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.

Signature Verification Market Report Snapshots

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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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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

Signature Verification Market Insights

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