Signature Verification Market by End User (Education, Government, and BFSI), Technology (Static Signature Verification and Dynamic Signature Verification), and Product (Hardware and Software).
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Signatures are unique and are used for verification by businesses, governments, and financial organizations to authorize transactions and documents. Signature verification is an authentication method, which uses the dynamic feature of a persons handwritten signature and its characteristics such as speed, pen lifts, and direction of pen strokes to authenticate identity.
The adoption of digital signature reduces operational costs, saves time, makes the contract signing process from days to seconds, and streamlines the entire business workflow. It is used for many applications such as to authorize documents, bank checks, contracts, validate credit card transactions, and verify identification.
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Increase in need to reduce identity duplication drives the growth of the global signature verification market. In addition, rise in level of security breaches, transaction fraud, data theft, and increase in focus on providing the highest level of security to customers in many sectors propel the market growth.
However, high intra-class variability, high error rates, and fluctuations in physical & emotional state of the user can lead to errors, which limit the growth of this market. Conversely, government regulations to incorporate signature verification into their credential authentication paradigms and increase in adoption signature verification systems in the BFSI sector due to regulation of money & data are expected to provide numerous opportunities for this market to grow.
The signature verification market is segmented on the basis of end user, technology, product type, and region. End user segment covered in the study includes education, government, and BFSI.
Based on technology, the market is classified into static signature verification and dynamic signature verification. By product, it is divided into hardware and software.
Regionally, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global signature verification market is dominated by the key players such as BIOMETRIC SIGNATURE ID., CERTIFY Global Inc., Cyber SIGN, Inc., iSign Solutions Inc., DataVision Software Solutions Pvt. Ltd., Ascertia, 01 Systems W.L.L., DynaSig Corporation, Entrust Datacard Corporation., and Hitachi, Ltd.
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