Market Highlights
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 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.
Segmentation:
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.
Regional Analysis
The global market for the signature verification market size 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.