Advanced Authentication Market Scenario:
The global advanced authentication market is anticipated to garner a CAGR of 12% during the forecast period (2017-2023), Market Research Future (MRFR) reveals in a detailed report.
In the digital era, almost all transactions have been made online. Due to the growth in online transactions, data security has become one of the major concerns for government organizations, enterprises, and individuals. Hackers are seeking new ways to steal sensitive data and information by developing new viruses. Such concerns are encouraging organizations across the world to implement advanced authentication solutions, which will assist in secure and convenient access to information. Advanced Authentication Market adds an extra layer of security to standard password and username authentication process.
With the increasing number of cybercriminal activities like hacking of numeric pins and identity, badges have resulted in the development of authentication methods like OTP, phone-based, and biometrics authentication. These factors have further contributed to the market growth in the foreseeable future. Factors like the recent trend in BYOD, security threats, and surging mobile transactions are influencing the market growth to a great extent.
Technological innovations, like geo-fencing models, which is based on GPS technology, has offered users with effective tools to track movements in a specific area and include unauthorized access. Verification strategies are specified by the users, thereby restricting access to an unauthorized source. Also, factors such as technological penetration and an increasing number of data centers and cloud users are encouraging the market growth.
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The players operating in the global advanced authentication market include IBM Corporation (U.S.), CA Technologies (U.S.), CSC BSS (India), HP ESSN (U.S.), MasterCard Inc. (U.S.), Oracle Corporation (U.S.), Versasec AB (Sweden), Atos Corporation (France), Datacard Group (U.S.), Gemalto (the Netherlands), and others.
Advanced Authentication Market Segmental Analysis:
The global advanced authentication market is segmented on the basis of product, solution, deployment, and end-users.
- By product, the advanced authentication market is segmented into hardware, software, and services.
- By solution, the advanced authentication market is segmented into single-factor authentication and multi-factor authentication. Of these, the single factor authentication segment is likely to gain prominence. Factors such as soaring adoption of biometrics technologies like voice recognition, fingerprint recognition, and facial recognition across end user segment are encouraging the market growth in the segment.
- By end users, the advanced authentication market is segmented into utilities, BFSI, retail, and government. Of these, the BFSI segment is predicted to gain prominence as BFSI manages huge volumes of critical data. This has increased the demand for better security processes in the industry.
Geographically, the advanced authentication market has been studied under Europe, Asia Pacific, North America, and the Rest of the World (RoW).
Considering the global scenario, North America reigns over other regions, mainly due to the concentration of industry giants in the region. The surging dependency of organizations on electronic data and computer networks to conduct daily operations is predicted to accelerate the market growth in the region. The inclination towards adopting online services for daily transactions has further augmented the demand for advanced authentication services in North America.
The Asia Pacific resonates strong growth opportunities in the global market. The ever-increasing population has resulted in increasing purchase of smartphones and mobile devices. This has increased the frequency of transactions in the region, thereby giving rise to advanced authentication methods. Data breaches in healthcare organizations, coupled with the increased adoption of advanced solutions by the organizations are triggering the adoption of authentication technologies in the region.
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