The advanced authentication market is garnering rapid
traction worldwide. Market growth attributes to rising data security concerns
in enterprises, government organizations, and individuals. Besides, the
rise in the development of new viruses and implementations of advanced
authentication solutions to give convenient and secure access to information
drives the growth of the market.
Advances in
authentication techniques such as OTP (one-time-password) authentication,
phone-based authentication, and biometrics push the advanced authentication
industry. Moreover, the increase in cybercriminal activities, such as hacking
of identity badges and numeric pins, boosts the advanced authentication market
share. The rising uptake of IoT securities in BSFI and telecom sectors creates
substantial market demand.
Spurring rise
in demand for the latest security and authentication technologies in various
information-sensitive industries escalates the market growth. Market Research
Future (MRFR), in its latest advanced authentication market report, asserts
that the market is poised to grow at a 12% CAGR during the review period
(2017-2023).
Many
organizations are increasingly shifting their traditional data storage methods
to cloud-based data storage, thereby requiring high-security services.
Additionally, the high adoption of cloud-based technology by organizations and
government agencies accelerates the market growth. Also, increasing digital
payments via smartphones and evolving network services create substantial
market demand.
Global
Advanced Authentication Market – Segments
The advanced
authentication market segments are defined as solution, product, deployment,
end-users, and regions. The solution segment is sub-segmented into
single-factor authentication and multi-factor authentication. The product
segment is sub-segmented into hardware, software, and services. The hardware
segment is further bifurcated into hardware tokens, biometrics, smart cards,
and others.
The
deployment segment is sub-segmented into on-premise and on-cloud. The end-users
segment is sub-segmented into BFSI, utilities, government, retail, and others.
By regions, the market is sub-segmented into Asia Pacific, Americas, Europe,
and rest-of-the-world.
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Global
Advanced Authentication Market – Regional Analysis
North America
dominates the global advanced authentication market. The market growth
attributes to the rapid deployments of advanced authentication solutions and
services, mainly in BFSI, eCommerce, and mobile payments. Besides, the presence
of a large number of technology providers and efficient agencies working
against cybercrimes drive the market growth in the region.
Moreover,
substantial technological advancements and investments made in developing
authentication technology foster market growth. Rapid uptake of mobile and
cloud applications in banking, government, energy & utility services boost
the market demand colossally. The US accounts for the largest share in the
advanced authentication market in North America, followed by Canada and Mexico,
respectively.
Europe seizes
the second-highest share in the global advanced authentication market. Factors
such as the increasing uptake of advanced authentication solutions in
government establishments like cyber authorities & policies to protect confidential
data in small and large organizations push the regional market growth.
Additionally, the growing adoption of advanced analytics and increased data
security issues propel the regional market growth.
The Asia
Pacific advanced authentication market is growing rapidly. Factors such as the
increasing cyber-attacks and the rising demand from banking & financial
services positively impact the market growth in the region. The APAC advanced
authentication market is forecasted to register the highest CAGR over the
review period.
Advanced
Authentication Market – Competitive Analysis
Highly
competitive, the advanced authentication market appears fragmented, with
several key players forming a competitive landscape. These players make
substantial investments to drive R&D activities and expansion. This
market is expected to witness fierce competition due to increasing innovations
and strategic initiatives.
Major
Players:
Players
active in the global advanced authentication market include IBM Corporation
(US), CA Technologies (US), HP ESSN (US), Oracle Corporation (US), CSC BSS
(India), MasterCard Inc. (US), Versasec AB (Sweden), Atos Corporation (France),
Gemalto (the Netherlands), Datacard Group (US), among others.
Industry/
Innovation/ Related News:
March 15,
2021 ---- QOMPLX, a leading risk analytics provider, announced the
acquisition of a cyber-intelligence company - Sentar Inc., to drive active
directory security and authentication attack detection and advanced security
data fusion use cases.
The acquisition
would enhance QOMPLX’s cybersecurity intelligence, operations, and service
delivery across the government. Sentar and QOMPLX had already partnered around
industrial control systems security and continuous monitoring using shared
expertise and QOMPLX software and analytics.
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