Signature Verification Market Trends

Singnature Verification Market Overview

It has been found that the signature verification market is estimated to project at a USD value of about 0.80 billion and extends to about USD 7.42 billion during the forecast period of about 2022 to 2030. The signature verification industry is expected to grow at a CAGR value of about 21.80% during the review period. It has been marked that signature has been a distinguishing feature for identifying the person. It has been used for verifying certain businesses, some of the financial organizations and governments for authorizing transactions, and some other essential data and documents. 

This type of authentication method uses some of the dynamic features of one's signature along with some of the characteristics like speed, lifting of the pen, the direction of the strokes so given by the pen giving good identification about oneself. Verification of signature helps in allowing good access to the use of mobile phones and tablets for capturing, storing, retrieving, and comparing electronic signatures. Along with numerous other modes of authentication methods like OTP, biometrics, PIN, and verification of signature reduces the operational costs, time and rises the efficiency of the contract signing procedures. Decreasing the identity replication drives up the signature verification market growth. Signature verification leads to authentication and auto-validation methods which help in the facilitation of the workflow enterprises.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Singnature Verification Market COVID 19 Analysis

The outburst of COVID led to the shifting of the signature verification models towards the remote working models. COVID hampered the signature business unit thus bringing an economic loss to the industry. The outburst of COVID brought a shortage of labor where the majority of people suffered from COVID cases. Value chain analysis was hindered. A change in customer behavior was marked. It created a lockdown scenario that was imposed by the government. The government in fact set out certain considerations for signature solutions. He imposed certain rules and regulations which will safeguard the people of the nation by improving the social distance.

Singnature Verification Market Dynamics

• Drivers- increase in transactional frauds, theft of data, security breaches, and focussing more on the security level to the customers spurs up the market size. Signature verification techniques are getting smarter these days because of their unification with AI technology which helps in identifying the fraud cases and some of the true signatures at a fast rate precisely with the help of new AI software. Adopting the new AI-baked verifying techniques has helped in spurring up the signature verification market growth which has helped in improving the verification capabilities. Adoption of electronic signing verification method which helped in improving up the verification business thus improving the use of software for business transactions methods. Minimization of records and various other misplacement methods thus leading to the prevention of loss is one of the most important driving forces of the signature verification industry.


• Opportunities- Certain rules and regulations of the government incorporate the signature verification into authenticating paradigms and raise the adoption of some of the signature verification systems in BFSI units for regulating the money and documents which pushes up the growth opportunities. The demand for security and individual verification methods improves the authentication of signature verification in different institutions like offices, banks, and many more. Moreover, dynamic signature verification which compares the signature on the basis of various others helps in the verification of cheques, credit cards, etc. the signature verification market is gaining traction where the dynamic signature verification compares the signature on the basis of various other parameters like velocity, acceleration, and pressure.


• Challenges- high class of Intraclass variation, increase in error rates, variation in a physical and emotional state of mind can create error thus becoming a challenging factor for the signature verification market size. Some of the strict verification regulations imposed by the government to incorporate some of the credential methods and adopting some of the signature systems in BFSI units is the limiting factor for market size.


• Restraints- An increase in error rates, a high rise in intra-class variability, and some variation in both the physical and emotional state of the customers lead to mistakes that restraints up the market size.

Singnature Verification Market Segmentation

By type- based on the end-users segment, the signature verification industry is divided into BFSI, research activities and education, healthcare units, life sciences, government and defense, human resources, real estate, and many more. As per the component segment, the signature verification market is being classified into hardware and software units. Technologically, the market is being classified into static signature verification units and dynamic signature verification units. Regionally, the market is being classified into some of the North American region, Asia Pacific, European region, and some regions in the rest of the world.

By technology- technology helped in the innovation in the signature verification method thus leading to the elimination of certain possible records. The advancement of technology helped in the reduction of duplication of the identification of signatures. It decreased the number of fraud and forgery cases. Technology led to the transformation of the payment and card industry with the change in users' preferences. Technology led to the introduction of some of the new payment methods like EMV chips, mobile wallets, and PIN cards. Technology is trying its best to provide huge security to the customers without compromising its convenience. The uprising of usage of tablets and smartphones has brought a digital change in the banking units. This cost-effective technique has carried out its approach where its services are performed accurately. Technology avoided the money laundering activities so performed in certain institutions.

SIGNATURE VERIFICATION MARKET REGIONAL ANALYSIS

The North American market covers the largest part of the verification market share. This method is in huge demand in the United States region as it has been used in various regions like financial institutions, banking sectors, and others. The government has enforced its usage in certain sectors where multiple rules and regulations have been implemented for monitoring the verification method. Canada is marked to adopt certain verification solutions thus increasingly using the software.

SIGNATURE VERIFICATION MARKET COMPETITIVE LANDSCAPE

Globally, the verification market aims and focuses on the innovation of their signature-based products. Their market players contribute more to their research and some of the developmental activities which will help in improving their portfolio. The key vendors here perform certain organic strategic plans like the development of products, and launching new and new products improves the signature verification market growth. Along with this other market players have adopted certain inorganic strategic plans like merging, acquisitions, expansions, building partnerships, joint ventures and many more helps in increasing their footprints in this whole signature verification market which improves their sustainability in the long run. Some of the market players operating here are Cyber-SIGN of the United States, SutiSoft of the United States, Biometric Signature ID of the United States, Certify Global of the United States, and iSign Solutions of the United States. Some of the other vendors are DynaSig of USA, Crypt of the United Kingdom, Secured Signing of New Zealand, Ascertia of the United Kingdom, Odyssey Technologies of India, Parascript of the United States, Hitachi of Japan, Scriptel of the United States, SQN Banking Systems of the United States and WonderNet of Israel.

SIGNATURE VERIFICATION MARKET RECENT DEVELOPMENTS

• Jumio in May 2021, made a partnership with Veridium and improved the security of eKYC, and helped in improving the productivity of the business. They in collaboration employed advanced facial, fingerprint biometric regulation capabilities for authentic identification.


• Parascript on February 2021, on collaboration, launched FormXtra.AI. 8.0. Their integrated solution method features based on NLP-based Full Page along with some of the document processes with remarkable precision which reduces the time and some of the management responsibilities.


• SAVIS Technology Group in November 2020, carried out some of the security methods that secure digital information. It is a partner of Ascertia trust providing efficient benefits of authentication of digital services.

SIGNATURE VERIFICATION MARKET REPORT OVERVIEW

The report gives a good analysis of structured data about the propensity for adopting different verification solutions across the different verticals of the regions. It gives a good analysis of workflow automation and identification. The report covers some of the cases across various end-users industries and some of the regional developments. The report evaluates the market dynamics which affect the demand and the supply side of the signature verification market. It signifies the drivers, restraints, opportunities, and some of the challenging factors playing in the market. The report signifies the key players playing a major role thus improving the growth opportunities for the growth. They have improved the expansion of the business and customer base of the key vendors.