It has been found that the signature verification market is estimated to project at a USD value of about 0.80 billion and extends to about USD 2.99 billion during the forecast period of about 2017 to 2023. The signature verification industry is expected to grow at a CAGR value of about 25.20 percent during the review period. It has been marked that signature has been a distinguishing feature for identifying the person. It has been used for verifying certain businesses, some of the financial organizations and governments for authorizing transactions, and some other essential data and documents. This type of authentication method uses some of the dynamic features of one's signature along with some of the characteristics like speed, lifting of the pen, the direction of the strokes so given by the pen giving good identification about oneself. Verification of signature helps in allowing good access to the use of mobile phones and tablets for capturing, storing, retrieving, and comparing electronic signatures. Along with numerous other modes of authentication methods like OTP, biometrics, PIN, and verification of signature reduces the operational costs, time and rises the efficiency of the contract signing procedures. Decreasing the identity replication drives up the signature verification market growth. Signature verification leads to authentication and auto-validation methods which help in the facilitation of the workflow enterprises.
The outburst of COVID led to the shifting of the signature verification models towards the remote working models. COVID hampered the signature business unit thus bringing an economic loss to the industry. The outburst of COVID brought a shortage of labor where the majority of people suffered from COVID cases. Value chain analysis was hindered. A change in customer behavior was marked. It created a lockdown scenario that was imposed by the government. The government in fact set out certain considerations for signature solutions. He imposed certain rules and regulations which will safeguard the people of the nation by improving the social distance.
By type- based on the end-users segment, the signature verification industry is divided into BFSI, research activities and education, healthcare units, life sciences, government and defense, human resources, real estate, and many more. As per the component segment, the signature verification market is being classified into hardware and software units. Technologically, the market is being classified into static signature verification units and dynamic signature verification units. Regionally, the market is being classified into some of the North American region, Asia Pacific, European region, and some regions in the rest of the world.
By technology- technology helped in the innovation in the signature verification method thus leading to the elimination of certain possible records. The advancement of technology helped in the reduction of duplication of the identification of signatures. It decreased the number of fraud and forgery cases. Technology led to the transformation of the payment and card industry with the change in users' preferences. Technology led to the introduction of some of the new payment methods like EMV chips, mobile wallets, and PIN cards. Technology is trying its best to provide huge security to the customers without compromising its convenience. The uprising of usage of tablets and smartphones has brought a digital change in the banking units. This cost-effective technique has carried out its approach where its services are performed accurately. Technology avoided the money laundering activities so performed in certain institutions.
The North American market covers the largest part of the verification market share. This method is in huge demand in the United States region as it has been used in various regions like financial institutions, banking sectors, and others. The government has enforced its usage in certain sectors where multiple rules and regulations have been implemented for monitoring the verification method. Canada is marked to adopt certain verification solutions thus increasingly using the software.
Globally, the verification market aims and focuses on the innovation of their signature-based products. Their market players contribute more to their research and some of the developmental activities which will help in improving their portfolio. The key vendors here perform certain organic strategic plans like the development of products, and launching new and new products improves the signature verification market growth. Along with this other market players have adopted certain inorganic strategic plans like merging, acquisitions, expansions, building partnerships, joint ventures and many more helps in increasing their footprints in this whole signature verification market which improves their sustainability in the long run. Some of the market players operating here are Cyber-SIGN of the United States, SutiSoft of the United States, Biometric Signature ID of the United States, Certify Global of the United States, and iSign Solutions of the United States. Some of the other vendors are DynaSig of USA, Crypt of the United Kingdom, Secured Signing of New Zealand, Ascertia of the United Kingdom, Odyssey Technologies of India, Parascript of the United States, Hitachi of Japan, Scriptel of the United States, SQN Banking Systems of the United States and WonderNet of Israel.
The report gives a good analysis of structured data about the propensity for adopting different verification solutions across the different verticals of the regions. It gives a good analysis of workflow automation and identification. The report covers some of the cases across various end-users industries and some of the regional developments. The report evaluates the market dynamics which affect the demand and the supply side of the signature verification market. It signifies the drivers, restraints, opportunities, and some of the challenging factors playing in the market. The report signifies the key players playing a major role thus improving the growth opportunities for the growth. They have improved the expansion of the business and customer base of the key vendors.
|Market Size||USD 2.99 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By End-User, Technology|
|Geographies Covered||North America, Europe, Aisa Pacific|
|Key Vendors||DynaSig of USA, Crypt of the United Kingdom, Secured Signing of New Zealand, Ascertia of the United Kingdom, Odyssey Technologies of India, Parascript of the United States, Hitachi of Japan,|
|Key Market Opportunities||Raise the adoption of some of the signature verification systems in BFSI units for regulating the money and documents which pushes up the growth opportunities.|
|Key Market Drivers||Increase in transactional frauds, theft of data, security breaches, and focussing more on the security level to the customers spurs up the market size.|
The signature verification market is prognosticated to expand at 25.20% CAGR.
The key participants of the signature verification market are Cyber-SIGN (US), iSign Solutions (US), Biometric Signature ID (US), Certify Global (US), SutiSoft (US), KeCrypt (UK), Odyssey Technologies (India), Ascertia (UK), Hitachi (Japan), Secured Signing (New Zealand), SQN Banking Systems (US), WonderNet (Israel), Scriptel (US), Parascript (US), and DynaSig (USA).
By 2027, the valuation of the signature verification market is poised to be USD 2.99 Bn.
Increasing cases of fraudulent activities are expected to drive the augmentation of the signature verification market.
By component, the segments of the signature verification market are hardware and software.
North American region has highest growth rate in Signature Verification Market.