Signature Verification Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 2.95 Billion |
| Market Size (2029) | USD 8.06 Billion |
| CAGR (2024 - 2029) | 22.29 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Signature Verification Market Analysis
The Signature Verification Market size is estimated at USD 2.95 billion in 2024, and is expected to reach USD 8.06 billion by 2029, growing at a CAGR of 22.29% during the forecast period (2024-2029).
In order to authorise transactions and documents, signatures are especially applied by authorities like governments, businesses and financial organisations for verification purposes. They provide a method of authentication based on the dynamic features of an individual's handwriting signature and its characteristics to verify their identity.
- Automatic signature verification is an attractive field of research from both scientific and commercial points of view. In recent years, in line with continuous growth of the internet and increasing security requirements for development of an e-society, automatic signature verification is being considered since it uses a customary personal authentication method accepted at both legal and social levels.
- In order to protect banks and customers from fraudulent checks, the primary purpose of automated signature verification is to ensure that they are signed correctly. A number of banks automatically process checks at a specific value, putting them at risk of accepting forged checks. Then, they manually perform spot checks and look at checks over particular amounts, a process that ultimately wastes both time and money.
- In addition, the BFSI industry's main concern is end to end encryption and security. In order to provide a secure and accurate authentication system to address these concerns, the BFSI sector is increasingly investing in the market for signature verification.
- Handwritten signatures often use scanned signatures for verification, while online and dynamic systems majorly rely upon the signals captured from pen movement on a tablet or touchscreen. This provides more information compared to static images, such as pen speed and pressure.
- Also, the COVID-19 pandemic has developed a need for digital signatures in different industries. Recently, the Centers for Medicare & Medicaid Services authorized the use of electronic signatures under commonly accepted Washington State procedures.
Signature Verification Market Trends
Financial Services to Witness the Growth
- One of the main end users for the adoption of signature verification solutions is the financial services sector. Increasing counterfeiting, digital transformation and online transactions are among the trends that drive demand for these solutions within this sector.
- In addition, the pandemic has led to the digitisation of the financial services sector, which has encouraged the adoption of digital solutions to secure and protect assets.
- The number of cashless payments in Asia-Pacific is forecast to be higher than transactions in Europe and North America combined. This is according to research from Capgemini Research Institute for Financial Services Analysis. In 2023 - the most recent year estimated by the source - 765 billion U.S. dollars in non-cash transactions were carried out in Asia-Pacific. Europe and North America followed, with 364 and 246 billion U.S. dollars in transactions respectively.
- In order to facilitate compliance and reduction of workload, while at the same time ensuring that KYC requirements are met as well as a more accurate risk assessment, automation in document identification through location, extraction or validation is used.
- The signature verification software from Parascript checks signatures against those involved in fraudulent transactions. It provides signature verification with high accuracy. Also, it enables signature authentication where it is crucial to detect signature fraud.
Asia-Pacific is Expected to Witness Growth
- The growing incidence of security and transaction fraud, which leads to a need for highly secure identification and personal verification technologies, is one of the main factors driving growth in Asia Pacific's signature verification market.
- Moroever, The widest variety of digital services in Asia can be found in Singapore, which is one among the world's most advanced countries when it comes to internet banking. In the world, Singapore is second to none when it comes to Digital Banking inclinations. However, Singapore is also vulnerable to cyber attacks due to a growing number of multinational companies in the city.
- There has been a growing need for sign verification and authentication platforms in India and China due to an increase in fraudulent signatures. In developing economies, such as India, signature forgery and counterfeiting are leading to major policy failures and legal compliance measures, such as money and benefits, are being diverted to the wrong people, resulting in severe economic strain.
- The PRC Electronic Signature Law regulates the legality and admissibility of eSignatures in China. Moreover, in India, under the Information Technology Act, Aadhaar-based e-signatures possess the same legal compliance and validity as handwritten signatures.
Signature Verification Industry Overview
The signature verification market is semi-consolidated, with top players have being occupying a significant share of the market. New players find it challenging to enter the market due to the dominance of existing players such as Biometric Signature ID (J C Lads Corporation), CERTIFY Global Inc., Ascertia Ltd., Kofax Inc., Entrust Datacard Corporation, Odyssey Technologies Limited, and Scriptel Corporation.
