[February 18, 2004]
Signature Verification Biometrics Market to Overcome the Effect of Reduced IT ExpendituresSignificant reduction in IT expenditures by several corporate and government enterprises due to slow economic growth posed a major challenge to vendors of signature verification biometrics.
However, with customers realizing the need to cut down on costs, it is up to the signature verification biometrics market participants to convince potential clients of the cost savings and quick return on investments (ROI) achieved by implementing this technology.
New analysis from Frost & Sullivan, World Signature Verification Biometrics Market (www.autoid.frost.com), reveals that this market accrued revenues worth $5.7 million in 2003 and is poised to expand to $123.3 million by 2009.
"Though there has been a significant shift toward implementing paperless environment in offices, clients need to be further convinced about the possible return on investment and cost savings," explains Frost & Sullivan Research Analyst Deep Mehra.
Considering the present economic slowdown, customers need to be convinced that the price to earnings ratio is favorable. By providing cost efficient solutions, signature verification biometrics could help customers achieve their goals.
Signature verification biometrics vendors can positively influence potential users through reference sites that depict previous success stories. Exhibiting cost savings made by current users such as the financial services industry would supplement marketing efforts, thereby increasing awareness and acceptability.
"Signatures are considered to be the least intrusive form of authentication and enjoy a high degree of social acceptability," notes Mehra. "Thus, a move toward adopting signature verification biometrics for electronic transactions is expected to be smooth," he adds.
Vendors may have to change the end-user's mindset toward behavioral authentication techniques. With signatures changing over time, promoting this form of verification could be a challenge, especially to financial institutions with voluminous transactions.
This creates a need for awareness of benefits to harbor the confidence of potential customers. Dynamic signature verification (DSV) is a revolutionary solution that uses indicators of speed and pressure while verifying the signature, thereby preventing forgery and "forced" authentication.
The U.S. eSign Bill and related legislation passed in late 2000 extended the legal status of handwritten signatures to the electronic equivalent, thereby boosting growth of e-transactions.
Standardization will be an added advantage to the high security solutions offered by the biometric signature verification market. It provides a wider choice to end-users both in the financial and healthcare verticals. Solutions offered by this market are expected to gain popularity in authenticating financial transactions over a range of electronic mediums such as mobile phones, Internet, and tablet PC's. With the Health Insurance Portability and Accountability Act (HIPAA) regulations coming into force, the healthcare segment is also expected to drive sales of the dynamic signature verification biometrics market.
World Signature Verification Biometrics Market is part of the Global Biometrics Subscription, and is a comprehensive analysis of growth opportunities available to the relatively new signature verification biometrics market. Transactional authentication and wireless device security are the two major application segments that have been analyzed. This research service also provides an insight into the challenges and competitive scenario. The needs of the end user have also been put forth, thereby enabling participants to strategize and plan marketing efforts effectively. Executive summaries and interviews are available to the press.
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