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World Signature Verification Biometrics Markets
Frost & Sullivan, Dec 2003
Need for Secure Solutions Contends With Reduced IT Spending
Accounting scandals combined with the 9/11 tragedy have compelled companies to reduce investment in IT infrastructure hindering the growth of the signature verification biometrics market. This challenge can be overcome as biometric signature verification is still seen as a trustworthy and feasible solution for document and transaction authentication. With multiple opportunities in the financial and health sectors, the market can create demand by emphasizing its advantages of reliability and cost effectiveness.
This research analyzes the global market for signature verification biometrics dividing it into two broad segments: transactional authentication and wireless device security. The financial and healthcare verticals have been analyzed for potential growth and development. This research provides an insight into the key market drivers and challenges that face the market. Recent trends and developments in various application segments have also been discussed.
Cost Savings and Quick Return on Investment To Push Signature Verification Biometrics Solutions
Even in the face of slashed IT expenditure, companies are realizing the importance of workflow automation. This application is expected to push the demand for signature verification biometrics. Unlike static signature verification that considers only the explicit form of the signature; dynamic signature verification (DSV) measures the manner in which the signature was actually made.
The significant cost saving associated with the move to paperless office environments has prompted a search for technologies that help in achieving this goal, says the analyst of this research service. Signature verification biometrics, with its ability to provide secure solutions along with significant cost savings has emerged as a viable option, he adds. Non-biometrics static signature verification solutions currently utilized in banks may pose a threat, but the balance between cost and security provided by DSV is likely to create wider acceptance for signature verification biometrics.
Reference Sites and Standardization May Popularize Signature Verification Biometrics Technology
Signature verification biometrics is a relatively new market. Therefore, end-users need to be convinced about its effectiveness as an economical alternative to other options such as static signature verification solutions. Reference sites depicting successful implementations may prove to be an important awareness-generating tool. Clients need to be convinced further regarding the possible return on investment and cost savings, explains the analyst. Leveraging the cost savings made by current users would be an ideal way to increase awareness and acceptability among potential users, he notes.
The biometrics signature verification market can create demand in areas such as workflow automation and electronic transactions that require secure and accurate technology. The healthcare vertical can also be a major contributor, with the Health Insurance Portability and Accountability Act (HIPAA) coming into force. With IT spending likely to expand in the next 2 to 3 years, signature verification biometrics may gain popular acceptance.
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