Biometrics Sector is Expected to Dominate the Global Advanced Authentication Market
Increased
adoption of mobility, and enterprises are feeling pressure to enable employees,
partners, and other stakeholders to access more sensitive information are major factor attributable to the growth of the
market.
According
to TechSci Research report, “Global Advanced Authentication Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Advanced
Authentication is anticipated to project robust growth in the forecast period
with a CAGR of 12.83% through 2028, Factors
driving the Advanced Authentication Market include increased adoption of
mobility, and enterprises are feeling pressure to enable employees, partners,
and other stakeholders to access more sensitive information. Security threats
have been increasing continuously. Hackers are finding new ways to steal data,
while new viruses are being developed to steal sensitive information from
enterprises and individual users. With most users now preferring to perform
transactions online, it becomes imperative for the organization to deploy
authentication solutions that help ensure convenient and secure access.
Every
organization needs a reliable security system to confirm the truth of something
or a person's identity. Too often, the basic or traditional password method is
broken, copied, or shared, putting data at risk of being stolen or hacked.
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Based
on Authentication Method, Biometrics
segment is expected to dominate the market during the forecast period. Biometrics
analyzes and authenticates individuals based on human physical characteristics,
such as fingerprint, retina, iris, palm, speech, and voice, among others. This
authentication method has been widely adopted, owing to its key advantages,
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 the government's national
ID programs have increased awareness and adoption of this technology. 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 contactless
and faceless manner will go a long way in saving time for citizens while easing
their compliance burden.
Also,
in May 2022, Mastercard launched a program to set biometric authentication
standards, allowing consumers to pay with a smile. The company's Biometric
Checkout Program is a framework to set technology security and privacy
standards for banks, merchants, and technology providers developing biometric
payment authentication services. Furthermore, in June 2022, National Database
and Registration Authority (Nadra) and Capital Development Authority (CDA)
signed an agreement to develop a comprehensive biometric verification system
for safer property transfers in Islamabad. The system will help reduce forgery
and eliminate deceptive attempts by illegitimate means or persons regarding the
transfer of properties in Islamabad. Approximately 20,000 transactions of sale,
purchase, and transfer of properties take place annually in CDA.
Based
on Region, North America plays a significant role in the global Advanced
Authentication market, Organizations across the United States are increasingly
dependent on computer networks and electronic data to conduct their daily
operations, and growing pools of personal and financial information are also
transferred and stored online. People are more likely to use online services
for day-to-day transactions. This has made it more important for the country to
have advanced authentication services. Moreover, the sophistication level of
professional identity thieves involved in organized crime in the country
continues to grow, creating a need for countermeasures to be used by companies
in the country. Also, the BYOD trend is getting bigger and bigger, which makes
it easier for advanced authentication methods like smart cards, physical
tokens, and key performance indicators (KPIs) to be used to access sensitive
information or log in to client servers.
To
make authentication more secure, many end-user industries across the region,
such as banking, retail, and healthcare, have added two-way authentication
systems to their online or cloud services, as well as credit and debit cards
with microchips. In October 2022, Mitek Systems, an ID verification software
maker, launched a passwordless authentication platform with multimodal
biometrics. The platform enables users to access digital accounts by taking a
selfie and speaking a phrase with their phone. Such developments are boosting
the North American market under consideration.
Key
market players in the Global Advanced
Authentication Market are following:-
- Fujitsu
Ltd.
- Thales
Group (Gemalto NV)
- NEC
Corp.
- Broadcom
Inc. (CA Technologies)
- Dell
Technologies Inc.
- Safran
Identity and Security SAS
- Lumidigm
Inc.
- Validsoft
- Pistolstar
- Securenvoy
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“The
global advanced authentication market is driven by several key factors.
Firstly, the escalating frequency and sophistication of cyberattacks
necessitate robust security measures. Regulatory compliance requirements, such
as GDPR and HIPAA, compel organizations to implement advanced authentication
for data protection. The shift to remote work and Bring Your Own Device (BYOD)
policies amplifies the need for secure access. Biometric authentication's
growing dominance offers a secure yet user-friendly solution. Additionally,
advancements in technology, cloud adoption, and the proliferation of IoT
devices further fuel market growth as organizations seek to safeguard their
digital assets and sensitive data from evolving threats.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Advanced
Authentication Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast Segmented by Authentication Method (Smart Cards, Biometrics, Mobile
Smart Credentials, Tokens, User-based Public Key Infrastructure), End-user
Industry (BFSI, Healthcare, Government, Defense, IT, and Telecom), By Region,
Competition 2018-2028 has
evaluated the future growth potential of Global Advanced Authentication Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Global Advanced Authentication Market.
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