According to the latest report by IMARC Group, titled "Advanced Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global advanced authentication market reached a value of US$
14.4 Billion in 2022. Advanced authentication refers to a framework that centralizes several authentication policies for access management. The verification process for advanced authentication requires the employment of numerous factors or credentials to gain authorization to a particular virtual or physical space. These solutions are deployed across numerous organizations for strengthening the existing security infrastructure. The authentication procedure involves the use of unique credentials, inherence-based variables and personal security questions to confirm the user’s identity. Some of the most commonly used verification factors include facial recognition, fingerprint scanning, iris recognition, security token, one-time password (OTP), Personal Identification Number (PIN), and behavioral analysis.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Advanced Authentication Market Trends:
The global market is primarily driven by a significant rise in the incidences of cyber-attacks and security breaches across numerous industries. This has facilitated the widespread adoption of advanced authentication solutions across several corporates, government offices, and banking, financial and insurance organizations for mitigating security risks and restricting authorized access. There has also been a considerable increase in the cases of online fraud on the global level, which is acting as another major growth-inducing factor. This is being facilitated by a significant rise in the number of mobile transactions, owing to the growing preference for online shopping and the increasing digitization across the banking sector. The market is further driven by the growing mobile workforce and the emerging trend of Bring Your Own Devices (BYOD) in the corporate sector. The adoption of mobility has led organizations to make a large collection of confidential data remotely accessible, which consequently increases data vulnerability and the chances of security transgression. Moreover, innovative and efficient modes of authentication, such as virtual smart cards and geo-fencing models based on GPS technology, are widely gaining prominence in the market to protect organizations from any form of security threat. On account of the aforementioned factors, the market is expected to reach a value of US$
30.8 Billion by 2028, exhibiting a CAGR of
13.2% during 2023-2028.
- On the basis of the authentication methods, the market has been divided into smart cards, biometrics, mobile smart credentials, tokens, user-based public key infrastructure and other authentication methods.
- Based on the deployment, the market has been bifurcated into on-premise and cloud.
- On the basis of the solution, the market has been classified into single- and multi-factor authentication.
- Based on the end user industry, the market has been segmented into banking and financial services, healthcare, government, defense, IT and telecom, and others.
- On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market. Some of these players include Fujitsu Ltd, Gemalto N. V, NEC Corporation, CA Technologies (Broadcom Inc.), Safran Identity and Security SAS, Dell Technologies Inc. (RSA Security), Lumidigm Inc (HID Global), Validisoft, Pistolstar, Securenvoy (Shearwater Group), NetMotion Wireless, CJIS Solutions, AUTHASAS, WideBand Corporation, and SECUREAUTH.
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