Signature Verification Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Global Signature Verification Market is expected to register a CAGR of 25.3% during the forecast period (2021 - 2026). Several organizations are shifting toward remote working models due to the COVID-19 pandemic and consequent lockdowns imposed by governments across various countries. As a result, they are adopting electronic signing, thus, increasing the demand for signature verification software for identifying and authenticating business transactions within legal frameworks.

• Signatures are uniquely used for verification by entities, such as governments, businesses, and financial organizations, for authorizing transactions and documents. They provide an authentication method, which uses the dynamic feature of a person's handwritten signature and its characteristics to authenticate their identity.
• In recent years, biometric signature verification (BSV) has renewed interest in line with the increasing need for security and individual verification and authentication across banks, offices, institutions, or other commercial organizations. Offline signature processing is typically used in office automation systems that validate cheques, credit cards, contracts, and historical documents. Also, 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 and is expected to hold a significant market growth in coming years.
• Moreover, most governments worldwide, especially in the United States and EU nations, have enacted legislation recognizing digital signatures or electronic signatures as equivalent to handwritten signatures. Suppose produced in line with specific requirements (for instance, the EU Directive on Electronic Signature 1999/93/Ec of the European Parliament and Council).
• Many market vendors in the industry are marking workflows digitally and going for acquisition for strengthening business and launching new products. For instance, DocuSign acquired Liveoak technologies for USD 38 million. Liveoak combines live video, collaborative tools, and identity verification to allow parties to obtain notarized permission.
• Further, regarding the verification of e-signatures, complexities increase even further. For instance, there are multiple ways of applying countersignatures, numerous signatures and document formats, determining whether the signer was authorized to sign, historical verification of signatures, etc.

Scope of the Report

The study on signature verification is broadly structured to track the propensity to adopt verification solutions across end-user verticals across regions. As per the analysis, signature verification has become an addition to several adjacent markets such as document management and workflow automation, identity, and digital signature software markets. Hence, both-pureplay companies such as Parascript and Ascertia and companies offering integrated and biometrics-based solutions (SutiSoft) are also considered part of the study. The study covers various use-cases across various end-user industries and developments across regions. Further, the study also incorporates the impact of the COVID-19 pandemic on the future growth prospect of the market.

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Key Market Trends

Healthcare Industry is Expected to Hold Significant Market Share

• Healthcare is a heavily regulated industry that requires a lot of documentation. It is an industry where verification by signature is a legal requirement. The increasing transaction frauds and security breaches in the sector are propelling the demand for signature verification solutions that help prevent the loss of imperative data.
• According to the 2020 Healthcare Data Breach Report, healthcare data breaches of 500 or more records were reported at a rate of more than 1.76 per day. 2020 saw 642 significant data breaches reported by healthcare providers, health plans, healthcare clearinghouses, and business associates of those entities, 25% more than what was recorded in 2019.
• The healthcare sector can use e-signatures legally in compliance with regional regulations, such as the Healthcare Insurance Portability Accountability Act (HIPAA) and the Uniform Electronic Transactions Act.
• There is also a growing need to create a good healthcare infrastructure to boost patient care, minimize expenses, and prevent loss or misplacement of equipment or records while eliminating any possible errors. The use of e-signature solutions helps in applications, such as client documentation, medical process approvals, medical bill payment, signing medical records, issuing medical receipts, and improving patient satisfaction.
• Further, Vendors are partnering to launch e-signature and document management solutions specific to the healthcare industry, thus driving the market for signature verification. In November 2020, Cologne-based m.Doc GmbH, smart health, and Validated ID, digital an identification provider, announced that they had developed a digital signature integration to simplify analog signature processes.

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