Dallas, Texas, Feb. 29, 2020 (GLOBE NEWSWIRE) -- Global Advanced Authentication in Financial Service Market 2020-2025:
The Global Advanced Authentication in Financial Service Market was valued at USD 3.476 billion in 2019, and it is expected to register a CAGR of 13.6% over the forecast period 2020-2025. The financial services domain, to provide seamless services to its end users, needs to share sensitive and often regulated information across organizations and corporates. The need for sharing data has increased considerably over the last few years, majorly as a result of the advent of cloud-based services.
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Advanced authentication provides a central place for all authentication policies to be managed. This is important because organizations are usually forced to operate and maintain multiple infrastructures. Advanced authentication, two-factor authentication, or multifactor authentication requires an additional separate factor or credential to complete the log-in or transaction process.
The driving factors influencing the global advanced authentication in financial service market include increasing demand for cloud-based security solutions and regulatory mandates and data protection laws. In terms of segmentation, the provisioning segment is on the verge to witness significant growth in the coming years.
Companies Mentioned:
Fujitsu Ltd.
Thales Group (Gemalto N.V)
NEC Corp.
CA Technologies Inc.
Safran Identity and Security SAS
Dell Technologies Inc.
Lumidigm Inc.
Validsoft Ltd.
Pistolstar Inc.
SecurEnvoy Ltd
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The major factors contributing to this segment has access rights compliance and enforcement initiatives. Furthermore, the segment offers key features including delegated administration, entitlement management, authorization workflow, automated on-boarding and off-boarding of employees, and access certifications.
In terms of region, North America hold the most advanced technology and infrastructure development. The region is considered as one of the leading market in cybersecurity owing to the increasing incidents of threats and data breaches. Moreover, due to the growing number of cyberattacks to access confidential consumer data, adoption of cloud applications, mobile practices, changing requirements of the workforce, and bring your own devices drive the global advanced authentication in financial service market.
Key Market Trends:
Biometrics Segment to Hold Major Share
Biometrics analyze and verify/authenticate individuals based on human physical characteristics, such as fingerprint, retina, iris, palm, speech, and voice, among others.
This method of authentication has been widely adopted, owing to the key advantages it offers, namely its non-repudiation, non-transferable, and non-identifiable nature, thus providing a high level of protection against fraud.
The technology found successful implementation across various end users, such as forensics, governments, banking and financial institutions, and enterprise identity management, among others. Moreover, the widespread availability of fingerprint sensors in affordable mobile devices and government national ID programs have been instrumental in increasing the awareness and adoption of this technology.
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Table of Content:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Volume of Non-cash Payments/Transactions Fraud
4.3.2 Rising Need for Prevention of Threats due to the Increasing Number of Cloud Users
4.3.3 Increasing Number of Security Breaches, Identity Theft Threats, and Related Costs
4.4 Market Restraints
4.4.1 Privacy Concerns Regarding the Authentication Vendor and High Costs of Token
4.4.2 The Presence of Legacy Systems in the Financial Services Sector and Software Migrating Cost
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Government Policies and Industry Regulations
5 TECHNOLOGY SNAPSHOT
6 MARKET SEGMENTATION
6.1 By Authentication Method
6.1.1 Smartcards
6.1.2 Biometrics
6.1.3 Mobile Smart Credentials
6.1.4 Tokens
6.1.5 Other Authentication Methods
6.2 Geography
6.2.1 North America
6.2.2 Europe
6.2.3 Asia-Pacific
6.2.4 Latin America
6.2.5 Middle East & Africa
7 COMPETITIVE LANDSCAPE
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
Global Advanced Authentication Market 2020-2025:
The Global Advanced Authentication Market was valued at USD 9.75 billion in 2019 and is estimated to register a CAGR of 13.4% over the forecast period (2020-2025). Security threats have been increasing continuously. Hackers are finding new ways to steal the data while new viruses are being developed to steal sensitive information from enterprises and individual users. With most of the users now preferring to perform transactions online, it becomes imperative of the organization to deploy authentication solutions, which help in convenient and secure access.
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Every organization needs a reliable security system as a way to confirm the truth of something or the identity of a person. The basic or traditional password method is too often breached or copied/shared, thereby exposing data to theft or malicious intrusions.
The other factor contributing to the growth of the advanced authentication solutions market is the increased adoption of mobility. Enterprises are feeling pressure to enable employees, partners and other stakeholders to access more sensitive information from anywhere and any device. This is making advanced authentication systems a critical aspect of an enterprise’s organizational strategy.
Vendors of advanced authentication solutions are developing and improving their existing authentication methods. Some of the most commonly used authentication methods are biometrics, smartcards, tokens, and several others for mitigating security risks.
Moreover, leading players of the global advanced authentication market are focusing on developments and bring innovative software tools to reduce the operational process in the corporates and in the required places. Thus, to introduce up gradations, prominent vendors of the market are taking interest in partnerships, collaborations, and mergers to expand the business and come up with innovations for the working professionals.
Scope of the Global Advanced Authentication Market Report:
Advanced authentication provides a central place for all authentication policies to be managed. This is important because organizations are usually forced to operate and maintain multiple infrastructures. Advanced authentication/two-factor authentication/multifactor authentication requires an additional separate factor or credential to complete the log-in or transaction process.
Companies Mentioned:
Fujitsu Ltd.
Gemalto N.V
NEC Corp.
CA Technologies
Safran Identity and Security SAS
Dell Technologies Inc.
Lumidigm Inc.
Validsoft
Pistolstar
Securenvoy
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Key Market Trends:
Biometrics to hold Major Share
Biometrics analyze and verify/authenticate individuals based on human physical characteristics, such as fingerprint, retina, iris, palm, speech, and voice, among others.
This method of authentication has been widely adopted, owing to the key advantages it offers, namely its non-repudiation, non-transferable, and non-identifiable nature, thus providing a high level of protection against fraud.
The technology has found successful implementation across various end users, such as forensics, governments, banking and financial institutions, and enterprise identity management, among others. Moreover, the widespread availability of fingerprint sensors in affordable mobile devices and government national ID programs have been instrumental in increasing the awareness and adoption of this technology.
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