Global Advanced Authentication Market Size to Reach USD 38.33 Billion in 2032 | Emergen Research

Vancouver, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The global advanced authentication market size was USD 12.65 Billion in 2022 and is expected to register a revenue CAGR of 11.7% during the forecast period, according to the latest analysis by Emergen Research. The demand for advanced authentication software is rising as a result of factors such as rising mobile and Internet adoption, the emergence of more digital portals and payment platforms, the importance of protecting personal information, and cybersecurity threats. These factors are expected to drive market revenue growth.

Government regulations and industry standards require stronger authentication techniques, which significantly drive market revenue growth. The requirement for businesses to use advanced authentication tools to comply with laws such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS) is driving the market revenue growth. The use of cloud-based services and remote working settings is creating a high demand for cloud-based authentication solutions. The scalability, centralized control, and flexibility provided by cloud-based improved authentication, which is increasing the necessity to use the software in various industries, enable organizations to protect access to cloud resources and ensure secure remote access.

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However, there are a number of major drawbacks to multi-factor authentication, one of which is that it makes it impossible for users to access their accounts as quickly and simply as possible. Customers might lose interest in the platform and stop using it, or they might give up on onboarding process altogether. In addition, it is not impossible to spoof a biometric, regardless of how difficult it is to do so. Once it has been compromised, the data cannot be restored. Passwords can be changed and reset, which is a serious issue.

Multi-factor authentication systems are expensive to implement, which is limiting demand for advanced authentication in various sectors and is therefore expected to restrain the market revenue growth. Technically advanced hardware and integrations are required to strike a balance between user convenience and system security.

Scope of Research

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Major Companies and Competitive Landscape

The global advanced authentication market is moderately fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective advanced authentication solutions. Some major players included in the global advanced authentication market report are:

• Fujitsu
• Thales
• NEC Corporation
• Broadcom
• Dell Inc.
• Safran
• ValidSoft Group
• BIO-key International
• SecurEnvoy Ltd
• Absolute Software Corporation

Strategic Development

• On 20 April 2022, City Union Bank announced the launch of India’s first Voice Biometric Authentication Banking App. To increase security, the bank has added a new feature that lets users log in to the bank's mobile banking app using voice biometric authentication. The development process is presently continuing in order to expand this capability to include net banking customers as well. Customers will have a variety of options owing to the voice biometric login option joining other authentication options including User ID/PIN, face ID, and fingerprint authentication. Customers can choose the authentication mechanism that best meets their needs and tastes, according to the bank.
• On 03 May 2022, LexisNexis Risk Solutions announced the acquisition of an advanced behavioral biometrics technology provider, BehavioSec. To establish identity, trust and assist in the prevention of fraud, BehavioSec offers a highly predictive behavioral biometrics solution that makes use of behavior analysis for continuous authentication. The Business Services division of LexisNexis Risk Solutions will include BehavioSec's solutions to expand its device- and digital identity-focused services, including LexisNexis ThreatMetrix.

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Some Key Highlights From the Report

• The biometrics segment is expected to register a significantly fast revenue growth rate over the forecast period. The need for data security has increased recently as more data is being managed by individuals and in different industries. Businesses are taking steps to make the process more trustworthy and fraud-free. Artificial intelligence and machine learning developments have sped up the analysis of biometric data, making the technology more practical and approachable. Terrorism and cybercrime have increased the necessity for biometrics as a method of multi-factor authentication. Businesses have used passwords to protect their data and assets for a very long time. However, password security has become less effective as processing speeds have risen and cryptanalysis methods have advanced. Therefore, a more advanced method of authentication like biometrics is required, which is likely to drive revenue growth of this segment.
• The single-factor authentication segment accounted for a comparatively large revenue share in 2022. The demand for advanced authentication is rising as a result of individuals becoming more conscious of the importance of secure digital transaction processes, which is expected to further drive revenue growth of this segment. As a result of the sharp increase in data breaches, many firms, notably those in the healthcare and financial sectors, are coping with growing legal requirements for data privacy and security. For advanced authentication, compliance with these requirements is frequently necessary. In addition, in the post-COVID-19 environment, consumers are increasingly likely to use digital portals for data storage and payment purposes, resulting in the need for higher levels of security than passwords. These factors are leading to an increase in the need for single-factor authentication across a number of industries, including healthcare, Banking, Financial Services, and Insurance (BFSI), IT & telecom, and others.
• The BFSI segment is expected to register a significantly fast revenue growth rate over the forecast period. The demand for installing advanced authentication in the financial and banking sectors is further expanding owing to the rise in cyberattacks and the significance of data security owing to the utilization of huge amounts of data. As conventional authentication methods become increasingly vulnerable to attacks, the use of biometric authentication is growing in the BFSI sector. Biometric elements such as fingerprints, iris scans, and facial recognition provide customers with a higher level of security and convenience. Financial institutions are incorporating biometric authentication into their systems to strengthen identity verification processes and reduce the risk of unwanted access. Individuals are more likely to engage in online banking and digital payments post-COVID-19 owing to the recent trend of digitalization. Such factors are creating a high demand for advanced authentication in BFSI sector, thus is expected to drive revenue growth of this segment.
• The market in North America accounted for a comparatively large revenue share in 2022. The demand for advanced authentication is increasing owing to technological developments, the expansion of e-commerce, and increased popularity of digital platforms; this is likely to drive market revenue growth in this region. Technology advancements are also raising security risks, which is motivating companies to use enhanced authentication for more dependability and security. Software developers have recently been working on several enhanced authentication methods. For instance, on 25 October 2022, Mitek, ID verification software maker, announced the release of a password-less authentication platform with multimodal biometrics. According to Mitek, MiPass enables customers to access digital accounts by simply taking a selfie and saying a word into their phone. A specific software development kit can be used to incorporate the software into apps. Simple account information updates, password resets, device rebinding, and high-risk financial transactions are a few examples of use scenarios of this software. Such factors and software development are further creating a high demand for advanced authentication, thus is expected to drive market revenue growth in this region.

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Emergen Research has segmented the global advanced authentication market on the basis of authentication methods, authentication type, end-use industry, and region:

• Authentication Methods Outlook (Revenue, USD Billion; 2019-2032)
  • Smart Cards
  • Biometrics
  • Mobile Smart Credentials
  • Tokens
  • User-Based Public Key Infrastructure
  • Others
• Authentication Type Outlook (Revenue, USD Billion; 2019-2032)
  • Single-Factor Authentication
  • Multi-Factor Authentication
• End-Use Industry Outlook (Revenue, USD Billion; 2019-2032)
  • BFSI
  • Healthcare
  • Government
  • Defense
  • IT & Telecom
  • Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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