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The global signature verification market size reached US$ 1.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 5.7 Billion by 2027, exhibiting a growth rate (CAGR) of 23.87% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Signature verification refers to an identity authentication technique that auto validates signatures. It helps save time and prevent human errors, thereby minimizing fraud risks in the authentication process. It also reduces operational costs, authenticates the legal identity of the person, and facilitates the workflow of organizations. As a result, the signature verification technique is extensively used in the government, healthcare, education, and banking, financial services and insurance (BFSI) industries worldwide.
Rising instances of identity duplication and data theft in various industry verticals represent one of the key factors positively influencing the market. In addition, the increasing adoption of advanced authentication solutions to validate the identification of their customers is strengthening the growth of the market. Apart from this, the increasing transaction frauds and significant data stealing cases reported by healthcare providers, healthcare clearinghouses, and insurance providers are catalyzing the demand for signature verification solutions to prevent imperative information loss. Along with this, the healthcare industry is focusing on promoting e-signatures to prevent misplacement of records or equipment while eliminating possible errors. Additionally, several organizations are increasingly investing in upgrading their data verification processes by adopting dynamic signature verification (DSV). It helps compare signatures as per numerous parameters, such as acceleration, velocity, pressure, and geometrical shape of the biometric sample. Furthermore, the integration of artificial intelligence (AI) technology that enhances the capability of identifying data theft in an efficient manner is contributing to market growth. Moreover, the emerging trend of remote working policy and the widespread adoption of electronic signing across government and private organizations are catalyzing the demand for signature verification software to authenticate business transactions within legal frameworks.
IMARC Group provides an analysis of the key trends in each sub-segment of the global signature verification market report, along with forecasts at the global, regional, and country-level from 2022-2027. Our report has categorized the market based on product type, technology, and end-use industry.
Breakup by Product Type:
Signature verification software is the most widely used product type as it verifies signatures on print documents and online using mobile devices for various applications.
Breakup by Technology:
The static signature verification technology represents the largest market segment as it is extensively used to validate cheques, credit cards, contracts, and historical documents.
Breakup by End Use Industry:
BFSI currently dominates the market on account of increasing incidences of scams and data theft in the industry.
Breakup by Region:
North America exhibits a clear dominance in the market due to the growing adoption of signature verification by different organizations in the region. Moreover, multiple initiatives undertaken by the US Government to promote electronic signature verification is facilitating market growth.
The competitive landscape of the industry has also been examined with some of the key players being 01 Systems, Ascertia Ltd., Biometric Signature ID, Certify Global Inc., Cyber Signs Ltd., 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.
|Base Year of the Analysis||2021|
|Segment Coverage||Product Type, Technology, End Use Industry, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||01 Systems, Ascertia Ltd., Biometric Signature ID, Certify Global Inc., Cyber Signs Ltd., 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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The global signature verification market was valued at US$ 1.6 Billion in 2021.
We expect the global signature verification market to exhibit a CAGR of 23.87% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic has led to the widespread popularity of electronic signing to authenticate business transactions within legal frameworks on account of the increasing deployment of remote working model.
The growing incidences of identity duplication, coupled with the rising integration of AI technology that enhances the capability of identifying data theft in an efficient manner, are primarily driving the global signature verification market.
Based on the product type, the global signature verification market can be segmented into hardware and software. Currently, software holds the majority of the total market share.
Based on the technology, the global signature verification market has been divided into static signature verification and dynamic signature verification, where static signature verification technology currently exhibits a clear dominance in the market.
Based on the end use industry, the global signature verification market can be categorized into education, government, BFSI, healthcare, transport/logistics, defense and security, and others. Among these, the BFSI industry accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global signature verification market include 01 Systems, Ascertia Ltd., Biometric Signature ID, Certify Global Inc., Cyber Signs Ltd., 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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