How big is the single factor authentication system market today, and what are its future growth expectations?
The single factor authentication system market size has grown exponentially in recent years. It will grow from $12.61 billion in 2024 to $15.2 billion in 2025 at a compound annual growth rate (CAGR) of 20.5%. 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 $31.63 billion in 2029 at a compound annual growth rate (CAGR) of 20.1%. 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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What have been the primary factors driving the single factor authentication system market’s growth?
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.
What are the key segments within the single factor authentication system market?
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
Subsegments:
1) By Fingerprint Recognition: Capacitive Fingerprint Sensors, Optical Fingerprint Sensors, Ultrasonic Fingerprint Sensors
2) By Iris Recognition: Near-Infrared Iris Scanners, Multi-Spectral Iris Scanners
3) By Palm Print Recognition: 2D Palm Print Recognition, 3D Palm Print Recognition
4) By Face Recognition: 2D Face Recognition Systems, 3D Face Recognition Systems, Infrared Face Recognition Systems
5) By Vein Recognition: Finger Vein Recognition, Hand Vein Recognition
6) By Signature Recognition: Static Signature Recognition, Dynamic Signature Recognition
7) By Voice Recognition: Speaker Verification, Speaker Identification
8) By Other Types: Smart Card Authentication, RFID-based Authentication
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Which key players are shaping the single factor authentication system market?
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.
How will emerging trends drive the single factor authentication system market throughout the forecast period?
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.
How do regional factors impact the single factor authentication system market, and which region is the largest contributor?
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.
What Does The Single Factor Authentication System Market Report 2025 Offer?
The single factor authentication system market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Single factor authentication (SFA) system refers to a method of verifying a user’s identity using only one type of authentication factor. It is the simplest form of authentication, requiring only one factor to verify identity. It provides a more convenient user experience compared to multi-factor authentication (MFA), which requires additional verification steps.
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