Market Highlights:
Signature is a distinguishing feature of a persons identity which is used for verification purposes at various places such as businesses, financial organizations and governments, to authorize transactions and other essential documents. It is an authentication method, that uses dynamic feature of a person’s handwritten signature along with its characteristics such as speed, pen lifts, and direction of pen strokes to authenticate identity. Signature verification permits the use of mobile phones and tablets to capture, store, retrieve, and compare electronic signatures. With the advent of several modes of authentication methods like OTP, PIN, and biometrics, signature verification adds an extra layer for security of transactions and identity protection. The use of digital signature decreases operational costs, time and makes the contract signing process even more efficient for the workflow. The need to decrease identity replication is driving the growth of global signature verification market.
Moreover, rise in level of transactional frauds, security breaches, data theft, and focus on providing the highest level of security to the customers in many sectors fuels the market growth. However, high error rates, high intra-class variability, and fluctuations in physical & emotional state of the user can lead to errors, which hinder the growth of this market. Government regulations to incorporate signature verification into their credential authentication paradigms and an increased adoption of signature verification systems in the BFSI sector for regulation of money & data are expected to provide growth opportunities for this market.
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Major Key players
- Cyber-SIGN (US),
- Biometric Signature ID (US),
- iSign Solutions (US),
- Certify Global (US)
- SutiSoft (US).
- KeCrypt (UK),
- Ascertia (UK),
- Odyssey Technologies (India),
- Hitachi (Japan),
- WonderNet (Israel),
- SQN Banking Systems (US),
- Scriptel (US),
- Parascript (US),
- Secured Signing (New Zealand)
- DynaSig (USA).
According to MRFR, 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.
Industry News
IDnow and DocuSign announced the ANSSI certification of DocuSign’s fully qualified electronic signature offering based on IDnow’s remote video identification verification platform. IDnow is a leading provider of online identification verification solutions. Whereas, DocuSign is a global leader in electronic signatures and Trust Service Providers.
Competitive Analysis:
The prominent players in the global signature verification market are focused on creating new and improved solutions and investing heavily in the research and development of the same. Further, they have a dedicated focus on new and better innovation in their products to create differentiated products and show off a diverse portfolio. These key players are incorporating organic strategies such as product innovation and product launches to garner larger market shares and improve their growth prospects. Some of these players are also indulging into inorganic strategies such as expansions, partnerships, joint ventures, and mergers and acquisitions to increase their footprint on the global market and sustain a higher position in the long run.
Regional Analysis:
The global market for signature verification systems is regionally segmented into Europe, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). North America is estimated to be the market frontrunner for signature verification systems due to latent demand for signature verification systems in large banks and PCI companies located in the region. Countries like Peru, Brazil, Argentina, Colombia, and Chile are likely to witness burgeoning demand for signature verification systems from the BFSI sector. This is because BFSI is one of the most regulated sectors which requires references and certifications to verify the legality and validity of the signatures.
Europe is estimated to garner substantial growth during the forecast period owing to a rapidly rising demand from the small and medium enterprises for signature verification solutions. The government and BFSI sectors in France, Italy, and the U.K. are rapidly deploying signature verification systems for incorporating an additional layer of security against cyber threats, fueling the market growth in Europe to a great extent.
Segmentation:
The global signature verification market is segmented on the basis of component, technology, end-user, and region. Based on component, the signature verification market has been segmented into hardware and software components. Based on end-user, the signature verification market is segmented into BFSI, government & defense, healthcare & life sciences, real estates, education & research, and human resources. Based on technology, the signature verification market is segmented into static signature verification and dynamic signature verification.
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Intended Audience
- Digital signature solution and service providers
- Information security directors/managers
- End users/consumers/enterprise users
- Government organizations
- System integrators and resellers
- Hardware Security Module (HSM) manufacturers
- Professional service providers
- Solution integrators
- Cyber security vendors
- Government organizations
- Software vendors
- Service providers and distributors
- Research organizations
- IT security agencies
- Investors and venture capitalists
LIST OF TABLES
Table 1 Global Signature Verification Market, by Region, 2018–2023
Table 2 North America: Signature Verification Market, by Country, 2018–2023
Table 3 Europe: Signature Verification Market, by Country, 2018–2023
Table 4 Asia-Pacific: Signature Verification Market, by Country, 2018–2023
Table 5 Middle East & Africa: Signature Verification Market, by Country, 2018–2023
Continued….
LIST OF FIGURES
FIGURE 1 Global Signature Verification Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis of Global Signature Verification Market
FIGURE 4 Value Chain of Global Signature Verification Market
Continued….
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