The global signature verification market to decline at a CAGR of (8.67%) during the period 2017-2021
The report covers the present scenario and the growth prospects of the global signature verification market for 2017-2021. To calculate the market size, the report considers revenues generated from the sales of signature verification software and integrated solutions (includes software). The report also includes a discussion of the key vendors operating in this market.
One trend in the market is increase in digitization of banking services. The increased penetration of smartphones and tablets have led to a digital transformation of the banking sector. The BFSI sector is seen as one of the prominent users of portable devices for digital payments and cashless financial transactions.
According to the report, one driver in the market is strong need to reduce identity duplication. The BFSI sector is increasingly focusing on providing the highest level of security to its customers without compromising their convenience. The payments and card industry (PCI) has been digitally transformed with the changing consumer preferences and the introduction of new payment methods such as PIN cards, mobile wallets, and EMV chips. With advances in technology, the number of fraud and forgeries are also increasing, highlighting the need for solutions that are difficult to duplicate.
Further, the report states that one challenge in the market is strong need to reduce identity duplication. The BFSI sector is increasingly focusing on providing the highest level of security to its customers without compromising their convenience.