According to the latest report by IMARC Group, 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.
What is a Signature verification?
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.
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Signature verification market Market Trends/ Drivers, restraints, and opportunities-
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.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
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The global signature verification market is segmented by type, material, price, end user, distribution channel, and region.
Breakup by Product Type:
Breakup by Technology:
- Static Signature Verification
- Dynamic Signature Verification
Breakup by End Use Industry:
- Defense and Security
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