What’s the Future of the Advanced Authentication in the Financial Service Market?
The Advanced Authentication in the Financial Service Market has seen strong growth recently, moving from $6.39 billion in 2024 to $7.23 billion in 2025, with a compound annual growth rate (CAGR) of 13.2%. This growth in the historic period can be attributed to regulatory compliance, digital transformation in finance, mobile banking proliferation, consumer demand for security, and user convenience and experience.
The expected market size is projected to experience rapid expansion in the next few years, possibly reaching $13.28 billion in 2029 at a CAGR of 16.4%. This growth in the forecast period can be attributed to factors such as the expansion of open banking, globalization of financial services, the continuous rise in cyber threats, tokenization for payment security, increasing digital transactions, and regulatory evolution. Major trends to look out for during the forecast period include the growth of biometric authentication and multi-factor authentication (MFA), the adoption of risk-based authentication, secure customer identity verification, password less authentication initiatives, and the use of blockchain for identity management.
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What Drives the Advanced Authentication in the Financial Service Market?
Increasing volumes of non-cash payments or transactions are expected to propel the growth of the advanced authentication in the financial services market. The simple and seamless experience of conducting financial transactions digitally is a compelling reason for many to move away from cash handling. Non-cash payments and transactions are designed with advanced security treatments such as encryption and biometric protection. The surge in non-cash transactions explains the significant year-on-year growth of 72% in 2021 as reported by the National Informatics Centre, and it’s expected to continue in the following years.
What Are the Significant Segments in the Advanced Authentication in the Financial Service Market?
1) By Authentication Type: Smartcards, Biometrics, Mobile Smart Credentials, Tokens, Other Types
2) By Enterprise Size: Large Enterprise, Small and Medium Enterprises
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Who Are the Leading Companies in the Advanced Authentication in the Financial Service Market?
Key companies operating in the advanced authentication in the financial service market include Fujitsu Limited, Thales Group, NEC Corporation, Broadcom Inc., Safran Identity And Security SAS, Dell Technologies Inc., Lumidigm Inc., Validsoft Limited, Pistolstar Inc., SecurEnvoy Limited, CA Technologies Inc., OpenText Corporation, Ping Identity Corporation, Mastercard Inc., NetMotion Wireless Inc., Aware Inc., HID Global Corporation, RSA Security LLC, Gemalto N.V., Vasco Data Security International Inc., Entrust Datacard Corporation, OneSpan Inc., Crossmatch Technologies Inc., AuthenTrend Technology Inc., Bio-Key International Inc., Centrify Corporation, Cognitec Systems GmbH, CyberArk Software Ltd., Daon Inc., Deepnet Security Ltd., Duo Security Inc., FacePhi Biometria S.A., Feitian Technologies Co. Ltd., Fingerprint Cards AB.
Which Trends Are Emerging in the Advanced Authentication in the Financial Service Market?
Significant technological advancement is a leading trend in the advanced authentication in the financial services market. Prominent companies in the field are developing innovative technologies and conducting extensive research to solidify their market position. For instance, Mastercard, a US-based financial services company, launched biometric payments in May 2022 to enhance the checkout experience. This new technology allows for faster and more secure checkouts.
Which Region Is Expected to Have the Fastest Growth in the Advanced Authentication in the Financial Service Market?
In 2024, North America had the largest share of the advanced authentication for financial services market. However, Asia-Pacific is expected to be the fastest-growing region in the upcoming years.
What Does The Advanced Authentication In The Financial Service Market Report 2025 Offer?
Advanced authentication in the financial services refers to a method that utilizes real-world identity signals to augment the proof of identity for system and information security. It adds an extra layer of security to the traditional username-password authentication method. The Advanced Authentication In The Financial Service Market research report from The Business Research Company provides comprehensive analysis of the global market size, growth rate, regional shares, detailed segments, trends, and opportunities. It is an essential guide to stay ahead in the market.
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