The advanced authentication market is garnering rapid traction worldwide. Market growth attributes 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 of 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.
Spurring rise in demand for the latest security and authentication technologies in various information-sensitive industries escalates the market growth. Market Research Future (MRFR), in its latest advanced authentication market report, asserts that the market value raised USD 36.4 Billion and is poised to grow at a 11.70% CAGR during the review period (2022-2030).
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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Global Advanced Authentication Market – Segments
The advanced authentication market segments are defined as solution, product, deployment, 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 hardware 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.
Global Advanced Authentication Market – 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 drive the market growth in the region.
Moreover, substantial technological advancements and investments made in developing authentication technology foster market growth. 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 in 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 the regional market growth.
The Asia Pacific advanced authentication market is growing rapidly. Factors such as the increasing cyber-attacks and the rising demand from 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.
Advanced Authentication Market – 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 RD activities and expansion. This market is expected to witness fierce competition due to increasing innovations and strategic initiatives.
Major Players:
Players active in the global advanced authentication market include 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), among others.
Industry/ Innovation/ Related News:
March 15, 2021 ---- QOMPLX, a leading risk analytics provider, announced the acquisition of a cyber-intelligence company - Sentar Inc., to drive active directory security and authentication attack detection and advanced security data fusion use cases.
The acquisition would enhance QOMPLX’s cybersecurity intelligence, operations, and service delivery across the government. Sentar and QOMPLX had already partnered around industrial control systems security and continuous monitoring using shared expertise and QOMPLX software and analytics.
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