In a recent published report, Kenneth Research has updated the market report for Signature Verification Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Signature Verification Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
The 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.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.
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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. The global signature verification market is dominated by the key players such as Cyber-SIGN(US), Biometric Signature ID (US), iSign Solutions (US), Certify Global (US) and SutiSoft (US).
Signature verification now gets even smarter than before due to its integration with AI technology which makes it capable to identify fraud or true signatures quickly and precisely with help of the new AI software. The adoption of these AI based signature verification systems is expected to boost the market and improve the system capabilities.
Signature Verification Market
Signature Verification Market Research Report – Global Forecast to 2023 -Report image 00
Source: MRFR Analysis
Segmentation.
By end-user, the market is segmented into education & research, BFSI, government & defense, healthcare & life sciences, real estates, human resources and others.
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By component, the market is segmented into hardware and software components.
By technology, the market is segmented into static signature verification and
dynamic signature verification.
By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world
Regional analysis
The global market for signature verification market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of signature verification market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North American region dominates the signature verification market owing to the increasing demand for signature verification in large banks and PCI companies located in this region. Europe is growing at a considerable high growth rate due to presence of various small and medium-sized enterprises (SMEs) which include online transactions which may be prone to cyber-attacks.
Competitive Analysis
In the global market for signature verification, key players always aim craeting something new and focus on continous innovation in their products. The major players in market invest heavily in their research and development process to enhance their product portfolio. With help of a strong organic strategy such as product development and launch of new products they aim at gaining significant market share and improve their growth prospects. Also, several companies adopt inorganic strategies such as expansions, mergers and acquisitions, joint ventures, partnerships and others to increase their footprints in this market in order to sustain in the long run.
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Key players
The prominent players in the signature verification market are Cyber-SIGN (US), Biometric Signature ID (US), iSign Solutions (US), Certify Global (US) and SutiSoft (US).
Other players in the signature verification market are KeCrypt (UK), Ascertia (UK), Odyssey Technologies (India), Hitachi (Japan), WonderNet (Israel), SQN Banking Systems (US), Scriptel (US), Parascript (US), Secured Signing (New Zealand) and DynaSig (USA).
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
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