Press release
Exploring the Increasing Influence of Advanced Authentication in the Financial Service Market: Market Size, Growth, Trends and Key Players
Advanced Authentication In The Financial Service Market
What Is The Projected Market Size Of The Global Advanced Authentication In The Financial Service Market And Its Growth Rate?
Rapid growth in the advanced authentication in the financial service market has seen an increase in market size that will continue.
Key statistics include:
• The market size was $6.39 billion in 2024, and it is expected to grow to $7.23 billion in 2025 at a CAGR of 13.2%. This can be attributed to regulatory compliance, digital transformation in finance, mobile banking proliferation, consumer demand for security, user convenience, and experience.
• Expectations are high for rapid market size growth to $13.28 billion in 2029 at a CAGR of 16.4%. The growth can be attributed to the expansion of open banking, globalization of financial services, continuous rise in cyber threats, tokenization for payment security, increasing digital transactions, and regulatory evolution.
What Is Driving The Growth In The Advanced Authentication In The Financial Service Market?
Driving the growth of advanced authentication in the financial services market is an increase in the volume of non-cash payments or transactions. Customers are benefiting from the ease of conducting financial transactions and 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 example, a report published by the National Informatics Centre, an India-based science and technology institution, in April 2023, showed a year-on-year (YoY) growth of 72% in 2021 and 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 (1.498 trillion USD), a substantial 1.75 times YoY increase. Remarkably, the total UPI transaction value constituted nearly 86% of India's GDP in FY22. As such, the increasing volume of non-cash payments is driving the growth of advanced authentication in the financial services market.
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Who Are the Key Players Driving Advanced Authentication In The Financial Service Market Growth?
Major companies operation in the advanced authentication in the financial service market include:
• 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
What Are The Key Trends In The Advanced Authentication In The Financial Service Market?
Major trends in the advanced authentication in the financial service market include:
• Adoption of biometric authentication
• Growth of multi-factor authentication (MFA)
• Adoption of risk-based authentication
• Secure customer identity verification
• Initiatives for passwordless authentication
• Use of blockchain for identity management
What Are The Segments Of The Global Advanced Authentication In The Financial Service Market?
The advanced authentication in the financial service market is segmented as follows:
1) By Authentication Type: Smartcards, Biometrics, Mobile Smart Credentials, Tokens, Other Types
2) By Enterprise Size: Large Enterprise, Small and Medium Enterprises
Which Region Leads The Advanced Authentication In The Financial Service Market?
North America led the advanced authentication market for financial services in 2024. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Advanced Authentication In The Financial Service Market Global Market Report?
-Market Size Analysis: Analyze the Advanced Authentication In The Financial Service Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Advanced Authentication In The Financial Service Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Advanced Authentication In The Financial Service Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Advanced Authentication In The Financial Service Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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