The Signature Verification Market is expected to witness a CAGR of 11.1% over the forecast period (2018 – 2023).
The scope of this report is restricted to the signature verification market. Signature verification devices are used to authenticate identity and reduce fraud in digital transactions. The signature verification products are developed by players such as DynaSig Corporation, Entrust Datacard Corporation, Hitachi, Ltd, Kofax, Inc., and Odyssey Technologies Limited. North America is the major region due to the presence of advanced research institutes and increasing investments from players.
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BFSI Industry Shifting Towards Digital Transformation
BFSI is a major industry dominating the signature verification market, due to increasing ecommerce markets and online transactions. Furthermore, as the modes of online transaction and number of online transaction are increasing, end-to-end encryption and security has become a prime concern. Thus, the BFSI industry has dominance in signature verification market, for it provides a secure authentication mode for online transactions. Adding to this, the BFSI industry is increasingly investing in the signature verification market because it provides an easy and accurate mode for authentication.
High Growth of E-commerce
E-commerce registered a penetration rate of 34.7% in the year 2017. The growth is attributed to increasing digital transformation, changing lifestyle, and increasing disposable income. The growing number of e-commerce transactions is a major driver for signature verification as it provides quick and easy identity verification and protection against fraudulent transaction. Signature verification allows the use of Android or iPad tablets to capture, store, retrieve, and compare electronic signatures. This adds the advantage of on-demand authentication. With the advent of different modes of authentication like PIN, OTP, and biometric, signature verification adds another layer for security of transactions and identity protection.
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North America is the Largest Region
North America is the largest region in the signature verification market. Emerging new organizations and need for protection against identity theft is a major driver. Signature verification provide an easy mode for identity protection because of its high encryption and low susceptibility to malware. Adding to this, the Digital Signature and Electronic Authentication Law (SEAL) by the US Senate makes signature verification mandatory for all forms of digital transactions.
Key Developments in the Market
• March 2018 – Signature verification gets smarter with AI. The three key areas that signature verification AI software uses are signature segmentation, special descriptive language, and neural networks. With the combination of all these AI capabilities, the signature verification software can make quick and precise identification of fraud or true signatures. The addition of AI technology to signature verification will not only boost the market but also improve the systems capabilities.
Major Players – BIOMETRIC SIGNATURE ID., CERTIFY GLOBAL INC., SQN BANKING SYSTEMS, ISIGN SOLUTIONS INC., 01 SYSTEMS W.L.L., ASCERTIA, DATAVISION IMAGE LLC, DYNASIG CORPORATION, ENTRUST DATACARD CORPORATION, HITACHI, LTD, KOFAX, INC., ODYSSEY TECHNOLOGIES LIMITED, PARASCRIPT, AND SCRIPTEL CORPORATION, amongst others.
Reasons to Purchase the Report
• Analyzing the advancements in signature verification market scenario
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• Identifying the type of service and end-user is expected to dominate the market
• Identifying the regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study
2. Research Approach and Methodology
3. Executive Summary
4. Market Dynamics
4.1 Market Overview
4.2 Factors Driving the Market
4.2.1 BFSI Industry Shifting towards Digital Transformation
4.2.2 High Growth of E-commerce
4.3 Factors Restraining the Market
4.3.1 Need of Extra Hardware for Authentication
4.4 Industry Attractiveness – Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products or Services
4.4.5 Competitive Rivalry among Existing Competitors
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