Global Signature Verification Market

Signature Verification Market Size, Share, Growth Analysis, By Type(Software, and Hardware), By Industry Vertical(Financial Services, Government, Healthcare, Transport and Logistics), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45E2235 | Region: Global | Published Date: April, 2024
Pages: 197 |Tables: 64 |Figures: 75

Signature Verification Market Insights

Global Signature Verification Market size was valued at USD 1.55 billion in 2022 and is poised to grow from USD 1.93 billion in 2023 to USD 11.46 billion by 2031, growing at a CAGR of 24.9% in the forecast period (2024-2031).

Signature verification is an authentication method used to confirm the identity of a certain individual as signatures are considered unique. The growing popularity of digitally signing documents and the need for faster verification of these digital and manual signatures are projected to bolster the demand for signature verification over the coming years. Rising incidence of identity theft and increasing use of paperless transactions worldwide are also slated to boost the adoption of signature verification solutions and services worldwide. Imposition of stringent mandates to ensure regulatory compliance by governments is also a key factor that will create new opportunities for signature verification companies in the future. Advancements in biometric authentication technology and growing digital transformation initiatives also promote signature verification market growth across the forecast period. However, data and privacy concerns are still a key restraint for market development in the long run.

Market Snapshot - 2024-2031

Global Market Size

USD 1.55 billion

Largest Segment

Software

Fastest Growth

Hardware

Growth Rate

24.9% CAGR

Global Signature Verification Market ($ Bn)
Country Share for North America Region (%)

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Signature Verification Market Segmental Analysis

The global signature verification market is segmented based on type, industry vertical, and region. In terms of type, the market is segmented into software and hardware. In terms of industry vertical, the market is segmented into financial services, government, healthcare, transport and logistics, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.

Analysis by Type

Signature verification software accounts for a dominant stance in the global signature verification marketplace. These solutions can be deployed for digital as well as manual signature verification and this versatility is what contributes to their high market share. Increasing use of digital signatures and growing digital transformation is slated to further boost signature verification market growth via this segment.

On the other hand, sales of hardware signature verification solutions is estimated to increase at a notable pace over the coming years. Rapid growth of the BFSI sector and healthcare sector is slated to propel the demand for hardware signature verification solutions in the future.

Analysis by Industry Vertical

The financial services industry is estimated to hold sway over the global demand for signature verification across the forecast period. Financial fraud through forgery is not a new type of crime but has been around for quite a while now and this is prevalent in the digital world as well, and signature verification is deployed to counter this issue and other similar frauds in the financial industry.

Use of signature verification in the healthcare space is slated to increase at a robust pace across the forecast period and beyond. Increasing use of detailed medical records and emphasis on improving patient data confidentiality are slated to promote the use of signature verification solutions and services in this industry vertically.

Global Signature Verification Market By Type, 2023 (%)

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Signature Verification Market Regional Insights

Rapid adoption of advanced digital technologies and solutions utilizing signature verification has helped North America account for a dominant stance in the global marketplace. The growing use of digital signatures in different government applications and other industry verticals will help North America maintain its dominant stance in the global landscape. Canada and the United States are slated to spearhead signature verification demand in this region over the coming years. Imposition strict regulatory compliance mandates for verification in different industries will also boost market growth in this region.

Rapid digitization and growing adoption of digital transactions are contributing to the stance of Asia Pacific region as the fastest expanding one in the world. China, India, and Japan are estimated to be the leading markets for signature verification companies in the Asia Pacific region across the forecast period and beyond. The emergence of new signature verification providers in this region are also allowing it to maintain its rapid CAGR over the coming years.

Global Signature Verification Market By Region, 2024-2031
  • Largest
  • Fastest

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Signature Verification Market Dynamics

Drivers

High Demand for Better Authentication

  • The need for better authentication is driven by the rapidly evolving threat landscape wherein criminals are using advanced technology to bypass authentication systems. Signature verification is a highly effective method of authentication, and this is why its demand is slated to bolster market growth.

Rising Incidence of Identity Theft

  • Identity theft in the modern world is not as complicated as it may seem and happens much more frequently than one would expect. Signature verification acts as a key barrier in preventing misuse of data and authority via identity theft.

Restraints

Accuracy Concerns

  • Creating an accurate signature verification solution could be a very challenging task and even then, its accuracy cannot be guaranteed as there is no specific way to maintain and update unique values in the system constantly. Minor lapses in the solution could lead to catastrophic damage for companies hence this is slated to slow down market growth.

Data Privacy

  • Maintaining a private database of authentic signatures can be a challenging and expensive task as any lapses in the security of signature verification data storage systems could render them useless under attack and have a negative impact on signature verification market development as well.

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Signature Verification Market Competitive Landscape

Signature verification providers should invest in creating highly secure signature verification solutions that can withstand advanced cyberattacks. Signature verification companies can also utilize other advanced authentication technologies to improve security with signature verification solutions. The use of double-factor authentication would be a crucial feature to have in all signature verification solutions for the future. Collaborating and partnering with security experts will also help signature verification companies boost their innovation in the long run.

