According to the latest report by IMARC Group, titled "Signature Verification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global signature verification market reached a value of US$ 1.6 Billion in 2021. Signature verification refers to the technique used for validating the identity of an individual. It involves the use of software that requires the input of an image of the individual’s handwritten signature. Once the signature is fed into the software, it compares the same with the signature present in the existing files. It then generates a confidence score against the input to authenticate the identity of the user. The signature verification software is exceptionally fast, reliable and flexible due to which it reduces operational costs and facilitates the workflow of organizations. It is also used to minimize the chances of human error while clearing financial documents. As a result, it is extensively being employed across numerous industry verticals, including banking, financial services and insurance (BFSI), government, healthcare and education.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Signature Verification Market Trends:
The market is primarily driven by the increasing incidences of identity fraud and data theft across the BFSI, healthcare and education sectors. This has impelled end users to adopt advanced authentication solutions to validate the identity of their customers. As a result, signature verification software is widely being deployed in these sectors to avoid security breaches and prevent the loss of critical and confidential data. Numerous organizations are now investing in upgrading their verification processes by adopting dynamic signature verification (DSV). This method uses the anatomic and behavioral characteristics of an individual while signing their name. These characteristics can include pressure, speed, pen lifts and the direction of pen strokes. The use of this biometric modality enhances the reliability of the authentication process, due to which it is gaining widespread prominence among users. The market is further driven by the growing integration of the software with Artificial Intelligence (AI) technology. Since this advancement improves the capability of identifying data theft in an efficient manner, this is expected to create a positive outlook for the market. The rising trend of remote working on the global level and the increasing adoption of electronic signing across numerous business and legal sectors are contributing to the market growth further. On account of the aforementioned factors, the market is expected to grow at a CAGR of 23.87% during 2022-2027.
- On the basis of the product type, the market has been bifurcated into hardware and software.
- Based on the technology, the market has been divided into static and dynamic signature verification.
- On the basis of the end use industry, the market has been classified into education, government, BFSI, healthcare, transport/logistics, defense and security, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 01 Systems, Ascertia Limited, Biometric Signature ID, CERTIFY GLOBAL INC., The Cyber Sign Company, DataVision Software Solutions Pvt. Ltd., Dynasign Corporation, Entrust Datacard Corporation, Hitachi, Ltd., iSign Solutions Inc., J C Lads Corporation, Odyssey Technologies Limited, Scriptel Corporation and SutiSoft, Inc.
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