- In October 2023, Jumio has intoduced Jumio 360° Fraud Analytics for advanced fraud checks and the identity transaction will also be compared to the clusters and generate a predictive fraud score that can be used to automatically reject the transaction if it exceeds a certain threshold.
- In July 2023, Veriff, a global identity verification provider company, announced a collaboration with Taktikal, an e-signature software suite, to offer enhanced identity verification capabilities for their consumers globally. With this collaboration, Veriff adds an extra layer of security and safety to Taktikal’s automated onboarding and workflow processes through the enhanced authentication of digital signatures, enabling Taktikal to expand its customer base to new geographic regions.
Signature Verification Market Leaders
Parascript LLC
Ascertia Ltd
Jumio Corp.
Ekata Inc.
IBM Corporation
*Disclaimer: Major Players sorted in no particular order
Signature Verification Market News
- Decmber 2023 - SutiSoft's Enhanced eSignature Solution with WhatsApp Integration and Cutting-Edge Features Transforms Business Workflows, The solution sends real-time notifications that directly connect users to agreements, facilitating swift and secure signing. Sharing documents via WhatsApp significantly accelerate transaction speeds, allowing signers to quickly access and sign documents on the go.
- November 2023- Syngrafii, an e-signature solutions provider, announced the integration of Trulioo Identity Document Verification into its iinked Sign and Video Signing Room (VSR) platform. This strategic partnership enables the virtual confirmation of signatories’ identities in a single unified platform, significantly enhancing trust and confidence in the signing process compared to two standalone e-signature and Identity Verification (IDV) processes.
Signature Verification Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Stringent Regulations and Need for Compliance
5.2 Market Restraints
5.2.1 Variability of Verification Devices and Compatibility with Legacy Systems
6. MARKET SEGMENTATION
6.1 By Type of Solution
6.1.1 Hardware
6.1.2 Software
6.2 By End-user Industry
6.2.1 Financial Services
6.2.2 Government
6.2.3 Healthcare
6.2.4 Transport and Logistics
6.2.5 Other End-user Industries
6.3 By Geography
6.3.1 North America
6.3.1.1 United States
6.3.1.2 Canada
6.3.2 Europe
6.3.3 Asia Pacific
6.3.4 Rest of the World
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Parascript LLC
7.1.2 Ascertia Ltd
7.1.3 Jumio Corp.
7.1.4 Ekata Inc.
7.1.5 IBM Corporation
7.1.6 SutiSoft Inc.
7.1.7 Acuant Inc.
7.1.8 Mitek Systems Inc.
7.1.9 CERTIFY Global Inc.
7.1.10 Scriptel Corporation
7.1.11 iSign Solutions Inc.
7.1.12 Veriff
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Signature Verification Industry Segmentation
The signature verification market refers to the market for software and hardware technologies used to authenticate and verify handwritten signatures, both in-person and electronic signatures.
The signature verification market is segmented by type of solution (hardware and software), end-user industry (financial services, government, healthcare, transportation, and logistics), and geography (North America (united states, canada), Europe, Asia-Pacific, and the Rest of the World).
The market sizes and forecasts are provided in terms of value (USD) for all the above segments
| By Type of Solution | |
| Hardware | |
| Software |
| By End-user Industry | |
| Financial Services | |
| Government | |
| Healthcare | |
| Transport and Logistics | |
| Other End-user Industries |
| By Geography | ||||
| ||||
| Europe | ||||
| Asia Pacific | ||||
| Rest of the World |
Signature Verification Market Research FAQs
How big is the Signature Verification Market?
The Signature Verification Market size is expected to reach USD 2.95 billion in 2024 and grow at a CAGR of 22.29% to reach USD 8.06 billion by 2029.
What is the current Signature Verification Market size?
In 2024, the Signature Verification Market size is expected to reach USD 2.95 billion.
Who are the key players in Signature Verification Market?
Parascript LLC, Ascertia Ltd, Jumio Corp., Ekata Inc. and IBM Corporation are the major companies operating in the Signature Verification Market.
Which is the fastest growing region in Signature Verification Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Signature Verification Market?
In 2024, the North America accounts for the largest market share in Signature Verification Market.
What years does this Signature Verification Market cover, and what was the market size in 2023?
In 2023, the Signature Verification Market size was estimated at USD 2.29 billion. The report covers the Signature Verification Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Signature Verification Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Signature Verification Software Industry Report
Statistics for the 2023 Signature Verification Software market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Signature Verification Software analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
