Signature verification market: Key market research findings:
- Increased demand for biometric authentication on smartphones
- Usage of digital signature verification among government organizations
Technavio has added a new market research report on the global signature verification market to its biometrics portfolio. The market is expected to grow at a CAGR of around 9% between 2015 and 2019, owing to growing need for high-level security across end-user sectors like BFSI, government, education, healthcare, and retail.
North America accounted for the largest market share of around 43% in 2014, closely followed by Europe, APAC, Latin America and MEA. Demand for signature verification is high in North America because of the presence of many global financial institutions and large companies.
The new research report from Technavio discusses in detail the key drivers and trends responsible for growth, as well as the segments with the maximum growth potential.
Demand for signature verification on smartphones and mobile devices is increasing in order to reduce theft of devices and data. For instance, various touch screen technologies are introducing dynamic signature verification in smartphones. Nowadays, smartphones have inbuilt signature verification that provides security for financial transactions. Users can easily use this application to access their banking and payment apps. Through signature verification on smartphones, users can make online payments, use e-government applications, access bank account and personal records.
“The need for digital signature verification is rising among government organizations as they are focusing on the automation of their processes. They are aiming to manage electronic documentation with digital signing techniques for better authorization and validation. The US and European governments have necessitated digital signature verification for specific e-government applications such as VAT submissions,” says Navin Rajendra, Lead Analyst, IT Hardware, Software, Services, Technavio Research
Leading vendors in the global signature verification market include CIC, Cyber-SIGN, M2SYS and Safran. The market is highly fragmented with the presence of several local and international vendors.
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