Advanced Authentication In The Financial Service Market Growth Trajectory Through 2024-2033

The Advanced Authentication In The Financial Service Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Advanced Authentication In The Financial Service Global Market Report 2024, 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.

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.

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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

Top Major Players:
Fujitsu Limited
Thales Group
NEC Corporation
Broadcom Inc.
Safran Identity And Security SAS

North America was the largest region in the advanced authentication market for financial services in 2023.

Technological advancement is a key trend gaining popularity in the advanced authentication in the financial services market. Major companies operating in the advanced authentication financial service market are advancing their new technologies, research, and development to strengthen their market position. For instance, in May 2022, Mastercard, a US-based financial services company, launched biometric payments to enhance the checkout experience. The biometric checkout service allows customers to enrol in the service through a merchant’s or identity provider’s app. This new technology ensures a fast and secure checkout service with a smile into a camera or waves their hand over a reader to pay.

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 Impact Of COVID-19
5. Global Advanced Authentication In The Financial Service Market Size And Growth
….
26. Global Advanced Authentication In The Financial Service Market Competitive Benchmarking
27. Global Advanced Authentication In The Financial Service Market Competitive Dashboard
28. Key Mergers And Acquisitions In The Advanced Authentication In The Financial Service Market
29. Advanced Authentication In The Financial Service Market Future Outlook and Potential Analysis
30. Appendix

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