Advanced Authentication Market Outlook 2031
The global advanced authentication market size was valued at USD 12.46 Billion in 2022 and is projected to reach USD 38.03 Billion by 2031, expanding at a CAGR of 13.2% during the forecast period, 2023–2031. The growth of the market is attributed to increasing inclination toward online business. Advanced authentication is a security validation method that necessitates the presence of numerous factors.
An individual is granted access to a virtual or physical space when these elements have been successfully verified. Information such as a fingerprint, identification card number (PIN), retinal scan, password, security code, or one-time password (OTP) that are unique to the user's knowledge can be used as verification factors.
A database or application server is used to build an advanced authentication system that focuses on safeguarding businesses and business units from security threats including hacking, identity theft, and online fraud.
On other hand, during the COVID-19 pandemic, the demand for improved authentication in financing platforms for online evaluation and processing of finance is estimated to rise in order to avoid data breaches and secure all authenticated cases and policies of the company.
Advanced Authentication Market Trends, Drivers, Restraints, and Opportunities
- Increasing number of non-cash payments or transactions fraud is expected to boost the global advanced authentication market expansion.
- Rising requirement for prevention of threats is attributed to increasing number of cloud users, driving the advanced authentication market growth.
- Growing number of security breaches & identity theft threats is anticipated to propel the growth of the global advanced authentication market.
- Privacy concerns regarding authentication vendor cam hamper the advanced authentication market growth
- High costs of token are expected to hamper the advanced authentication growth of the market.
- Rise in the demand for cloud-based security solutions & regulatory mandates can create ample opportunities for market investments.
Scope of Advanced Authentication Market Report
The report on the global advanced authentication market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Advanced Authentication Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Authentication Methods (Smart Cards, Biometrics, Tokens, Mobile Smart Credentials, User-based Public Key Infrastructure, and Others), End-users (BFSI, Healthcare, Government, Defense, IT & Telecom, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Thales Group (Gemalto NV); NEC Corp.; Broadcom Inc. (CA Technologies); Fujitsu Ltd; and Dell Technologies Inc.
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Advanced Authentication Market Segment Insights
Authentication Methods Segment Analysis
Based on authentication methods, the global advanced authentication market is divided into smart cards, biometrics, tokens, mobile smart credentials, user-based public key infrastructure, and others. The smart cards segment is expected to grow at a rapid pace during the forecast period due to advancements in technology and easy digital payment process. Moreover, advanced authentication financing ensures that all authentication policies are managed effectively.
End-users Segment Analysis
On the basis of end-users, the global advanced authentication market is segregated into BFSI, healthcare, government, defense, it & telecom, and others. The IT & Telecom segment is projected to expand at a considerable CAGR during the forecast period.
Technologies aid in the addition of advanced capabilities to advanced authentication platforms, such as easy accessibility, security, and transparency. Moreover, many organizations have switched to advanced authentication services as a result of the growing number of cloud users and the importance of customer security.
Regional Analysis
In terms of regions, the global advanced authentication market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period.
The organizations in the US is becoming increasingly reliant on computer networks and electronic data to carry out their everyday operations, and vast amounts of personal and financial data are being moved and kept online. Moreover, the country's requirement for improved authentication services has grown as a result of the trend toward using internet services for daily transactions.
Segments
The global advanced authentication market has been segmented on the basis of
Authentication Methods
- Smart Cards
- Biometrics
- Tokens
- Mobile Smart
- Credentials
- User-based Public Key Infrastructure
- Others
End-users
- BFSI
- Healthcare
- Government
- Defense
- IT & Telecom
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players in the global advanced authentication market are Thales Group (Gemalto NV); NEC Corp.; Broadcom Inc. (CA Technologies); Fujitsu Ltd; and Dell Technologies Inc.
These market leaders are concentrating their efforts on growing their consumer base to include international countries. To improve their market share and profitability, these firms are relying on strategic cooperation projects.
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