increasing volume of online transactions is driving the Advanced Authentication Market
Technavio analyzes that the Advanced Authentication Market is expected to grow at a CAGR of 19.31% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 55873.4 million.There are various factors that contribute to the growth of the market. The surge in digital transactions has led to a significant increase in demand for advanced authentication solutions. Businesses are seeking robust security measures to safeguard sensitive data and protect their customers from cyber threats. Advanced authentication technologies, such as multi-factor authentication and biometric verification, offer enhanced security and convenience, making them an essential component of modern digital businesses. These solutions ensure secure access to online platforms and financial transactions, thereby fostering trust and confidence among users. The global advanced authentication market is poised for substantial growth as more organizations recognize the importance of securing their digital assets.
The advanced authentication market is experiencing significant growth due to the increasing adoption of biometric technology in various industries. Biometric authentication systems offer more accurate identity verification methods compared to traditional solutions, such as passwords or hardware tokens. These advanced technologies utilize biometric data, including voice, palm geometry, DNA, fingerprints, facial features, iris, and vein geometry, to authenticate users. Cybercriminals pose a significant risk to individuals, small businesses, and large corporations, leading to uncertainty and fear among users. Password theft and two-step verification are common methods used by cybercriminals to gain unauthorized access to sensitive information. Biometric technology provides a more secure and convenient solution, as users do not need to carry multiple authentication devices. Interpol has reported a threefold increase in cybercrime, highlighting the need for robust authentication solutions. Biometric technology is expected to become increasingly prevalent in critical infrastructure and sensitive health data sectors, where security is paramount. The growing penetration of smartphones, most of which come with in-built biometric sensors, is also driving the demand for advanced authentication solutions. Despite the benefits, challenges such as connectivity issues in certain regions may limit the adoption of phone-based authentication solutions. Overall, biometric technology offers a more secure and convenient alternative to traditional authentication methods, making it an essential investment for businesses and individuals alike.
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Advanced Authentication Market Segmentation
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The Advanced Authentication Market is experiencing significant growth due to the increasing usage of mobile devices for transactions and remote working methods. However, this mobility brings security dangers, such as cyber security breaches and hacking attempts on payment services and online payment gateways. Geofencing models and Global Positioning System (GPS) are employed to enhance security, while cloud computing facilitates access to sensitive information. Biometrics and verification factors offer additional layers of authorization and permission, mitigating risks of identity theft, online fraud, and unauthorized access to databases and application servers. Individual users and enterprises must remain vigilant against security threats, including hackers, viruses, and other malicious actors, to protect their transactions and sensitive information.
The advanced authentication market is witnessing significant growth due to the increasing reliance on mobile devices for business transactions, heightened security concerns, and the integration of payment services. Cyber security breaches and data breaches through online payment gateways have become prevalent, necessitating the adoption of advanced authentication solutions. Geofencing models and Global Positioning System (GPS) technology are being employed to enhance security, while cloud computing and remote working methods expand the attack surface. Biometric authentication, driven by the internet and cyber threats, offers a more secure alternative to traditional single-factor authentication. The financial services industry is a major adopter of advanced authentication products and services, as they handle sensitive customer information. Technavio forecasts the global IT consulting and other services market, which includes advanced authentication solutions, to experience substantial growth due to increasing government investments in IT infrastructure and the need for expertise in current IT skills.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/
