Signature Verification Market Size (2024 - 2029)

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 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