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Advanced Authentication Market Overview
The Advanced Authentication Market is projected to grow from USD 18.84 billion in 2024 to USD 40.87 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.17% during the forecast period (2024 - 2032). Additionally, the market size for advanced authentication was valued at USD 16.86 billion in 2023.
Increased mobile usage and business pressure to enable workers, partners, and other stakeholders to access increasingly sensitive information, security dangers have steadily risen are the key market drivers enhancing the market growth.
Figure 1: Advanced Authentication Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Advanced Authentication Market Trends
Growing enhanced security in payment services is driving the market growth
One of the key reasons driving market expansion is the rising need for enhanced authentication, which is dependable and efficient in eliminating security concerns. Furthermore, the increasing prevalence of cyber security breaches to steal or duplicate personal information is fueling market expansion. Furthermore, the increased use of online payment gateways to facilitate cashless payments for goods and services provides a positive market outlook. Aside from that, the growing use of geofencing models based on positioning system (GPS) technology to provide an effective tool for tracking movements in a specific region and barring unauthorized entry is fueling market expansion.
Furthermore, the growing use of cloud computing to outsource regular chores, increase operational efficiency, and store massive volumes of critical data is fueling market expansion. Furthermore, the growing acceptance of remote working methods to preserve good work-life balance and flexibility while performing tasks is fueling market expansion. Furthermore, the growing popularity of biometrics as an effective authentication technique that provides non-repudiation, non-transferable, and non-identifiable features is driving market expansion.
With the expansion of the internet, the number and complexity of cyber threats have also increased. Advanced authentication solutions offer an additional layer of security beyond traditional username-password combinations, making it harder for cybercriminals to gain unauthorized access. High-profile data breaches have become more common, exposing sensitive information and leading to financial losses and reputational damage for companies. Advanced authentication helps mitigate the risks associated with data breaches by providing stronger security measures.
For instance, In September 2022, The Ministry of Road Transport and Highways (MoRTH) issued a notification allowing citizens to access several transport-related services online with their Aadhaar digital ID providing such services in a faceless and contactless manner will save citizens time while lessening their compliance burden. Thus, driving the advanced authentication market revenue.
Advanced Authentication Market Segment Insights
Advanced Authentication Solution Insights
The advanced authentication market segmentation, based on solution, includes multi-factor and single-factor authentication. In terms of type, the multi-factor authentication category earned a significant advanced authentication market share in the financial services industry in 2021. This is due to increased cyberattacks, security breaches, and a correspondingly larger percentage of online fraud. This is avoided by introducing multi-factor authentication (MFA) systems in employees' cell phones and computer devices to validate the user's identification.
Advanced Authentication Product Insights
The advanced authentication market segmentation, based on product, includes services, hardware, and software. The software segment has held a significant share of the advanced authentication market. This is because software solutions are at the core of advanced authentication systems, providing the algorithms and protocols necessary for multifactor authentication, biometric authentication, adaptive authentication, and other advanced methods. The software segment includes authentication platforms, solutions, and related software development services.
The services segment is also crucial in the advanced authentication market. Services typically include consulting, integration, deployment, support, and managed services for implementing and maintaining advanced authentication solutions. Organizations seeking to implement more sophisticated authentication measures often require expert assistance in designing and deploying these solutions, driving the demand for services.
Advanced Authentication Deployment Insights
Based on deployment, the advanced authentication market segmentation includes cloud basis on-premise basis. The cloud basis segment has been experiencing significant growth and is expected to continue to dominate the advanced authentication market. Cloud-based deployment offers several advantages, including flexibility, scalability, ease of management, and cost-effectiveness. Many organizations are shifting towards cloud-based solutions to reduce the burden of maintaining on-premise infrastructure and take advantage of the latest security features and updates cloud service providers provide. Additionally, cloud-based advanced authentication services are well-suited for organizations with remote or distributed workforces.
Figure 1: Advanced Authentication Market, by Deployment, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Advanced Authentication Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. North America dominates the advanced authentication market. The market growth attributes to the rapid deployments of advanced authentication solutions and services, mainly in BFSI, e-commerce, and mobile payments. Besides, the presence of many technology providers and efficient agencies working against cybercrimes drives market growth in the region.
