Latest News- Advanced Authentication Market: Biometrics is expected to lead the Technology segment during 2025-2029

The Advanced Authentication Market is being driven by Increasing volume of online transactions

The Advanced Authentication Market is expected to grow at a CAGR of 21.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 75579.1 million. Out-of-Band (OOB) authentication is a valuable security measure for enterprises seeking to mitigate fraud risks in high-stakes transactions. By utilizing a secure communication channel, OOB technology ensures end-users' identities are verified through the coordination of two distinct networks. This multi-factor authentication (MFA) methodology thwarts unauthorized access even when a hacker obtains a user's security credentials. The cost-effective OOB authentication solution represents an attractive alternative to complex and costly biometric or key-based technologies. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Biometrics
  • Multi-factor authentication
• Type
  • Large enterprise
  • SME
• Deployment
  • Cloud-based
  • On-premises
• End-user
  • BFSI
  • Healthcare
  • Government and defense
  • IT and telecom
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing volume of online transactions
• High-level security provided by hardware OTP tokens
• Growing adoption of BYOD among enterprises

However, the market also witnesses some limitations, which are as follows:

• Increasing cost of OTP tokens
• Inconvenience of bearing hardware tokens and vulnerability to threats
• Rising number of technical defects

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Market Scope in Advanced Authentication Market Research Report

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Research Analysis Overview

The Advanced Authentication Market encompasses various authentication frameworks, strategies, and solutions from vendors, shaping market trends through advanced technologies. Best practices and implementation, deployment, security, privacy, compliance, and regulations guide adoption. Standards, certifications, testing, auditing, monitoring, reporting, management, and governance ensure effectiveness. Risk assessment, threat analysis, attack vectors, and mitigation techniques address security concerns, while forensics, incident response, recovery, and future innovations enhance capabilities.

Market Research Overview

The advanced authentication market encompasses multi-factor authentication, biometric authentication, behavioral analytics, risk-based authentication, adaptive authentication, and passwordless authentication solutions. These technologies enhance security by adding an extra layer of protection to traditional password-based authentication. The global IT consulting and other services market, a subsegment of the larger IT services industry, is projected to grow significantly due to increasing government investments in modernizing IT infrastructure. This trend creates a demand for IT consulting and information management services to help public sector organizations implement advanced authentication solutions. Additionally, the need for businesses to safeguard sensitive data from cyber threats further fuels market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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