation:
The Market Research Future report provides a wide segmental analysis of the signature verification market size based on end user, component, and technology.
Based on end user, the signature verification market is segmented into human resources, real estates, healthcare, and life sciences, government and defense, BFSI, education and research, and others. Of these, the BFSI segment will have the largest share in the market over the forecast period.
Based on component, the signature verification market is segmented into software and hardware components.
By technology, the signature verification market is segmented into dynamic signature verification and static signature verification.
Regional Analysis:
Based on the region, the signature verification market report covers growth opportunities and the latest trends across North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Of these, North America will command the market over the forecast period. This is owing to the growing demand in several PCI companies and large banks located in the region. Moreover, the strict regulations laid down by the government for incorporating signature verification into their credential authentication, coupled with, the increasing adoption in the BFSI domain owing to the huge amount of regulation of data and money is also propelling market growth in this region.
The signature verification market in Europe is predicted to have significant growth over the forecast period. This is owing to the presence of several small and medium enterprises, including online transactions that may be prone to cyber-attacks.
The signature verification market in the APAC region is predicted to have a notable growth over the forecast period. This is owing to increasing demand for authentication solutions in the region, especially in the BFSI and government sectors.
The signature verification market in the Rest of the World (RoW) is predicted to have a favorable growth over the forecast period. This is owing to the increasing adoption of this technology for securing confidential data in the BFSI sector. Signature verification is used in various applications, including e-mortgage, approval systems, online loan applications, and e-banking. This technology helps in mitigating human errors and paper dependence, including legal, financial, and other regulated transactions which need signing of documents for assurance.
Competitive Dashboard:
Leading players profiled in the signature verification market report include SutiSoft (US), Certify Global (US), iSign Solutions (US), Biometric Signature ID (US), and Cyber-SIGN (US). Along with the key players, the other players include DynaSig (USA), Secured Signing (New Zealand), Parascript (US), Scriptel (US), SQN Banking Systems (US), WonderNet (Israel), Hitachi (Japan), Odyssey Technologies (India), Ascertia (UK), and KeCrypt (UK). This market is intensely competitive, owing to the presence of many established players that are acquiring several strategies to gain a foothold in the market. These include technological innovations, service and product extensions, mergers and acquisitions, and partnerships. They are also emphasizing on launching innovative products equipped with advanced features.
July 2019: Technology giant Samsung has released its decentralized and blockchain application (DApp) Software Development Kit. This will allow for digital signature and payment facilitation, account management and backup, Samsung Keystore, along with other forms of cold wallet support.
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