Authentication Services Market Projections Indicate a CAGR of 21.7%, Envisioned to Attain a Value of USD 7,578 Million by 2032

TOKYO, July 25, 2023 (GLOBE NEWSWIRE) -- The Global Authentication Services Market has been exhibiting significant growth in recent years, driven by the rising instances of identity theft and financial frauds, stringent regulations mandating strong authentication, and increasing digital transformation across industries. Authentication service providers utilize techniques such as biometrics, multi-factor authentication, digital signatures, and QR codes for reliably verifying user identities and securing access to physical and digital enterprise resources, systems, and data. This article provides a comprehensive examination of the authentication services market including vital statistics, detailed market overview, ongoing trends and developments, major growth drivers, challenges, segmentation analysis, regional market performance, and profiles of leading market players.

Authentication Services Market Statistics and Highlights:

• The Global Authentication Services Market was valued at USD 1,088 Million in 2022. It is expected to reach USD 7,578 Million by 2032, registering a CAGR of 21.7% during the forecast period.
• North America held the dominant revenue share exceeding 35% in 2021.
• Growth in cloud-based authentication services is a popular authentication services market trend that fuels the industry demand
  

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Authentication Services Market Report Coverage:

Authentication Services Market Analysis:

The Authentication Services Market outlook remains positive, majorly driven by the rising instances of identity theft and financial frauds globally, which necessitate the deployment of robust multilayered authentication and identity verification mechanisms by organizations. Stringent government regulations such as KYC norms, PSD2, GDPR regarding customer on boarding, digital transactions, and data privacy compliance also contribute significantly to the growing adoption of authentication platforms and services. However, usability and accessibility issues may pose challenges to mass adoption among end-users.

Trends and Innovations in the Authentication Services Market:

• Increasing use of multimodal biometrics systems that combine fingerprint, facial, voice recognition etc. to provide multiple layers of user identity protection.
• Integration of risk-based authentication, behavioral analytics, and machine learning algorithms into authentication systems to enhance security.
• Expanding utilization of convenience-driven biometric authentication through fingerprints, voice recognition, and facial scans in smartphones, laptops, and wearables.
• Rising popularity of passwordless authentication mechanisms leveraging approaches like FIDO protocols, QR codes, push notifications to counter security flaws.
• Cloud-based delivery model gaining momentum among organizations to enable ubiquitous and flexible access to authentication systems.
  

Authentication Services Market Major Growth Drivers:

• Exponential rise in identity theft and financial fraud instances, compelling institutions to adopt multilayered identity verification measures.
• Implementation of stringent government regulations related to customer onboarding processes, data privacy, and monitoring of financial transactions.
• Ongoing digital transformation trends across industries including banking, retail, healthcare, driving adoption of strong authentication tools and technologies.
• Advancements in biometric modalities, artificial intelligence/machine learning, behavioral analytics to provide adaptive risk-based authentication and prevent fraud.
• Surge in online financial transactions, e-commerce activities, and smartphone use requiring enhanced user authentication protocols.
• High bring-your-own-device (BYOD) adoption in modern workplaces necessitating access governance through identity validation.

Authentication Services Market Key Challenges Hindering Growth:

• Usability and accessibility issues obstructing mass adoption among end-users owing to inconvenience perceptions.
• Technical challenges and data security concerns related to emerging biometric modalities like palm print, iris scanning etc.
• Lack of awareness among organizations and end-users regarding advanced authentication mechanisms beyond legacy passwords.
• Reluctance among organizations across regulated industries like BFSI and healthcare to replace existing legacy systems with new authentication platforms.
• High costs involved in the procurement, integration, maintenance and management of on-premise authentication infrastructure and systems.
  

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Authentication Services Market Segmentation:

The Authentication Services Market can be segmented by service type, authentication type, token type, and vertical. Major Service types are compliance management, subscription key management, managed public key infrastructure (PKI), reporting, and others. Authentication methods include single-factor and multi-factor. Tokens can be involved or tokenless. Key verticals are banking, financial services, insurance (BFSI), IT/ITES, telecom, government, defense, e-commerce, healthcare, energy, and others.

Authentication Services Market Regional Analysis:

North America accounted for over 35% revenue share in 2022, driven by regulatory standards, high digitalization, and extensive use of digital financial services. The Asia Pacific market will exhibit the fastest CAGR over 2022-2032, prompted by rising instances of data breaches and identity thefts. The European market will witness steady growth owing to expanding online services and implementation of regulations like GDPR emphasizing customer onboarding verification.

Authentication Services Market Players:

IBM Corporation, Broadcom, Ping Identity, ForgeRock, Entrust Datacard, RSA Security, SecureAuth, Microsoft, Duo Security (Cisco), Cognito (Amazon), OneSpan, Okta, HID Global, Oracle Corporation and Thales.

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