Advanced authentication in the financial services market
“Discover how regulatory compliance, digital transformation, the spread of mobile banking, customer demand for security and convenience are driving market expansion.
What is the expected market size of the global advanced authentication in financial services market and its growth rate?
The rapid growth of advanced authentication in the financial services market has led to an increase in market size that will continue.
Key statistics include:
• The market size reached $6.39 billion in 2024 and is expected to grow to $7.23 billion by 2025 at a CAGR of 13.2%. This can be attributed to regulatory compliance, digital transformation in the financial sector, the proliferation of mobile banking, consumer demand for security, ease of use and experience.
• Expectations are high for rapid market size growth to $13.28 billion by 2029 at a CAGR of 16.4%. The growth can be attributed to the expansion of open banking, the globalization of financial services, the continued increase in cyber threats, tokenization for payment security, increasing digital transactions and the evolution of regulations.
What is driving the growth of advanced authentication in the financial services market?
The growth of advanced authentication in the financial services market is driven by an increase in the volume of non-cash payments or transactions. Customers benefit from the ease of conducting financial transactions and the seamless experience that digital payments provide. Non-cash payments or transactions are intended to be secured with tools such as encryption and biometric protection. For example, a report published in April 2023 by the National Informatics Centre, an India-based science and technology institute, showed a year-on-year (year-on-year) growth of 72% in 2021 and the processing of more than 1.49 billion transactions worth at INR 5.6 trillion in June 2021. By the end of the calendar year 2022, UPI’s total transaction value reached INR 125.95 trillion (USD 1.498 trillion), a significant increase of 1.75 times year-on-year. Notably, the total value of UPI transactions in FY22 was almost 86% of India’s GDP. As such, the increasing number of non-cash payments is driving the growth of advanced authentication in the financial services market.
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Who are the key players driving advanced authentication in the growth of the financial services market?
Major companies active in advanced authentication in the financial services market include:
• Fujitsu Limited
• Thales group
• NEC company
• 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.
• Conscious Inc.
• HID Global Corporation
• RSA Security LLC
• Gemalto NV
• Vasco Data Security International Inc.
• Entrust Datacard Corporation
• OneSpan Inc.
• Crossmatch Technologies Inc.
• AuthenTrend Technology Inc.
• Bio-Key International Inc.
• Centrify company
• Cognitec Systems GmbH
• CyberArk Software Ltd.
• Daon Inc.
• Deepnet Security Ltd.
• Duo Security Inc.
• FacePhi Biometria SA
• Feitian Technologies Co. Ltd.
• Fingerprint cards AB
What are the key trends in advanced authentication in the financial services market?
Key trends in advanced authentication in the financial services market include:
• Application of biometric authentication
• Growth of multi-factor authentication (MFA)
• Application of risk-based authentication
• Secure customer identity verification
• Passwordless authentication initiatives
• Use of blockchain for identity management
What are the segments of the global advanced authentication in the financial services market?
The advanced authentication in the financial services market is segmented as follows:
1) By authentication type: smart cards, biometrics, mobile smart credentials, tokens, other types
2) By company size: large enterprises, small and medium enterprises
Which region is leading the advanced authentication in the financial services market?
North America led the market for advanced authentication for financial services by 2024. However, Asia Pacific is expected to be the fastest growing region over the forecast period. The regions covered in the report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa.
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What is covered by Advanced Authentication in the Global Financial Services Market Report?
-Market Size Analysis: Analyze the market size of Advanced Authentication in Financial Services based on key regions, countries, product types and applications.
– Market Segmentation Analysis: Identify different sub-segments within the advanced authentication in the financial services market for effective categorization.
– Key Player Focus: Focus on key players to define their market value, share and competitive landscape.
– Growth trend analysis: research individual growth trends and prospects in the market.
– Market Contribution: Evaluate the contributions of different segments to the overall growth of the advanced authentication market in financial services.
– Growth Factors: Detail key factors influencing market growth, including opportunities and drivers.
– Industry Challenges: Analyze challenges and risks impacting advanced authentication in the financial services market.
– Competitive developments: Analyze competitive developments, such as expansions, agreements and new product launches in the market.
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