Global Signature Verification Market - Segmented by Technology, Product, End-user Industry, and Region - Growth, Trends, and Forecast (2018 - 2023)
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.
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.
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
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