Moreover, substantial technological advancements and investments in developing authentication technology foster market growth. The rapid uptake of mobile and cloud applications in banking, government, energy & utility services boosts the market demand. The US accounts for North America's largest share of the advanced authentication market, followed by Canada and Mexico, respectively. Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: ADVANCED AUTHENTICATION MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe advanced authentication market accounts for the second-largest market share due to factors such as the increasing uptake of advanced authentication solutions in government establishments like cyber authorities & policies to protect confidential data in small and large organizations pushing the regional market growth. Additionally, the growing adoption of advanced analytics and increased data security issues propel regional market growth. Further, the German advanced authentication market held the largest market share, and the UK advanced authentication market was the fastest-growing market in the European region.
The Asia-Pacific Advanced Authentication Market is expected to grow at the fastest CAGR from 2023 to 2032. Factors such as the increasing cyber-attacks and the rising demand for banking & financial services positively impact the market growth in the region. The APAC advanced authentication market is forecasted to register the highest CAGR over the review period. Moreover, China’s advanced authentication market held the largest market share, and the Indian advanced authentication market was the fastest-growing market in the Asia-Pacific region.
Advanced Authentication Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the advanced authentication market, grow even more. Market participants are also engaging in a variety of strategic measures in order to grow their businesses, footprint, with important market developments including contractual agreements, new product launches, mergers and acquisitions, higher investments, and collaboration with other organizations. The advanced authentication industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the advanced authentication industry to benefit clients and increase the market sector. In recent years, the advanced authentication industry has offered some of the most significant advantages to medicine. Major players in the advanced authentication market, including IBM Corporation (US), CA Technologies (US), HP ESSN (US), Oracle Corporation (US), CSC BSS (India), MasterCard Inc. (US), Versasec AB (Sweden), Atos Corporation (France), Gemalto (the Netherlands), Datacard Group (US), and others, are attempting to increase market demand by investing in research and development operations.
Adyen's authentication ecosystem combines security and simpler checkout experiences, transforming regulatory hurdles into opportunities to drive development for digital enterprises. With these authentication improvements, the firm hopes to broaden the platform's possibilities and demonstrate its dedication to discovering new pathways for the growth of its digital consumers. For instance, on Mar.16, 2023, Adyen, a renowned finance business, announced authentication solution changes to optimize authorization, security, and end revenue to drive conversion uplift for its clients. The company's enhanced capabilities, such as delegated authentication, data-only, and trusted beneficiaries, are designed to optimize authorization and end revenues.
SystemDomain now provides its clients with a full solution to make their companies more secure and protect business-critical data and applications by delivering industry-leading, most secure, and cutting-edge authentication solutions. The relocation will give business clients access to the finest, most advanced authentication solution and the necessary services knowledge. This collaboration will also provide SecureAuth with new marketing channels, expanding its market share in the authentication space. For instance, On Dec. 21, 2022, SystemDomain, a renowned IT consulting firm, established a strategic alliance with SecureAuth, a supplier of passwordless solutions. SecureAuth's Arculix technology, designed to deliver passwordless, continuous authentication across cloud, on-premises, and hybrid settings, will be sold by SystemDomain. SystemDomain's product portfolio in SecureAuth's Cyber Security business area will benefit from this.
Key Companies in the advanced authentication market include
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IBM Corporation (US)
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Adyen
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SystemDomian
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CA Technologies (US)
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HP ESSN (US)
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Oracle Corporation (US)
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CSC BSS (India)
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MasterCard Inc. (US)
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Versasec AB (Sweden)
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Atos Corporation (France)
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Gemalto (the Netherlands)
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Datacard Group (US)
Advanced Authentication Industry Developments
March 2022: LexisNexis Risk Solutions has announced the purchase of BehavioSec, a supplier of behavioral biometric technologies. Customers will benefit from continuous authentication, powerful machine learning capabilities, and more behavioral data for better authentication procedures by integrating BehavioSec solutions.
February 2022: Thales Group expanded its relationship with Singapore's Economic Development Board (EDB) by implementing additional biometrics, fintech, and cloud aviation technologies nationwide.
Advanced Authentication Market Segmentation
Advanced Authentication Solution Outlook
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Multi-factor Authentication
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Single-factor Authentication
Advanced Authentication Product Outlook
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Services
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Hardware
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Software
Advanced Authentication Deployment Outlook
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Cloud Basis
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On-Premises Basis
Advanced Authentication Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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