New York, USA, May 15, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Advanced Authentication Market By Offering, By Type, By Technology, By Application - Forecast to 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 11.70% to attain a valuation of around 36.4 Billion by the end of 2030.
The advanced authentication market is likely to witness rapid traction worldwide, mainly due to rising data security concerns in enterprises, government organizations, and individuals. Besides, the rise in the development of new viruses and implementations of advanced authentication solutions to give convenient and secure access to information drives the growth of the market.
Advances in authentication techniques such as OTP (one-time-password) authentication, phone-based authentication, and biometrics push the advanced authentication industry. Moreover, the increase in cybercriminal activities, such as hacking identity badges and numeric pins, boosts the advanced authentication market share. The rising uptake of IoT securities in BSFI and telecom sectors creates substantial market demand.
Many organizations are increasingly shifting their traditional data storage methods to cloud-based data storage, thereby requiring high-security services. Additionally, the high adoption of cloud-based technology by organizations and government agencies accelerates market growth. Also, increasing digital payments via smartphones and evolving network services create substantial market demand.
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Advanced Authentication Industry Key Players
- 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).
Report Scope:
| Report Metrics | Details |
| Advanced Authentication Market Size by 2030 | 36.4 Billion |
| Advanced Authentication Market CAGR during 2022-2030 | 11.70% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | The increasing security threats these days and BYOD (Bring Your Own Device) policy are the major factors that are driving the global advanced authentication market. |
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Segments
The advanced authentication market segments are defined as solutions, products, deployments, end-users, and regions. The solution segment is sub-segmented into single-factor authentication and multi-factor authentication. The product segment is sub-segmented into hardware, software, and services. The hardware segment is further bifurcated into tokens, biometrics, smart cards, and others.
The deployment segment is sub-segmented into on-premise and on-cloud. The end-users segment is sub-segmented into BFSI, utilities, government, retail, and others. By regions, the market is sub-segmented into Asia-Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis
North America dominates the global advanced authentication market. The market growth attributes to the rapid deployments of advanced authentication solutions and services, mainly in BFSI, ecommerce, and mobile payments. Besides, the presence of a large number of 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 boost the market demand colossally. The US accounts for the largest share of the advanced authentication market in North America, followed by Canada and Mexico, respectively.
Europe seizes the second-highest share in the global advanced authentication market. 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 push the regional market growth. Additionally, the growing adoption of advanced analytics and increased data security issues propel regional market growth.
The Asia Pacific advanced authentication market is growing rapidly. 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.
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Competitive Analysis
Highly competitive, the advanced authentication market appears fragmented, with several key players forming a competitive landscape. These players make substantial investments to drive R&D activities and expansion. This market is expected to witness fierce competition due to increasing innovations and strategic initiatives.
Leading risk analytics providers acquire cyber-intelligence companies to drive active directory security & authentication attack detection and advanced security data fusion use cases. Such acquisitions enhance the company's cybersecurity intelligence, operations, and service delivery across the government, BFSI, and utility sectors. They also partner with industrial control systems security and continuous monitoring providers to use shared expertise and software & analytics.
For instance, on Mar.16, 2023, Adyen, a leading fintech company, announced the updates in its authentication solution to optimize authorization, security, and end revenue, aiming to drive conversion uplift for its customers. The company's extended capabilities, such as delegated authentication, data-only, and trusted beneficiaries functionalities, are engineered to optimize authorization & implicitly and end revenues.
Adyen aims to drive conversion uplift, and its authentication ecosystem combines security and simplified checkout experiences, turning regulatory challenges into opportunities to drive growth for digital businesses. With these authentication innovations, the company aims to expand the capabilities of its platform and showcase its commitment to finding new avenues that enable the growth of its digital customers.
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On Dec. 21, 2022, SystemDomain, a leading IT consulting company, announced a strategic partnership with passwordless solution provider SecureAuth. SystemDomain will sell SecureAuth's Arculix solution, which is designed to provide passwordless, continuous authentication across cloud, on-premises, and hybrid environments. This will enhance SystemDomain's product portfolio in SecureAuth's Cyber Security business unit.
SystemDomain now offers a complete solution to its customers to make their enterprises more secure & protect business-critical data and applications by providing industry-leading, most secure, and state-of-art authentication solutions. The move will provide enterprise customers access to the best, advanced authentication solution with the right services expertise. This partnership will also open new marketing channels for SecureAuth, increasing its market share further in the authentication segment.
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