Signature Verification Market Projected to Grow at 9% CAGR to 2019

Nov 16, 2015, 05:00 ET from Sandler Research

PUNE, India, November 16, 2015 /PRNewswire/ --

Analysts forecast global signature verification market to grow at a CAGR of 9.48% over the period 2014-2019, wherein market size is calculated considering revenue generated from the sales of signature verification tools, including software and integrated solutions. This report does not include the revenue generated from after sales services to calculate the market size.

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There has been an increased demand for biometric authentication such as signature verification on smartphones and mobile devices to mitigate theft of both devices and data. The innovations in touchscreen technologies have enabled the availability of dynamic signature verification in smartphones. Smartphones embedded with signature verification help increase security for financial transactions and provide greater convenience for users.

According to the report, In the US, the demand for signature verification is expected to emerge in the healthcare vertical because of the need to comply with HIPAA regulations, which is expected to drive the demand for signature verification.

Market Segmentation and Forecast of Signature Verification by 

End-Users:  Education, Government and BFSI

Government bodies worldwide, particularly in the US and Europe are making digital signature verification mandatory for specific e-government applications such as VAT submissions. The government sector will continue to investment heavily in the automation of their processes and management electronic documentation with digital signing processes. The global signature verification market in the government sector is expected to attain a CAGR of more than 8% over the next four years.

Technology: Digital signature verification and Static signature verification

Static signature is one of the oldest and widely used forms of personal authentication with application in multitude domains such as government, retail, manufacturing, banking, real estate, and healthcare. However, static signature verification segment is expected to decline by the end of 2019.

Regions: 

The market share of APAC is estimated to increase during the forecast period as the government initiative to implement signature verification is likely to increase to support various e-governance programs. However, the market share of Europe is expected to decrease due to the shift of organizations toward other biometric technologies such as voice biometrics, vein biometrics, and keystroke biometrics. Order a copy of Global Signature Verification Market 2015-2019 report @ http://www.sandlerresearch.org/purchase?rname=46239.

The market is highly fragmented with the presence of a large number of small and large vendors. The leading vendors in the digital signature space are likely to introduce new offerings in addition to existing verification benefits such as automatic detection of changes made to the document, capture of fraudulent signatures, and notification to all the parties involved. The key players in the global signature verification market are Certify, CIC, Cyber-Sign, M2SYS and Safran. The other prominent vendors Biometric Signature ID, Certify,  Decillion Group, DynaSig, Hitachi, KeCrypt, Kofax (Acquired by Lexmark), Odyssey Technologies, Parascript, Scriptel, SOFTPRO and SutiSoft.

Further, the report states that the storage of signature verification is a digital representation that can be pilfered, lost, and compromised, raising concerns among end-users and deterring them from adopting signature verification.

Explore other new reports on information technology market at http://www.sandlerresearch.org/market-research/information-technology.

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