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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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
240 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 21.6% |
Market growth 2025-2029 |
USD 75579.1 million |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
17.2 |
Key countries |
US, Germany, China, UK, Canada, France, India, Japan, Italy, and Australia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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.
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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