Advanced Authentication Market Size (2022-2027)

The global Advanced Authentication Market is worth USD 10.82 billion in 2022 and is estimated to reach USD 19.73 billion by 2027 with a CAGR of 14.3% during the forecast period.

Advanced authentication is an advanced verification that needs the exhibition of various factors for security validation. Once verifying these factors successfully, an independent is approved a particular space. Advanced authentication is a safe and protected process to obtain understanding information providing boosted speed and convenience of access. For avoiding security threats and fraud cases, various businesses, entrepreneurs and organizations employ advanced authentication systems. 

MARKET DRIVERS

The rising number of cyber attacks and security breaches across different fields is one factor booming the advanced authentication market. The growth in virtual transactions regardless of certain cases of online frauds and unauthorized access results in a critical need for advanced authentication systems.

Factors like massive technological advancements, data centers, and a surging number of cloud-based services provide profitable opportunities in the advanced authentication market. Moreover, trading for varied goods and products through online retail creates a positive impact on the advanced authentication market. 

Advanced authentication is used extensively in the medical field. Adopting high-end medical imaging devices, healthcare robots, and computers and digitization is experiencing a strong expansion in the healthcare industry. Healthcare organizations are responsible for maintaining the secrecy of vital information involving a particular patient, data associated with the concerned person handling and using proper devices. The mentioned above factors are fueling the growing adoption of advanced authentication methods. 

MARKET RESTRAINS

The installation and maintenance costs are expensive that diminish the advanced authentication market. 

Segmentation Analysis

The global Advanced Authentication Market has been segmented and sub-segmented based on the authentication method and end-user industry. 

Advanced Authentication Market - By Authentication Method

• Smart Cards
• Biometrics
• Mobile Smart Credentials
• Tokens
• User-Based Public Key Infrastructure
• Other Authentication Methods

The biometrics authentication method is said to have a considerable and trustworthy share globally. The segment growth credits to as the biometrics analyze and validate/verify independents based on the human physical characteristics like a fingerprint, iris, retina, speech, and voice. The authentication market is adopted widely as it provides many advantages like non-identifiable nature, non-repudiation, and non-transferable. 

Advanced Authentication Market - By End-User

• Banking and Financial Services
• Healthcare
• Government
• Defense
• IT and Telecom
• Others

By end-user, the banking and financial services (BFSI) segment grows with the highest share throughout the predicted period. 

Regional Analysis

North America dominated the advanced authentication market with the largest share during the study period. 

The U.S dominates the advanced authentication market followed by Canada in the region. Organizations across the U.S. are growingly depending on computer networks, and electronic data to perform their operations, elevating a huge volume of personal and financial information. 

Europe ranked second for the advanced authentication market globally. In 2016, Netherlands company, Gemalto introduced the Gemalto Assurance Hub, a revolutionary approach to fraud prevention in online banking. 

However, Asia-Pacific is expected to have the highest CAGR growth over the foreseen period. Data breaches are increasing in the healthcare sector, adopting enhanced solutions is ascending allowing the growing adoption of authentication technologies. These factors further boom the advanced authentication market. The inclination for digitalization is surging, and many of the market players like CA technologies, MasterCard, and other players are enlarging their operations throughout the region. 

Key Market Players

1. FUJITSU LTD
2. GEMALTO N. V
3. NEC CORPORATION
4. CA TECHNOLOGIES
5. SAFRAN IDENTITY & SECURITY SAS.
6. DELL TECHNOLOGIES INC (RSA SECURITY)
7. LUMIDIGM INC (HID GLOBAL)
8. VALIDISOFT
9. PISTOLSTAR
10. SECURENVOY (SHEARWATER GROUP)
11. NETMOTION WIRELESS
12. CJIS SOLUTIONS
13. AUTHASAS
14. WIDEBAND CORPORATION
15. SECUREAUTH are some of the major key players operating in the global advanced authentication market. 

COVID-19 Impact on Advanced Authentication Market

Following the COVID-19 situation, the need for advanced authentication in financing platforms is accumulating and is estimated to increase for online assessments and processing of finance to prevent a data breach and to secure all authenticated cases and policies of the organization.

Recent Market Developments

• On December 16, 2022, NEC Corporation's subsidiary NEC Technologies India received a contract from the Airports Authority of India. The contract is to provide biometric supply to airports of Kolkata, Pune, Varanasi, and Vijayawada.
• On January 27, 2022, Telestax partnered with NEC Corporation to bring CPaaS functionality to their extensive customer base and channel partner network.
• On September 10, 2022, HCL Technologies combined with Dell Technologies to offer clients an improved cyber recovery solution protecting against ransomware and other sophisticated cyber attacks.
• On April 30, 2022, Dell Technologies joined forces with Secureworks to launch a new subscription-based service securing and protecting clients/customers' IT environments as opposed to cybersecurity risks and providing remediation.
• On September 08, 2022, SecureAuth revealed the easy availability of the SecureAuth Identity Platform and SecureAuth Identity store in Amazon Web Services. AWS customers can locate and buy SecureAuth solutions directly in the AWS marketplace or through an AWS-certified SecureAuth channel partner.