High demand from government and healthcare verticals for efficient and affordable applications to secure transactions, prevent check fraud and speed up workflow substantially has boosted the dynamic signature verification (DSV) market. Cost savings associated with the transition from paper-based documents to digital documents also drives this market.
According to a new report from Frost & Sullivan, the DSV market earned revenues of $14.4 million in 2006 and it could reach $85.7 million by 2013. Earlier lackluster interest in the market seems to given way to a keen awareness, following several successful DSV deployments. These helped prove the technology's plausibility, driving higher adoption of the technology.
“The prevalent revenue-generating applications include transactional authentication and wireless device security applications,” Frost & Sullivan Research Analyst Neelima Sagar said in the report. “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 standardization, 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,” Sagar said. “Product innovation strategy is vital and designing solutions with regard to end-user requirements will provide vendors with a competitive advantage.”
But the report claims that investing in R&D for technological advancements remains essential for increased adoption level. Key areas of development, it says, should include ease of use, convenience, performance levels and robustness.