The Single Factor Authentication System 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 Single Factor Authentication System Global Market Report 2024, 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
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.
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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
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 report table of contents includes:
1. Executive Summary
2. Single Factor Authentication System Market Characteristics
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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