Signature verification market forecasted to register 9% growth CAGR by 2019

According to a study conducted by SandlerResearch.org, there has been an increased demand for biometric authentication such as signature verification on smartphones and mobile devices to mitigate theft of both devices and data. The innovations in touchscreen technologies have enabled the availability of dynamic signature verification in smartphones. Smartphones embedded with signature verification help increase security for financial transactions and provide greater convenience for users.

According to the report, in the US, the demand for signature verification is expected to emerge in the healthcare vertical because of the need to comply with HIPAA regulations, which is expected to drive the demand for signature verification.

Government bodies worldwide, particularly in the US and Europe, are making digital signature verification mandatory for specific e-government applications such as VAT submissions. The government sector will continue to investment heavily in the automation of their processes and management electronic documentation with digital signing processes.

Static signature is one of the oldest and widely used forms of personal authentication with application in multitude domains such as government, retail, manufacturing, banking, real estate, and healthcare. However, static signature verification segment is expected to decline by the end of 2019.

Further, the report states that the storage of signature verification is a digital representation that can be pilfered, lost, and compromised, raising concerns among end-users and deterring them from adopting signature verification.