Signature is a distinguishing feature of a person’s identity which is used for verification purposes at various places such as businesses, financial organizations and governments, to authorize transactions and other essential documents. The market for signature verification is driven by the rising number of security breaches and fraudulent transactions, which leads to a need for highly secure identification and personal verification technologies. However, high error rates and fluctuations in physical & emotional state of the user can lead to errors, which hinder the growth of this market. Growth opportunities include government initiatives to encourage the use of signature verification systems instead of the traditional paper-based verification system so as to improve the operational efficiency and reduce time.
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.
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By end-user, the market is segmented into education & research, BFSI, government & defense, healthcare & life sciences, real estates, human resources and others.
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
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 is leading the signature verification market owing to the increasing demand for signature verification in the healthcare sector and financial organizations located in this region. Countries such as Colombia, Peru, Brazil, Argentina and Chile are giving importance to the adoption of signature verification in the BFSI sector because it is one of the most highly regulated sectors, which requires references and certifications to verify legal validity of signatures.
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. The government and BFSI sectors in countries such as the France, UK, and Italy are investing more in signature verification for additional security against cyber threats that may lead to crtical data loss.
The Asia-Pacific region is also expected to witness a rise in the revenue contribution owing to the ever-increasing demand for advanced authentication solutions in the BFSI and government sector in this region.
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).
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