Press release
Advanced Authentication In The Financial Service Market Insights, Leading Players, Forecast Report 2024-2033
Advanced Authentication In The Financial Service Market
The Business Research Company offers in-depth market insights through Advanced Authentication In The Financial Service Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The advanced authentication in the financial service market size has grown rapidly in recent years. It will grow from $5.71 billion in 2023 to $6.53 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to regulatory compliance, digital transformation in finance, mobile banking proliferation, consumer demand for security, user convenience and experience.
The advanced authentication in the financial service market size is expected to see rapid growth in the next few years. It will grow to $11.32 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to expansion of open banking, globalization of financial services, continuous rise in cyber threats, tokenization for payment security, increasing digital transactions, regulatory evolution. Major trends in the forecast period include biometric authentication adoptio, multi-factor authentication (mfa) growth, adoption of risk-based authentication, secure customer identity verification, passwordless authentication initiatives, blockchain for identity management.
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Market Segmentation:
The advanced authentication in the financial service market covered in this report is segmented -
1) By Authentication Type: Smartcards, Biometrics, Mobile Smart Credentials, Tokens, Other Types
2) By Enterprise Size: Large Enterprise, Small and Medium Enterprises
Major Driver - Surging Non-Cash Transactions Fuel Growth In Advanced Authentication For Financial Services
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 April 2023, according to a report published by the National Informatics Centre, an India-based science and technology institution, there was a year-on-year (YoY) growth of 72% in 2021, witnessing the processing of over 1.49 billion transactions valued at INR 5.6 trillion in June 2021. By the close of the calendar year 2022, the total transaction value of UPI reached INR 125.95 trillion, marking a remarkable 1.75 times YoY increase. Notably, the total UPI transaction value constituted nearly 86% of India's GDP in FY22. Therefore, increasing the volume of non-cash payments is driving the growth of advanced authentication in the financial services market.
Competitive Landscape:
Major companies operating in the advanced authentication in the financial service market report are Fujitsu Limited, Thales Group, NEC Corporation, Broadcom Inc., Safran Identity And Security SAS, Dell Technologies Inc., Lumidigm Inc., Validsoft Limited, Pistolstar Inc., SecurEnvoy Limited, CA Technologies Inc., OpenText Corporation, Ping Identity Corporation, Mastercard Inc., NetMotion Wireless Inc., Aware Inc., HID Global Corporation, RSA Security LLC, Gemalto N.V., Vasco Data Security International Inc., Entrust Datacard Corporation, OneSpan Inc., Crossmatch Technologies Inc., AuthenTrend Technology Inc., Bio-Key International Inc., Centrify Corporation, Cognitec Systems GmbH, CyberArk Software Ltd., Daon Inc., Deepnet Security Ltd., Duo Security Inc., FacePhi Biometria S.A., Feitian Technologies Co. Ltd., Fingerprint Cards AB
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Top Trend - Technological Advancements Drive Evolution In Advanced Authentication For Financial Services
Technological advancement is a key trend gaining popularity in the advanced authentication in the financial services market. Major companies operating in the advanced authentication financial service market are advancing their new technologies, research, and development to strengthen their market position. For instance, in May 2022, Mastercard, a US-based financial services company, launched biometric payments to enhance the checkout experience. The biometric checkout service allows customers to enrol in the service through a merchant's or identity provider's app. This new technology ensures a fast and secure checkout service with a smile into a camera or waves their hand over a reader to pay.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Advanced Authentication In The Financial Service Market Characteristics
3. Advanced Authentication In The Financial Service Market Trends And Strategies
4. Advanced Authentication In The Financial Service Market - Macro Economic Scenario
5. Advanced Authentication In The Financial Service Market Size And Growth
…..
27. Advanced Authentication In The Financial Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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