According to the latest report by IMARC Group, titled, “Signature Verification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026", the global signature verification market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 23% during 2021-2026.
Signature verification refers to the technique used for validating the identity of an individual. It involves the use of software that requires the input of an image of the individual’s handwritten signature. Once the signature is fed into the software, it compares the same with the signature present in the existing files. It then generates a confidence score against the input to authenticate the identity of the user. The signature verification software is exceptionally fast, reliable and flexible due to which it reduces operational costs and facilitates the workflow of organizations. It is also used to minimize the chances of human error while clearing financial documents. As a result, it is extensively being employed across numerous industry verticals, including banking, financial services and insurance (BFSI), government, healthcare and education.
Market Trends
The increasing incidences of data theft and identity duplication, security breaches, and transaction fraud, are primarily driving the need for signature verification to protect critical and confidential data. Moreover, the increasing utilization of electronic signatures in the retail industry is also augmenting the market growth. The emergence of dynamic signature verification (DSV) that compares signature parameters, such as velocity, acceleration, pressure, and geometrical shape, is further catalyzing the global market. Moreover, rising inclination towards remote working model due to COVID-19 outbreak has augmented the trend for electronic signing, thereby propelling the demand for signature verification software.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Signature Verification Market 2021-2026 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the key players being 01 Systems, Ascertia Ltd., Biometric Signature ID, Certify Global Inc., Cyber Signs Ltd., DataVision Software Solutions Pvt. Ltd., Dynasign Corporation, Entrust Datacard Corporation, Hitachi Ltd., iSign Solutions Inc., J.C. Lads Corporation, Odyssey Technologies Limited, Scriptel Corporation and Sutisoft Inc.
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Breakup by Product Type:
Hardware
Software
Breakup by Technology:
Static Signature Verification
Dynamic Signature Verification
Breakup by End Use Industry:
Education
Government
BFSI
Healthcare
Transport/Logistics
Defense and Security
Others
Breakup by Region:
North America
Asia Pacific
Europe
Latin America
Middle East and Africa
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