Massive Growth on the Horizon: Advanced Authentication in Financial Service Market Soars to $13.28 Billion by 2029
What's the Future of the
Advanced Authentication in the Financial Service Market?
The Advanced Authentication in the
Financial Service Market has seen strong growth recently, moving from $6.39
billion in 2024 to $7.23 billion in 2025, with a compound annual growth rate
(CAGR) of 13.2%. This growth in the historic period can be attributed to
regulatory compliance, digital transformation in finance, mobile banking
proliferation, consumer demand for security, and user convenience and
experience.
The expected market size is
projected to experience rapid expansion in the next few years, possibly
reaching $13.28 billion in 2029 at a CAGR of 16.4%. This growth in the forecast
period can be attributed to factors such as the expansion of open banking,
globalization of financial services, the continuous rise in cyber threats,
tokenization for payment security, increasing digital transactions, and
regulatory evolution. Major trends to look out for during the forecast period
include the growth of biometric authentication and multi-factor authentication
(MFA), the adoption of risk-based authentication, secure customer identity
verification, password less authentication initiatives, and the use of
blockchain for identity management.
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What Drives the Advanced
Authentication in the Financial Service Market?
Increasing volumes of non-cash
payments or transactions are expected to propel the growth of the advanced
authentication in the financial services market. The simple and seamless
experience of conducting financial transactions digitally is a compelling reason
for many to move away from cash handling. Non-cash payments and transactions
are designed with advanced security treatments such as encryption and biometric
protection. The surge in non-cash transactions explains the significant
year-on-year growth of 72% in 2021 as reported by the National Informatics
Centre, and it's expected to continue in the following years.
What Are the Significant
Segments in the Advanced Authentication in the Financial Service Market?
1) By Authentication Type:
Smartcards, Biometrics, Mobile Smart Credentials, Tokens, Other Types
2) By Enterprise Size: Large
Enterprise, Small and Medium Enterprises
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Who Are the Leading Companies
in the Advanced Authentication in the Financial Service Market?
Key companies operating in the
advanced authentication in the financial service market include Fujitsu
Limited, Thales Group, NEC Corporation, Broadcom Inc., Safran Identity And
Security SAS, Dell Technologies Inc., Lumidigm Inc., Validsoft Limited, Pistolstar
Inc., SecurEnvoy Limited, CA Technologies Inc., OpenText Corporation, Ping
Identity Corporation, Mastercard Inc., NetMotion Wireless Inc., Aware Inc., HID
Global Corporation, RSA Security LLC, Gemalto N.V., Vasco Data Security
International Inc., Entrust Datacard Corporation, OneSpan Inc., Crossmatch
Technologies Inc., AuthenTrend Technology Inc., Bio-Key International Inc.,
Centrify Corporation, Cognitec Systems GmbH, CyberArk Software Ltd., Daon Inc.,
Deepnet Security Ltd., Duo Security Inc., FacePhi Biometria S.A., Feitian
Technologies Co. Ltd., Fingerprint Cards AB.
Which Trends Are Emerging in
the Advanced Authentication in the Financial Service Market?
Significant technological
advancement is a leading trend in the advanced authentication in the financial
services market. Prominent companies in the field are developing innovative
technologies and conducting extensive research to solidify their market position.
For instance, Mastercard, a US-based financial services company, launched
biometric payments in May 2022 to enhance the checkout experience. This new
technology allows for faster and more secure checkouts.
Which Region Is Expected to
Have the Fastest Growth in the Advanced Authentication in the Financial Service
Market?
In 2024, North America had the
largest share of the advanced authentication for financial services market.
However, Asia-Pacific is expected to be the fastest-growing region in the
upcoming years.
What Does The Advanced
Authentication In The Financial Service Market Report 2025 Offer?
Advanced authentication in the
financial services refers to a method that utilizes real-world identity signals
to augment the proof of identity for system and information security. It adds
an extra layer of security to the traditional username-password authentication
method. The Advanced Authentication In The Financial Service Market research
report from The Business Research Company provides comprehensive analysis of
the global market size, growth rate, regional shares, detailed segments,
trends, and opportunities. It is an essential guide to stay ahead in the
market.
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