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.
Signature verification has become smarter than before due to the incorporation of AI technology, which makes it easier to identify fraud or false signatures quickly. The development of technologies like AI and its adoption is expected to expand the market and improve the system. As per the global market, the signature verification market 2020 is expected to expand to USD 2.99 billion by 2023, with a CAGR of 25.09 % during the forecast period from 2018-2023. 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.
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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).
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.
By the end-user, the signature verification market size 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.
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.