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Surging Non-Cash Transactions Fuel Growth In Advanced Authentication For Financial Services: Powering Innovation and Expansion in the Advanced Authentication In The Financial Service Market by 2025
Advanced Authentication In The Financial Service
What Is the Expected CAGR for the Advanced Authentication In The Financial Service Market Through 2025?
In recent times, there has been substantial growth in the market size of advanced authentication in the financial service sector. It is predicted to expand from a value of $6.39 billion in 2024 to approximately $7.23 billion in 2025, marking a compound annual growth rate (CAGR) of 13.2%. Factors such as regulatory compliance, the digital transformation in finance, the surge in mobile banking, rising consumer demand for security, and an emphasis on user convenience and experience are driving this historic period growth.
What's the Projected Size of the Global Advanced Authentication In The Financial Service Market by 2029?
In the coming years, the advanced authentication market in financial services is predicted to experience substantial growth, with its value expected to reach $13.28 billion by 2029, marking a compound annual growth rate (CAGR) of 16.4%. This projected growth during the forecast period can be linked to the proliferation of open banking, worldwide expansion of financial services, increasing incidence of cyber threats, the use of tokenization for payment security, a surge in digital transactions, and regulatory development. The forecast period is expected to witness notable trends such as the widespread adoption of biometric authentication, growth of multi-factor authentication (MFA), embrace of risk-based authentication, enhanced systems for secure customer identity verification, initiatives for password-less authentication, and the integration of blockchain technology for identity management.
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Top Growth Drivers in the Advanced Authentication In The Financial Service Industry: What's Accelerating the Market?
The predicted surge in the volume of non-cash transactions or payments is believed to boost advanced authentication in the market for financial services. The convenience provided by these digital transactions is the primary motivation for transitioning to a cashless society. Customers experience considerable benefits through the smooth execution of digital payments. Safety tools such as encryption and biometric protection are designed to ensure the security of non-cash payments or transactions. In April 2023, for example, a report by the India-based National Informatics Centre, a science and technology organization, highlighted a year-on-year (YoY) growth of 72% in 2021. In June 2021 alone, over 1.49 billion transactions were executed, valued at INR 5.6 trillion. By the end of 2022, the total transaction value of UPI had hit INR 125.95 trillion (US $1.498 trillion). This marked a staggering YoY rise of 1.75 times. Furthermore, the total value of UPI transactions made up about 86% of India's GDP in FY22. As such, the escalating volume of non-cash payments is fueling growth in advanced authentication within the financial services sector.
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What Trends Will Shape the Advanced Authentication In The Financial Service Market Through 2029 and Beyond?
The rise of technological progression is a notable trend that is becoming increasingly prominent within the financial services industry for advanced authentication. Leading businesses within the advanced authentication financial service market are improving and innovating their technologies, alongside conducting research and development, in an effort to solidify their dominance in the market. For example, in May 2022, Mastercard, a financial services company originating in the US, introduced biometric payments with the aim of advancing the checkout procedure. The biometric checkout facility enables consumers to sign up for the service through a seller's or identity provider's application. This cutting-edge technology offers a swift and secure checkout service, where customers can simply smile into a camera or wave their hand over a reader for payment.
What Are the Main Segments in the Advanced Authentication In The Financial Service Market?
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
Subsegments:
1) By Smartcards: Contact Smartcards, Contactless Smartcards, Dual-Interface Smartcards
2) By Biometrics: Fingerprint Recognition, Facial Recognition, Iris Recognition, Voice Recognition
3) By Mobile Smart Credentials: Mobile Wallets, Mobile Authentication Apps, QR Code-Based Credentials
4) By Tokens: Hardware Tokens, Software Tokens, One-Time Password (OTP) Tokens
5) By Other Types: Behavioral Biometrics, Geolocation-Based Authentication, Multi-Factor Authentication (MFA) Solutions
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Which Top Companies are Driving Growth in the Advanced Authentication In The Financial Service Market?
Major companies operating in the advanced authentication in the financial service market 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
Which Regions Will Dominate the Advanced Authentication In The Financial Service Market Through 2029?
North America was the largest region in the advanced authentication market for financial services in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced authentication in the financial service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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