The signature verification market is expected to register a CAGR of 24.77% during the forecast period 2019
NEW YORK, Sept. 11, 2019 /PRNewswire/ --
The signature verification market is expected to register a CAGR of 24.77% during the forecast period 2019-2024. E-commerce registered a penetration rate of 47.3% in the year 2018. The growth is attributed to increasing digital transformation, changing lifestyle, and increasing disposable income. The growing number of e-commerce transactions is a major driver for signature verification as it provides quick and easy identity verification and protection against fraudulent transactions.
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- Enabled by proven public key infrastructure (PKI) technology, digital signatures are broadly recognized as a best practice for providing digital verification of electronic transactions. Local and central governments, by their very nature, have always been paper-intensive organizations, because of core requirements for strong audit trails, decision traceability, and control. However, with the increasing pressure on budgets and the need to be more open, many governments around the world have initiated transformational projects to reduce inefficient and expensive paper-based process.
- Most governments around the world, especially the US and EU nations, have enacted legislation, which recognized digital signatures (or electronic signatures) as equivalent to hand-written signatures if produced according to specific requirements (for instance, the EU Directive on Electronic Signature 1999/93/Ec of the European Parliament and council).
- In recent years, along with with the continuous growth of the internet, and the increasing security requirements for the development of the e-society, the field of automatic signature verification is being considered with renewed interest, since it uses a customary personal authentication method that is accepted at both legal and social levels. For instance, eFLOW Automated Signature Verification (ASV) from Top Image Systems targets offline signature matching, which is essential in various banking operations, such as inward cheque clearing, manual fund transfer, and outward remittance.
- Online signature verification has important applications in online banking, monetary transactions, and retail POS. For instance, it can be used to replace the current practice of signing paper credit card receipts. In this case, the verification process can be performed by comparing the live online signature of a user with the biometric information of his/her handwritten signature that can be stored in a personal smart card to verify that the person using the card is the rightful owner.
Scope of the Report
Signatures are unique that are used for verification by governments, businesses, and financial organizations to authorize transactions and documents. Signature verification is an authentication method, which uses the dynamic feature of a person's handwritten signature and its characteristics to authenticate identity. The adoption of digital signature will reduce operational costs, saves time, makes the contract signing process from days to seconds, and streamlines the entire business workflow. It is used for many applications such as to authorize documents, bank checks, contracts, validate credit card transactions, and verify identification.
Key Market Trends
BFSI Industry Shifting Towards Digital Transformation
- BFSI is a major industry dominating the signature verification market, due to increasing e-commerce markets and online transactions. Furthermore, as the modes of the online transaction and the number of the online transaction are increasing, end-to-end encryption and security have become a prime concern. Thus, the BFSI industry has dominance in signature verification market, for it provides a secure authentication mode for online transactions.
- Adding to this, the BFSI industry is increasingly investing in the signature verification market because it provides an easy and accurate mode for authentication. With the rise of identity theft, multi-channel attacks, and cheque schemes, risk mitigation is turning out to be a top priority for banks and their leadership in 2019. Fraud against bank deposit accounts cost the industry around USD 2.2 billion per year.
- Compared to the manual signature verification process traditionally used by banks, signature verification solutions save a significant amount of staff time and eliminate the chance of human errors during the signature verification process. As a result, more banks are expected to implement signature verification solutions over the forecast period.
- Moreover, from the past few years, the share of the BFSI sector is growing. In India, in the year 2018, 13% of the office was absorbed by the BFSI sector.
North America to Occupy a Major Share in the Signature Verification Market
- The United States holds the largest share when it comes to the signature verification market, due to the presence of major players, such as Biometric Signature ID, Certify Global Inc., and ISign Solutions Inc, which offer paperless, secure, and trusted identity assurance.
- Signature verification provides an easy way for identity protection because of its high encryption and low susceptibility to malware. Adding to this, the Digital Signature and Electronic Authentication Law (SEAL) by the US Senate makes signature verification mandatory for all forms of digital transactions.
- Companies are producing new products and services that are transforming banking operations. For instance, recently, Finastra, a fintech company, developed an eSignature solution for US banks, which claims lesser processing time and enhanced customer experience by reducing paper, storage cost, and courier fees. The similar boom of fintech companies and their range of offerings are enabling the market growth.
- A significant number of M&As are also being witnessed by the region. Texas-based "BioMetric Signature ID" and Mitek, a leader in digital identity verification solution, partnered in February 2019 to digitally validate the authenticity of government issued identity documents during enrollment. Collaborations like these highlight the use cases of signature verification in North America.
The signature verification market is consolidated as the major share of the market is occupied by top players. Moreover, the new player finds it difficult to enter the market due to the strong dominance of existing players. Some of the key players include Biometric Signature ID (J C Lads Corporation), CERTIFY Global Inc., Ascertia Ltd., Kofax Inc., Entrust Datacard Corporation, Odyssey Technologies Limited, Scriptel Corporation, among others.
- June 2019 - Entrust Datacard, a leading provider of trusted identity and secure issuance technology solutions, completed its previously-announced acquisition of nCipher Security, formerly Thales's market-leading general purpose hardware security module (HSM) business. The general purpose HSM market is growing quickly, driven by global demand for stronger data and application security, increased encryption, and privacy regulations such as the EU General Data Protection Regulation (GDPR) and the electronic identification, authentication and trust services (eIDAS) regulation. HSMs offer the highest levels of cryptographic security and are deployed to minimize network and cybersecurity risks from cloud services, Internet of Things (IoT) devices and other digital initiatives.
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