New York, United States, June 30, 2022 (GLOBE NEWSWIRE) -- Signatures are peculiarly used by authorities such as administrations, corporations, and lending companies to authenticate and authorize payments and documentation. They provide a method of validation that depends on the interactive component of a person's handwritten sign and its properties to back up their assertions.
Biometric signature-based detection has lately gained prominence concerning the increasing need for confidentiality, personal validation, and recognition across institutions, enterprises, agencies, and other business establishments. Offline signature verification is ubiquitous in computerized office platforms that confirm cheques, card transactions, partnerships, and historical documents. Additionally, dynamic signature verification, which analyses signatures based on numerous biometric data features such as pace, acceleration, intensity, and physical shape, is gaining traction globally and is expected to have significant market growth in the following years.
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Strict Laws and Need for Compliance to Drive Global Signature Verification Market Market
Stringent laws and adherence requirements drive the demand for signature verification systems. The administration has recently placed a more extraordinary accentuation on document verification, introducing new rules and regulations aimed at various end-user businesses. Furthermore, governments worldwide are supporting the use of paperless or digital ways of paperwork for multiple end-users to conserve the atmosphere and cut overall material costs.
For example, in May 2020, Australia transferred digital prescriptions for patient healthcare from the doctor to the patient via an encrypted digital exchange, administered by the pharmacy and subsequently claimed through companies.
As a result, stricter legislation and rules governing the authentication process and electronic signatures primarily correspond to market growth. The usage of signature verification is likely to expand as there is a rapid transition toward digitalization led by governmental agencies for various end-user enterprises.
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Impact of COVID-19
The pandemic has dramatically boosted fraudulent activity because of the transformation to remote work situations. The risks have increased the demand for document authentication in various parts of the world. According to the Federal Trade Commission (FTC), the number of confirmed identity fraud cases in the United States was more than double in 2020. Furthermore, the FTC reported receiving around 1.4 million pieces of data theft in 2020. The increase is being driven primarily by cybercriminals aimed at people the pandemic has financially impacted.
With document verification growing increasingly challenging during the outbreak, signature verification hardware or software has aided in the system's automation. Vendors have introduced new product releases throughout the pandemic to fulfill the needs generated by various end-users. For example, in July 2021, Mitek and KYS-tech established an online certificate platform for identification verification in accordance with the pandemic's emergency legislation for officials.
Regional Analysis
In terms of regions, the Global signature verification market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America and Asia-Pacific are the two dominant markets. The North American signature verification market will be valued at USD 519 million in 2021. It is expected to reach USD 3597 million by 2030 with a CAGR of 24%. Electronic signature verification has been widely used in the United States in various businesses, including finance, medical, business process outsourcing, and law enforcement agencies. Due to their growing popularity, the government has enacted many rules and procedures to guarantee that digital signature verification is utilized appropriately.
The Asia-Pacific signature verification market was valued at USD 347 million in 2021. It is expected to reach USD 2585 million by 2030 with a CAGR of 25%. The growing number of occurrences of falsified signatures in India and China has boosted the demand for signature authentication and verification solutions. Signature fabrication and duplication generate severe policy malfunctions in developing countries such as India. Legal compliance methods such as benefits and pay are diverted to the incorrect people, putting a significant drain on available capital.
Furthermore, ZorroSign, an India-based blockchain e-signature solution provider, has released a mobile app for legitimate electronic signature, document fraud, and tampering detection that uses smartphone biometrics to provide a safe user experience. The app may examine and sign documents, make signatures, update a user account, handle contacts, receive quick notifications, and check the integrity of documents. As a result of harmonizing with the vendor, government, and customer operations, the Asia-Pacific area is likely to increase its signature verification use.
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Key Insights
- The global signature verification market was estimated at USD 1,243 Million in 2021. It is predicted to reach a valuation of USD 9,395 Million by 2030 at a CAGR of 25% over the forecast period (2022–2030).
