Signature Verification Industry 2018 to 2023 Booming Trends, Share, Growth Challenges, Key Players, Industry Segments and Competitors Analysis | COVID-19 Impact
The most significant factors which bring an impact on the market are increasing digital transformation, which results in a demand for signature verification. Increasing disposable income, changing lifestyles. The primary reason which has led to a higher demand for signature verification is the constant increasing demand for e-commerce transactions. The increase in e-commerce transactions has resulted in a need to prevent identity theft or duplication. Other factors that propel the market are increasing cases of fraudulent, security breaches, data theft, web applications, higher dependence on internet results, and digital technologies, and a rise in focus on offering customers in various sectors with an assurance of high security.The adoption of digital signature has proven to be beneficial in several ways. It reduces the operational expenses, saves time, makes the contract signing process more manageable, and smoothens the entire business workflow.
Signature verification has become smarter than before due to the incorporation of AI technology, which makes it easier to identify fraud or false signatures quickly. The development of technologies like AI and its adoption is expected to expand the market and improve the system. As per the global market, the signature verification market 2020 is expected to expand to USD 2.99 billion by 2023, with a CAGR of 25.09 % during the forecast period from 2018-2023.
The eminent players in the signature verification market are Biometric Signature ID (US), Sutisoft (US), iSign Solutions (US), Certify Global (US).
Other players in the signature verification market are Ascertia (UK), Hitachi (Japan), WonderNet (Israel), SQN Banking Systems (US), Scriptel (US), Odyssey Technologies (India), KeCrypt (UK), Secured Signing (New Zealand) and DynaSig (USA).
The global market for the signature verification industry is expected to grow at a considerable rate during the forecast period from 2018-2023. The geographical analysis of the signature verification market consists of North America, Europe, Asia-Pacific, and the Rest of the world.
The North American region dominates the signature verification market due to an increased demand for signature verification in PCI companies and large banks situated in the area. Furthermore, the regulations laid down by the government to integrate the signature verification into their credential authentication has also resulted in significant growth of the signature verification market.
Due to the presence of various small and medium-sized enterprises (SMEs), Europe is growing at a significantly high growth rate. It primarily includes online transactions that may be prone to cyber-attacks.
The signature verification market in the Asia-Pacific region is estimated to have considerable growth over the forecast period. Due to increasing demand for authentication solutions in the area, especially in government sectors and the BFSI.
The signature verification market in the Rest of the World (Row) is estimated to have grown over the forecast period. Signature Verification has various applications, which include e-mortgage, approval systems, online load applications, and e-banking. It reduces the dependency on humans and helps in checking human errors.
By the end-user, the market is categorized into BFSI, government and defense, education and research, real estate, human resources, healthcare and life sciences, and others.
By component, the market is categorized into software and hardware components.
By technology, the market is segmented into dynamic signature verification and static signature verification.
By region, the market is segmented into Asia-Pacific, North America and the Rest of the world.
Nov 2019 A UK-based retail casino operator has chosen SafeCharge, a Canadian global payments technology company, to provide automated, seamless, and compliant identity verification for its onboarding processes to leverage SafeCharge’s reliability and knowledge as a payment technology partner in a heavily regulated and competitive casino market. Yoti, a UK based digital identity platform, has been chosen by the cashless payments app YALP to provide biometric onboarding, payment expert reports. With this announcement, two more deployments in the digital market ID have been established.
Also Read: http://www.marketwatch.com/story/signature-verification-market-trends-growth-industry-size-share-opportunities-challenges-segmentation-statistics-developments-and-impact-of-covid-19-2021-02-16