Market Highlights
Worldwide Signature Verification Market is expected to grow from USD 0.80 billion in 2017 to USD 2.99 billion by 2023, at a compound annual growth rate (CAGR) of 25.09% during the forecast period.
The most significant factors which bring an impact on the market are increasing digital transformation, which results in a demand for signature verification. Increasing disposable income, changing lifestyles. The primary reason which has led to a higher demand for signature verification is the constant increasing demand for e-commerce transactions. The increase in e-commerce transactions has resulted in a need to prevent identity theft or duplication. Other factors that propel the market are increasing cases of fraudulent, security breaches, data theft, web applications, higher dependence on internet results, and digital technologies, and a rise in focus on offering customers in various sectors with an assurance of high security.The adoption of digital signature has proven to be beneficial in several ways. It reduces the operational expenses, saves time, makes the contract signing process more manageable, and smoothens the entire business workflow.
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Segmentation:
By the end-user, the market is categorized into BFSI, government and defense, education and research, real estate, human resources, healthcare and life sciences, and others.
By component, the market is categorized into software and hardware components.
By technology, the market is segmented into dynamic signature verification and static signature verification.
By region, the market is segmented into Asia-Pacific, North America and the Rest of the world.
Regional Analysis
The global market for signature verification market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of signature verification market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North American region is leading the signature verification market owing to the increasing demand for signature verification in the healthcare sector and financial organizations located in this region. Countries such as Colombia, Peru, Brazil, Argentina and Chile are giving importance to the adoption of signature verification in the BFSI sector because it is one of the most highly regulated sectors, which requires references and certifications to verify legal validity of signatures.
Europe is growing at a considerable high growth rate due to presence of various small and medium-sized enterprises (SMEs) which include online transactions which may be prone to cyber-attacks. The government and BFSI sectors in countries such as the France, UK, and Italy are investing more in signature verification for additional security against cyber threats that may lead to crtical data loss.
The Asia-Pacific region is also expected to witness a rise in the revenue contribution owing to the ever-increasing demand for advanced authentication solutions in the BFSI and government sector in this region.
Key Players
The eminent players in the signature verification market are Biometric Signature ID (US), Sutisoft (US), iSign Solutions (US), Certify Global (US).
Other players in the signature verification market are Ascertia (UK), Hitachi (Japan), WonderNet (Israel), SQN Banking Systems (US), Scriptel (US), Odyssey Technologies (India), KeCrypt (UK), Secured Signing (New Zealand) and DynaSig (USA).
Industry Update
Nov 2019 A UK-based retail casino operator has chosen SafeCharge, a Canadian global payments technology company, to provide automated, seamless, and compliant identity verification for its onboarding processes to leverage SafeCharge’s reliability and knowledge as a payment technology partner in a heavily regulated and competitive casino market. Yoti, a UK based digital identity platform, has been chosen by the cashless payments app YALP to provide biometric onboarding, payment expert reports. With this announcement, two more deployments in the digital market ID have been established.
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Global Signature Verification Market Research Report, End-User (BFSI, education & research, government & defense), Technology (static signature verification, dynamic signature verification), By Component (software, hardware) - Forecast till 2023
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