Overview and Scope
The advanced authentication in the financial services industry refers to an authentication method that uses real-world identity signals to significantly enhance proof of identity for system and information security. Advanced Authentication employs a multi-factor authorization solution to protect sensitive data by employing a more advanced method of authentication in addition to the traditional username and password authentication. It provides an additional layer of security to the authentication process.
Sizing and Forecast
The advanced authentication in the financial service market size has grown rapidly in recent years. It will grow from $5.71 billion in 2023 to $6.53 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to regulatory compliance, digital transformation in finance, mobile banking proliferation, consumer demand for security, user convenience and experience..
The advanced authentication in the financial service market size is expected to see rapid growth in the next few years. It will grow to $11.32 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to expansion of open banking, globalization of financial services, continuous rise in cyber threats, tokenization for payment security, increasing digital transactions, regulatory evolution.. Major trends in the forecast period include biometric authentication adoptio, multi-factor authentication (mfa) growth, adoption of risk-based authentication, secure customer identity verification, passwordless authentication initiatives, blockchain for identity management..
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Segmentation & Regional Insights
The advanced authentication in the financial service market covered in this report is segmented –
1) By Authentication Type: Smartcards, Biometrics, Mobile Smart Credentials, Tokens, Other Types
2) By Enterprise Size: Large Enterprise, Small and Medium Enterprises
North America was the largest region in the advanced authentication market for financial services in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced authentication in the financial service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increased volume of non-cash payments or transactions is expected to propel advanced authentication in the financial services market. The ease of conducting financial transactions is the most compelling reason to go cashless. Customers benefit significantly from the seamless experience provided by digital payments. Non-cash payments or transactions are intended to be secure with tools such as encryption and biometric protection. For instance, in April 2023, according to a report published by the National Informatics Centre, an India-based science and technology institution, there was a year-on-year (YoY) growth of 72% in 2021, witnessing the processing of over 1.49 billion transactions valued at INR 5.6 trillion in June 2021. By the close of the calendar year 2022, the total transaction value of UPI reached INR 125.95 trillion, marking a remarkable 1.75 times YoY increase. Notably, the total UPI transaction value constituted nearly 86% of India’s GDP in FY22. Therefore, increasing the volume of non-cash payments is driving the growth of advanced authentication in the financial services market.
Key Industry Players
Major companies operating in the advanced authentication in the financial service market report are 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
The advanced authentication in the financial service market report table of contents includes:
1. Executive Summary
2.Advanced Authentication In The Financial Service Market Characteristics
3.Advanced Authentication In The Financial Service Market Trends And Strategies
4.Advanced Authentication In The Financial Service market analysis
5.Advanced Authentication In The Financial Service Market Size And Growth
6.Advanced Authentication In The Financial Service Segmentation
7.Advanced Authentication In The Financial Service Regional And Country Analysis
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27. Advanced Authentication In The Financial Service Competitive Landscape And Company Profiles
28. Advanced Authentication In The Financial Service Key Mergers And Acquisitions
29.Advanced Authentication In The Financial Service Future Outlook and Potential Analysis
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