Market Research Report
Signature Verification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Signature Verification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
Published: September 16, 2021
IMARC Services Private Limited
Content info: 143 Pages
Delivery time: 2-3 business days
The global signature verification market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 23% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Signature verification refers to the usage of software for auto-validating signatures from the signatory with claimed individuals. An image of the signature is generally fed into the software and compared with the signature image on a file. It saves time, reduces operational costs, authenticates the legal identity of the person and facilitates the workflow of organizations. Consequently, it is widely employed in the education, government, healthcare and banking, financial services and insurance (BFSI) sector to ensure process compliance and minimize human errors in clearing financial documents.
A significant rise in the instances of data theft and identity duplication represents one of the major factors impelling the global signature verification market growth. Apart from this, the increasing cases of security breaches and transaction fraud in the healthcare, education, defense and BFSI industries are escalating the demand for signature verification solutions to prevent the loss of critical and confidential data. Moreover, the widespread adoption of electronic signatures in the retail sector is contributing to the market growth. Furthermore, the dynamic signature verification (DSV) that compares signatures based on various parameters, such as velocity, acceleration, pressure and geometrical shape, of the biometric sample is gaining traction worldwide. Moreover, several organizations are shifting towards the remote working model due to the spread of the coronavirus disease (COVID-19) and consequent lockdowns imposed by governments of various countries. As a result, they are adopting electronic signing, which is increasing the demand for signature verification software to identify and authenticate business transactions within legal frameworks.