Global Advanced Authentication Market - By authentication method, deployment model (on cloud, on premise), end-user industry, geography - Trends and forecast (2018 - 2023)
The market was valued at USD 7.4 billion in 2017, and is expected to reach a value of USD 16.2 billion by 2023 at a CAGR of 13.4% over the forecast period (2018 - 2023).
Owing to increasing cases of data breaches and security concerns, the global advanced authentication market is poised to witness robust growth over the forecast period. One of the primary drivers of the advanced authentication market is a significant increase in the number of online transactions and mounting security threats, posing an imminent threat to vast amounts of critical data. There have been major security attacks reported over the last few years, the most notable being the Adult Friend Finder. This dating website was hacked by a malicious outsider, resulting in the exposure of 412,214,295 million records.
Upsurge In The Number Of Online Transactions To Drive The Market
Consumers are increasingly getting inclined towards the internet for financial transactions and online e-commerce transactions, as it is convenient and easily accessible. The volume of cyber-attacks is rising in line with the number of online transactions, especially in sectors, such as BFSI, healthcare, and retail. In India, the government declared a 400-1000% increase in digital transactions after demonetization.
Banking And Financial Services Continue Leading The Advanced Authentication Market
Banking and financial Institutions handle immense volumes of critical data. This has created a dire need for better security procedures in the industry. Financial institutions need to investigate acceptable advanced authentication alternatives, for authenticating mobile banking users who demand both security and simplicity. It was observed that about 35% of all cyber-attacks are targeted towards the banking community, making it an industry priority to optimize cyber resilience and enhance incident response preparedness, to protect data and mitigate risks associated with money laundering and fraud. With the increasing number and frequency of sophisticated attacks on the banking sector, the need to deploy advanced authentication procedures has become a priority.
North America, The Leader Of The Advanced Authentication Market
The North American advanced authentication segment is registering rapid growth, due to technological advancements and an established infrastructure. Key organizations in the region are adopting advanced authentication tools, to ensure data security. Identity theft is the fastest growing threat in the region. According to CNBC, identities of around 40 million Americans were stolen in 2016. Furthermore, North America has established and secure governments, which significantly rely on data security. Identity verification at online checkout systems is widespread in the region.
Major Players - Fujitsu Ltd, Gemalto Nv, Nec Corporation, Ca Technologies, Safran Identity And Security Sas, Dell Technologies, Lumidigm Inc., Validsoft, Pistolstar, And Securenvoy,among others.
Key Developments in the Market
- CA Technologies acquired Veracode. This acquisition institutes CA Technologies as the spearhead in the Secure DevOps market, bridging its security business with its broad DevOps portfolio.
- Fujitsu completed a strategic agreement with ImageWare, to extend the company’s biometric security solutions portfolio.
- Gemalto acquired 3M’s identity management business. This strategic acquisition will help Gemalto to provide solutions for the promising commercial biometrics market.
- NEC Corporation acquired Arcon, to reinforce its authentication services.
Reasons to Purchase the Report
- Study of the effects of exogenous and endogenous factors, viz., demographics, economic, and political factors, among others, which affect the global market
- Porter’s five forces framework incorporating the factors influencing each force, to determine the intensity of competition
- Segment and sub-segment level analysis of the market over the review and forecast period
- Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining the competitive edge
- Analysis of Major Players and a detailed study of their current strategic interests and key financial performance indicators
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