High demand from government and healthcare verticals for efficient and affordable applications to secure transactions, prevent cheque fraud and speed up workflow is boosting the dynamic signature verification (DSV) market. Cost savings associated with the transition of paper-based documents to digital documents are also supporting this market.
New analysis from global growth consulting company Frost & Sullivan finds the worldwide market for dynamic signature verification earned revenues of $14,4-million in 2006 and estimates this to reach $85,7-million in 2013.
Government apathy has given way to a keen interest, following several successful DSV deployments in the government vertical. These helped prove the technology’s plausibility, driving higher adoption of DSV technology.
“The prevalent revenue-generating applications include transactional authentication and wireless device security applications,” notes Frost & Sullivan Research Analyst Neelima Sagar. “High social acceptance and convenience of DSV technologies will ensure that the market continues to witness substantial sales.”
However, for the technology to gain more prominence, DSV vendors must address issues regarding standardisation, insufficient consumer awareness, and the need for technology capable of verifying inconsistencies in an individual’s signature.
“With the increasing competition, it is important to focus on customer needs and requirements,” explains Sagar. “Product innovation strategy is vital, and designing solutions with regard to end-user requirements will provide vendors with a competitive advantage.”
Increased awareness of ROI and cost savings associated with implementing DSV technology look likely to generate higher revenues in the medium-to long-term. Investing in R&D for technological advancements remains essential for increased adoption level. Key areas of development should include ease of use, convenience, performance levels and robustness.