Published Date: 31-Mar-23
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According to a new report, published by KBV research, The Global Advanced Authentication in Financial Services Market size is expected to reach $11.3 billion by 2028, rising at a market growth of 14.5% CAGR during the forecast period.
The Single-factor Authentication segment is showcasing a CAGR of 16.4% during (2022 - 2028). Access to any specific system, such as a portal or website, is protected by single-factor authentication (SFA). Users of the approach can access resources by utilizing a single type of credential. They work best alongside traditional password-based systems and are extremely quick and simple to set up. The odds of credentials being lost, stolen, or shared are being reduced by manufacturers in the field who are designing biometric solutions with higher levels of security and sophistication. These solutions would grant access based on identity.
The Large Enterprises segment is leading the Global Advanced Authentication in Financial Services Market by Enterprise Size in 2021 thereby, achieving a market value of $7.4 billion by 2028. Increased implementation for digitization, better customer service, and more robust data security may all be contributing factors to the growth of this segment. In addition, large enterprises employ and use technologies like cloud computing, along with improved customer relationship management tools, that aid in maintaining data analysis, regulatory compliance, and support in uncovering financial sector crimes.
The Smart Cards segment has shown the growth rate of 14.8% during (2022 - 2028). Growth of the segment is owed to growing adoption of smart cards. Smart cards offer methods for securely identifying and authenticating the card's holder and any other parties needing access. For instance, a cardholder may authenticate using biometric information or a PIN code. Also, they offer a method for safely storing data on the card and encrypting connections. They have a powerful CPU that can encrypt instructions from particular applications, safeguard the information, and prevent tampering because they have a tamper-resistant microprocessor.
The North America market dominated the Global Advanced Authentication in Financial Services Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.9 billion by 2028. The Asia Pacific market is exhibiting a CAGR of 15.3% during (2022 - 2028). Additionally, The Europe market would showcase a CAGR of 14.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/advanced-authentication-in-financial-services-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Enterprise Size
By Authentication Method
Unique Offerings from KBV Research
North America Advanced Authentication in Financial Services Market size & Opportunities 2022-2028
Europe Advanced Authentication in Financial Services Market & Growth Forecast 2022-2028
Asia Pacific Advanced Authentication in Financial Services Market Share & Industry Outlook to 2028
LAMEA Advanced Authentication in Financial Services Market Growth, Trends & Forecasts 2022-2028