Advanced Authentication In The Financial Service Global Market
The Business Research Company’s Advanced Authentication In The Financial Service Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Advanced Authentication In The Financial Service Global Market Report 2023 evaluates advanced authentication in the financial service market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global advanced authentication in the financial services industry is expected to grow from $4.96 billion in 2022 to $5.65 billion in 2023 at a compound annual growth rate (CAGR) of 14.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The advanced authentication in the financial service market size is expected to grow to $9.54 billion in 2027 at a CAGR of 14.1%.
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 August 2020, according to a report published by the Reserve Bank of India, the proportion of digital transactions in total non-cash retail payments increased to 97.0% in 2019-20, up from 95.4%. Furthermore, according to a report by the World Bank, the COVID-19 pandemic has also led to increased digital payments, with two-thirds of adults worldwide now making or receiving digital payments, with developing economies increasing their share from 35% in 2014 to 57% by 2021. 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 segments in the report are:
1) By Authentication Type: Smartcards, Biometrics, Mobile Smart Credentials, Tokens, Other Types
2) By Enterprise Size: Large Enterprise, Small and Medium Enterprises
The table of contents in TBRC’s advanced authentication in the financial service market report includes:
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