Global Single Factor Authentication System Market Analysis 2024: Size Forecast and Growth Prospects

The single factor authentication system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Single Factor Authentication System Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –

The single factor authentication system market size has grown exponentially in recent years. It will grow from $10.5 billion in 2023 to $12.61 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to increase in online services, increase use of mobile devices, rise in cyber threats, increase in regulatory compliance requirements, increase in cost-effective security solutions, increase user demand for convenient authentication methods, and rise in online banking and e-commerce.

The single factor authentication system market size is expected to see exponential growth in the next few years. It will grow to $26.36 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The growth in the forecast period can be attributed to rising cybersecurity threats, increasing adoption of digital services, growing emphasis on user convenience, expansion of cloud-based authentication services, rising demand for cost-effective security solutions, increasing adoption of mobile and online banking, and increasing connected devices. Major trends in the forecast period include advancements in biometric solutions, integration with IoT devices, development of user-friendly interfaces, advancements in AI for enhanced security, and advancements in authentication models

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Scope Of Single Factor Authentication System Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Single Factor Authentication System Market Overview

Market Drivers –

The increasing cybersecurity threats are expected to propel the growth of the single-factor authentication system market going forward. Cybersecurity threats refer to the growing number and sophistication of malicious activities and attacks targeting digital systems, networks, and data. Cybersecurity threats are occurring due to sophisticated attack techniques, proliferation of connected devices, lack of cybersecurity awareness, and insufficient investment in cybersecurity. Single-factor authentication system using passwords or PINs helps mitigate cybersecurity threats by providing an essential layer of defense against unauthorized access to systems, applications, and data. For instance, in May 2024, the Information Commissioner’s Office, a UK-based independent regulatory office, reported that cyber-related incidents accounted for 25.9% of personal data breaches from 2022 to 2023, which increased to 32.5%. Therefore, the increasing cybersecurity threats are driving the growth of the single-factor authentication system market.

Market Trends –

Major companies operating in the single-factor authentication system market are developing devices based on palm vein recognition to enhance security and reliability. Palm vein recognition is a biometric authentication technology that identifies individuals based on the unique patterns of veins in their palms. For instance, in July 2023, Keyo, a US-based software company providing a biometric identity platform, launched Keyo Wave+. It is a biometric authentication device that uses a single factor, palm vein recognition to identify users. It carefully analyzes millions of points inside and outside of a person’s hand to quickly and safely verify their identity. The Keyo Wave+ allows users to pay at stores, redeem tickets, open doors, and more with just a wave. It is designed to replace carrying wallets, keys, fobs, and other items.

The single factor authentication system market covered in this report is segmented –

1) By Type: Fingerprint Recognition, Iris Recognition, Palm Print Recognition, Face Recognition, Vein Recognition, Signature Recognition, Voice Recognition, Other Types
2) By Offering: Hardware, Software
3) By Functional Type: Contact, Noncontact, Combined
4) By End User: Government, Military And Defense, Healthcare, Automotive, Banking And Finance, Consumer Electronics, Travel And Immigration, Security, Other End Users

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Regional Insights –

North America was the largest region in the single factor authentication system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the single factor authentication system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –

Major companies operating in the single factor authentication system market are Fujitsu Limited, NEC Corporation, Thales Group, IDEMIA , HID Global Corporation, Nuance Communications Inc., M2SYS Technology LLC, Anviz Global Inc., Daon Inc., BioEnable Technologies Pvt Ltd, Cognitec Systems GmbH, Integrated Biometrics LLC, Iris ID Systems Inc., Iritech Inc, Suprema Inc, Precise Biometrics AB, BIO-key International Inc., Fulcrum Biometrics Inc., IrisGuard Ltd, BioSec Group Ltd., Facebanx, SecuGen Corporation, Touchless Biometric Systems AG, Zvetco LLC, NITGEN Co. Ltd.

Table of Contents
1. Executive Summary
2. Single Factor Authentication System Market characterstics
3. Single Factor Authentication System Market Trends And Strategies
4. Single Factor Authentication System Market – Macro Economic Scenario
5. Global Single Factor Authentication System Market Size And Growth
…..

32. Global Single Factor Authentication System Market Competitive Benchmarking
33. Global Single Factor Authentication System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Single Factor Authentication System Market
35. Single Factor Authentication System Market Future Outlook and Potential Analysis
36. Appendix

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