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Global Advanced Authentication In The Financial Service Market Growth Accelerates: Strategic Forecast Predicts $12.99 Billion by 2029
Advanced Authentication In The Financial Service Market
What Will the Advanced Authentication In The Financial Service Industry Market Size Be by 2025?
The market size of advanced authentication in the financial service sector has seen substantial growth over the past few years. It is forecasted to increase from $6.39 billion in 2024 to $7.18 billion in 2025, with a compound annual growth rate (CAGR) of 12.3%. The remarkable progress in the historical time frame can be credited to factors such as regulatory compliance, the digital shift in financial services, the rise of mobile banking, consumer security requirements, and emphasis on user comfort and experience.
What's the Long-Term Growth Forecast for the Advanced Authentication In The Financial Service Market Size Through 2029?
Anticipated swift expansion in the market size of advanced authentication within the financial service sector is projected over the coming years. The market is predicted to burgeon to a whopping $12.99 billion by 2029, marking a compound annual growth rate (CAGR) of 16.0%. The growth, during this projected period, is primarily attributed to the proliferation of open banking, financial service globalization, escalating cyber threats, securing payments through tokenization, augmenting digital transactions, and evolutionary regulations. The forecasted period is also expected to witness major trends such as the surge in biometric authentication, burgeoning multi-factor authentication (MFA), the embracement of risk-based authentication, improvements in secure client identity verification, initiatives towards password-free authentication, and the use of blockchain for managing identities.
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What Are the Key Growth Drivers Fueling the Advanced Authentication In The Financial Service Market Expansion?
The expansion of non-cash payment operations is predicted to drive the growth of advanced authentication in financial services. The convenience of making financial transactions is the primary motivation for embracing cashless operations. Digital payments offer customers a smooth and beneficial experience. Security measures like encryption and biometric protection are intended to ensure the safety of non-cash transactions. For example, as per a study by India's National Informatics Centre in April 2023, there was a year-on-year growth of 72% in 2021, with over 1.49 billion transactions valued at INR 5.6 trillion processed in June 2021. By the end of 2022, UPI's total transaction value hit INR 125.95 trillion (1.498 trillion USD), representing an impressive 1.75 times YoY boost. The overall UPI transaction value made up about 86% of India's GDP in FY22. Thus, the surge in non-cash payments is propelling the development of advanced authentication in the financial services sector.
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What Are the Key Trends Driving Advanced Authentication In The Financial Service Market Growth?
Advancements in technology are becoming a prominent trend in the market for advanced authentication in financial services. Leading companies in the sector are refining their technologies, investing in research, and developing strategies to consolidate their presence in the market. For example, in May 2022, Mastercard, a financial services firm based in the United States, introduced biometric payment methods to improve the payment process. The innovative checkout service lets customers register through a retailer's or identity provider's application. This fresh technology promises a swift and safe checkout experience where customers can simply smile at a camera or wave their hand over a scanner to conduct a transaction.
How Is the Advanced Authentication In The Financial Service Market Segmented?
The advanced authentication in the financial servicemarket 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 Companies Are Leading the Charge in Advanced Authentication In The Financial Service Market Innovation?
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 Are Leading the Global Advanced Authentication In The Financial Service Market in Revenue?
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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