NEW
YORK, June 18, 2024 /PRNewswire/ -- The
global advanced authentication market size is estimated
to grow by USD 55.87 billion
from 2024-2028, according to Technavio. The market is estimated to
grow at a CAGR of almost 19.31% during the forecast
period. Increasing volume of online transactions is driving
market growth, with a trend towards introduction of
out-of-band (OOB) authentication. However, increasing cost of
otp tokens poses a challenge. Key market players include Atos
SE, Beyond Identity Inc., Broadcom Inc., Cisco Systems Inc.,
Entrust Corp., FEITIAN Technologies Co. Ltd., ForgeRock Inc.,
Fujitsu Ltd., FusionAuth, Infineon Technologies AG, International
Business Machines Corp., Mastercard Inc., Open Text Corporation,
Microsoft Corp., NEC Corp., Okta Inc., OneSpan Inc., Oracle Corp.,
Thales Group, and Versasec AB.
Get a detailed analysis on regions, market segments, customer
landscape, and companies- View the snapshot of this report
Advanced
Authentication Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
19.31%
|
Market growth
2024-2028
|
USD 55873.4
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
15.7
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
33%
|
Key
countries
|
US, China, Germany,
Canada, and UK
|
Key companies
profiled
|
Atos SE, Beyond
Identity Inc., Broadcom Inc., Cisco Systems Inc., Entrust Corp.,
FEITIAN Technologies Co. Ltd., ForgeRock Inc., Fujitsu Ltd.,
FusionAuth, Infineon Technologies AG, International Business
Machines Corp., Mastercard Inc., Open Text Corporation, Microsoft
Corp., NEC Corp., Okta Inc., OneSpan Inc., Oracle Corp., Thales
Group, and Versasec AB
|
Market Driver
The advanced authentication market is experiencing significant
growth due to the increasing adoption of Out-of-Band (OOB)
authentication technology. This secure authentication method
prevents fraud by utilizing a second network for
verification, making it an effective multi-factor authentication
solution. OOB technology offers high security levels, eliminates
the need for middleware, and supports mobile phone authentication.
Its open architecture platform enables integration with third-party
solutions and provides access to corporate logins. By enhancing
security for VPN access, OOB technology is a valuable investment
for businesses.
The Advanced Authentication market is experiencing significant
growth due to the increasing need for secure and efficient access
control systems. Passwords are no longer sufficient for protecting
sensitive data, leading to the adoption of multi-factor
authentication (MFA) and biometric authentication technologies.
Passwordless authentication, such as SMS-based and email-based
verification, are also gaining popularity. Cloud-based solutions
are becoming more common, offering convenience and flexibility.
Factors like convenience, security, and cost-effectiveness are
driving trends in the market. Confidence: 90%
Research report provides comprehensive data on impact of trend.
For more details- Download a Sample Report
Market Challenges
- The advanced authentication market is experiencing higher costs
due to substantial initial deployment and replacement expenses.
These costs consist of the pricing and licensing model,
infrastructure needs, hardware necessities, and token warranties,
as well as the resources and effort required for implementation and
management. This trend is more pronounced in regions with limited
vendor presence, such as South
America and Eastern Europe,
where a small number of US and European vendors, including Entrust,
RSA Security, and VASCO, dominate the market. The absence of
significant competition is leading to increased costs for OTP
tokens, which may hinder market expansion during the forecast
period.
- The Advanced Authentication market faces several challenges in
implementing effective security measures. One major challenge is
the increasing number of password-based attacks, requiring more
robust multi-factor authentication (MFA) solutions. Decryption of
tokens and certificates is another challenge, necessitating
advanced encryption techniques. Additionally, the integration of
biometric authentication into various systems poses technical
complexities. Furthermore, ensuring compatibility with various
devices and platforms adds to the implementation challenges.
Lastly, ensuring user experience while maintaining security is a
constant balancing act. These challenges necessitate continuous
innovation and improvement in advanced authentication
technologies.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This advanced authentication market report extensively covers
market segmentation by
- Technology
- 1.1 Biometrics
- 1.2 Multi-factor authentication
- Type
- 2.1 Large enterprise
- 2.2 SME
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Biometrics- Advanced authentication market is
thriving due to increasing cybersecurity concerns. Businesses
invest in multi-factor authentication and biometric technologies
for enhanced security. Single sign-on solutions streamline access,
saving time and resources. The market growth is driven by the
rising number of data breaches and the need for secure digital
transactions. Companies prioritize user experience, ensuring
seamless authentication processes. Compliance with regulations such
as GDPR and HIPAA further boosts market demand.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Advanced Authentication Market is experiencing significant
growth due to the increasing usage of mobile devices for
transactions online and the subsequent security dangers. Cyber
security breaches through hacking, viruses, and identity theft pose
a major threat to sensitive information, particularly in
enterprises where employees handle large databases and application
servers. To mitigate these risks, advanced authentication methods
such as geofencing models using Global Positioning System
technology, biometrics, and multi-factor authentication are being
adopted. These verification factors include names and passwords,
authorization or permission, and verification codes sent via email
or text message. Cloud computing and remote working methods have
further complicated security, making advanced authentication
essential for securing online payment gateways and protecting
against online fraud.
Market Research Overview
The Advanced Authentication Market encompasses innovative
solutions that ensure secure and seamless user access to digital
platforms. These solutions employ multi-factor authentication,
biometric verification, and behavioral analytics to mitigate cyber
threats. The market is driven by the increasing adoption of cloud
services, the proliferation of IoT devices, and the growing need
for data security. Additionally, regulatory compliance requirements
and the rising trend of remote work are further fueling market
growth. The advanced authentication market offers significant
opportunities for technology providers, as businesses seek to
enhance their security posture and protect sensitive information.
Solutions that provide ease of use, scalability, and integration
with existing systems are expected to gain traction in the
market.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Technology
-
- Biometrics
- Multi-factor Authentication
- Type
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio