Market Trends of Signature Verification Industry
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.
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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.
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