The North America Advanced Authentication in Financial Services Market would witness market growth of 13.8% CAGR during the forecast period (2022-2028).
Advanced authentication describes user identification (user ID) and authentication by means other than the typical login ID and password. This covers user-based public key infrastructure (PKI), biometric systems, smart cards, software tokens, paper (inert) tokens, hardware tokens, and "risk-based authentication." Software tokens used in risk-based authentication are composed of many data elements, such as user and network information, as well as identification.
Companies are utilizing advanced authentication for payments more frequently to operate more swiftly, reduce transaction time, and improve security. Moreover, advanced security authentication elements are required to strengthen the security of systems. The development of the market is anticipated to be fueled by technical improvements in the payment sector, such as the incorporation of machine learning (ML) as well as automation. Additionally, it is projected that the increased use of wireless portable POS terminals by the restaurant and healthcare sectors for expediting biometrics transactions will offer attractive prospects for the market to develop in the years.
Canada has a diverse sector of financial institutions. Canadian financial institutions fall into five categories, trust and loan companies, cooperative credit movements, chartered banks, life insurance companies, and securities dealers. More than 90% of the assets in the banking sector are under the control of the six biggest domestic banks, which also own more than 70% of the assets in the Canadian financial services industry. Six thousand two hundred five branches, as well as 18,303 automated banking machines (ABMs) used by Canadian banks, make up a sizable nationwide network. Regarding ABMs per person, Canada ranks among the top countries in the world. The regional advanced authentication in financial services market is growing as a result.
The US market dominated the North America Advanced Authentication in Financial Services Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,893.5 Million by 2028. The Canada market is poised to grow at a CAGR of 15.9% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 15.6% during (2022 - 2028).
Based on Type, the market is segmented into Multi-factor Authentication and Single-factor Authentication. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on Authentication Method, the market is segmented into Biometrics, Smart Cards, Mobile Smart Credentials and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Advanced Authentication in Financial Services Market is Projected to reach USD 11.3 Billion by 2028, at a CAGR of 14.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Broadcom, Inc. (CA Technologies, Inc.), Dell Technologies, Inc., Mastercard, Inc., Thales Group S.A., NEC Corporation, ValidSoft Group, SecurEnvoy Limited (Shearwater Group PLC), Ping Identity Holding Corp. (Thoma Bravo, L.P.), Absolute Software Corporation and Fujitsu Limited.
By Type
By Enterprise Size
By Authentication Method
By Country
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