Top Player’s Company Profiles

  • Jumio Corporation
  • Mitek Systems Inc.
  • Scriptel Corporation
  • CERTIFY Global Inc.
  • IBM Corporation
  • Kofax (Acquired by Lexmark)
  • Ekata Inc.
  • Acuant Inc.
  • Ascertia Ltd.
  • Datavision Image
  • DynaSig
  • KeCrypt
  • Odyssey Technologies
  • Veriff
  • iSignSolutions Inc.
  • SutiSoft Inc.
  • Hitachi
  • SQN Banking Systems
  • WonderNet
  • Parascript LLC

Recent Developments

  • In November 2023, Entrust, a renowned identity security provider, announced the launch of new e-signature product for digital transactions and agreements.
  • In August 2022, SIGNiX, a leading name in the signature verification business, announced the launch of a new service that helps brokers and dealers prevent fraud by monitoring and confirming the authenticity of digital signatures.
  • In September 2023, Assam, a state in Northeastern part of India implemented the Digital Signature Certification authentication methods.

Signature Verification Key Market Trends

  • Use of Cloud-based Signature Verification: rapid adoption of hybrid and cloud solutions around the world is projected to create the demand for signature verification solutions that are cloud-based. Flexibility, scalability, and ease of use are top features of cloud-based signature verification that are expected to create new opportunities for signature verification market players in the long run.

Signature Verification Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per Skyquest analysis, the growing incidence of identity theft and rising demand for better authentication methods are slated to be key factors that could promote the demand for signature verification over the coming years. Advancements in digital signature technology are also slated to bolster signature verification market development. However, data security and privacy concerns remain a key deterrent for market growth. Rapid adoption of advanced digital authentication technologies allows North America to hold a dominant stance in the global signature verification marketplace. Development of cloud-based signature verification solutions is slated to open new avenues of opportunities for signature verification companies in the long run.

Report Metric Details
Market size value in 2023 USD 1.55 billion
Market size value in 2031 USD 11.46 billion
Growth Rate 24.9%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Software, and Hardware
  • Industry Vertical
    • Financial Services, Government, Healthcare, Transport and Logistics, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Jumio Corporation
  • Mitek Systems Inc.
  • Scriptel Corporation
  • CERTIFY Global Inc.
  • IBM Corporation
  • Kofax (Acquired by Lexmark)
  • Ekata Inc.
  • Acuant Inc.
  • Ascertia Ltd.
  • Datavision Image
  • DynaSig
  • KeCrypt
  • Odyssey Technologies
  • Veriff
  • iSignSolutions Inc.
  • SutiSoft Inc.
  • Hitachi
  • SQN Banking Systems
  • WonderNet
  • Parascript LLC
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Signature Verification Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Signature Verification Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Signature Verification Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Signature Verification Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Signature Verification Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Signature Verification Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Signature Verification Market size was valued at USD 1.55 billion in 2022 and is poised to grow from USD 1.93 billion in 2023 to USD 11.46 billion by 2031, growing at a CAGR of 24.9% in the forecast period (2024-2031).

Signature verification providers should invest in creating highly secure signature verification solutions that can withstand advanced cyberattacks. Signature verification companies can also utilize other advanced authentication technologies to improve security with signature verification solutions. The use of double-factor authentication would be a crucial feature to have in all signature verification solutions for the future. Collaborating and partnering with security experts will also help signature verification companies boost their innovation in the long run. 'Jumio Corporation', 'Mitek Systems Inc.', 'Scriptel Corporation', 'CERTIFY Inc.', 'IBM Corporation', 'Kofax (Acquired by Lexmark)', 'Ekata Inc.', 'Acuant Inc.', 'Ascertia Ltd.', 'Datavision Image', 'DynaSig', 'KeCrypt', 'Odyssey Technologies', 'Veriff', 'iSignSolutions Inc.', 'SutiSoft Inc.', 'Hitachi', 'SQN Banking Systems', 'WonderNet', 'Parascript LLC'

The need for better authentication is driven by the rapidly evolving threat landscape wherein criminals are using advanced technology to bypass authentication systems. Signature verification is a highly effective method of authentication, and this is why its demand is slated to bolster market growth.

Use of Cloud-based Signature Verification: rapid adoption of hybrid and cloud solutions around the world is projected to create the demand for signature verification solutions that are cloud-based. Flexibility, scalability, and ease of use are top features of cloud-based signature verification that are expected to create new opportunities for signature verification market players in the long run.

Rapid adoption of advanced digital technologies and solutions utilizing signature verification has helped North America account for a dominant stance in the marketplace. The growing use of digital signatures in different government applications and other industry verticals will help North America maintain its dominant stance in the landscape. Canada and the United States are slated to spearhead signature verification demand in this region over the coming years. Imposition strict regulatory compliance mandates for verification in different industries will also boost market growth in this region.

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