- Based on the type of solution, the signature verification software dominated the market and was valued at USD 1297 million in 2021. It is expected to reach USD 9663 million by 2030 at a CAGR of 25%. Software solutions for signature verification protect against fraud and reduce costs. Signature verification software verifies signatures on print documents and online using mobile devices and terminals for various applications.
- Based on the end-user industry, the financial service segment dominated the market. The financial service segment was valued at USD 669 million in 2021. It is expected to reach USD 4984 million by 2030 at a CAGR of 25%. The financial services segment is one of the major end-user industries adopting signature verification solutions.
Global Signature Verification Market: Segmentation
By Type of Solution
- Hardware
- Software
By End-user Industry
- Financial Services
- Government
- Healthcare
- Transport and Logistics
- Other
By Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
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TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Signature Verification Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Type of Solution Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Hardware
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Software
5.3.1 Market Size & Forecast (Value & Volume)
6 End User Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Financial Services
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Government
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Healthcare
6.4.1 Market Size & Forecast (Value & Volume)
6.5 Transport and Logistics
6.5.1 Market Size & Forecast (Value & Volume)
6.6 Other
6.6.1 Market Size & Forecast (Value & Volume)
7 Regional Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 North America
7.2.1 Economic Overview
7.2.2 Market Scenario
7.2.3 U.S.
7.2.4 Canada
7.2.5 Mexico
7.3 Central and South America and the Caribbean
7.3.1 Economic Overview
7.3.2 Market Scenario
7.3.3 Brazil
7.3.4 Argentina
7.3.5 Colombia
7.3.6 Rest of Central and South America and the Caribbean
7.4 Europe
7.4.1 Economic Overview
7.4.2 Market Scenario
7.4.3 Germany
7.4.4 France
7.4.5 The U.K.
7.4.6 Italy
7.4.7 The Rest Of Europe
7.5 Asia-Pacific (APAC)
7.5.1 Economic Overview
7.5.2 Market Scenario
7.5.3 China
7.5.4 Japan
7.5.5 India
7.5.6 Australia
7.5.7 South Korea
7.5.8 Rest Of APAC
7.6 Middle East
7.6.1 Economic Overview
7.6.2 Market Scenario
7.6.3 South Arabia
7.6.4 The UAE
7.6.5 Qatar
7.6.6 Oman
7.6.7 Turkey
7.6.8 The Rest Of Middle East
7.7 Africa
7.7.1 Economic Overview
7.7.2 Market Scenario
7.7.3 Nigeria
7.7.4 South Africa
7.7.5 The Rest Of Africa
8 Competitive Landscape — Manufacturers & Suppliers
8.1 Competition Dashboard
8.2 Industry Structure
8.3 Parascript LLC
8.3.1 Business Overview
8.3.2 Financial Performance
8.3.3 Recent Developments
8.3.4 Portfolio
8.4 Acuant Inc
8.5 Ascertia Ltd
8.6 IBM Corporation
8.7 Jumio Corp.
8.8 Ekata Inc
8.9 SutiSoft Inc
8.10 MitekSystems Inc
8.11 CERTIFY Global Inc
8.12 Scriptel Corporation
8.13 iSignSolutions Inc
8.14 Veriff
9 Conclusion & Recommendation
10 Acronyms & Abbreviations
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Market News
- In June 2021, HeyTrade, an investing platform, is partnering with Veriff to help ensure compliance and security. Trade makes the process between sign-up and investing straightforward and straightforward, with an added security from Veriff. Trade clients can validate the authenticity of their identity by taking a photograph of their government-issued ID and a selfie.
- In March 2021, Acuant partnered with Airside to prioritize privacy in handling biometrics and personal data for mobile identity verification processes, thereby allowing the reopening of travel and public places conveniently and cost-effectively.
- In July 2020, Parascript released FormXtra.AI 8.0. The solution exhibits NLP-based Full-page Handwriting Transcription and automates business document procedures with significant accuracy, decreases human data entry, and less time-consuming configuration and production management responsibilities.
News Media
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