Global Advanced Authentication Market in the Financial Service Industry, 2019-2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Mar 19, 2019--The “Advanced Authentication Market in the Financial Service Industry - Growth, Trends and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The global advanced authentication market in the financial service industry was valued at USD 3.06 billion in 2018, and it is expected to register a CAGR of 13.6% over the forecast period (2019-2024).
The financial services domain, to provide seamless services to its end users, needs to share sensitive and often regulated information across organizations and corporates. The need for sharing data has increased considerably over the last few years, majorly as a result of the advent of cloud-based services.
Major solution providers in the market today are focusing on providing a broad platform to support various existing entities in the environment, including Windows Credential Provider, OSX, iOS, Android, Windows Mobile, and Linux Pluggable Authentication.
With the demand for mobile application security, particularly for financial services, along with low-cost apps and on-demand provisioning of software, the cost of biometric integration is expected to decrease.
Changing consumer dynamics and increasing technology penetration are driving the adoption of online services among end users. The trend is also driving online transactions, resulting in a renewed emphasis on security and privacy.
Key Market Trends
Biometrics Segment to Hold Major Share
Biometrics analyze and verify/authenticate individuals based on human physical characteristics, such as fingerprint, retina, iris, palm, speech, and voice, among others.
This method of authentication has been widely adopted, owing to the key advantages it offers, namely its non-repudiation, non-transferable, and non-identifiable nature, thus providing a high level of protection against fraud.
The technology found successful implementation across various end users, such as forensics, governments, banking and financial institutions, and enterprise identity management, among others. Moreover, the widespread availability of fingerprint sensors in affordable mobile devices and government national ID programs have been instrumental in increasing the awareness and adoption of this technology.
North America Region to Account for Significant Share
North America is anticipated to hold major share owing to the increasing dependency of organizations on computer networks and electronic data to conduct their daily operations, and growing pools of personal and financial information that are also transferred and stored online. This tendency toward the adoption of online services for daily transactions has increased the need for advanced authentication services in the country.
According to the Federal Trade Commission (FTC), it was estimated that USD 16.9 billion was stolen from 16.5 million US consumers in 2017 (compared with USD 16.3 billion and 15.2 million in 2016) through identity thefts and fraud.
The advance authentication market in the financial services industry is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries.
These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability. In Jan 2018, Gemalto announced PURE white-label payment solution services to GhIPSS (Ghana Interbank Payment and Settlement Systems), a subsidiary of Ghana’s central bank that manages the country’s interbank payment processing system.
This operation is expected to increase the visibility of the company in the African region. In the same month, HID Global announced that its HID Approve two-factor mobile authentication and verification platform supports Apple’s iPhone X Face ID facial recognition system. The company expects facial recognition to play an increasingly significant role in its authentication offering, combined with threat and fraud detection.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Volume of Non-cash Payments/Transactions Fraud
4.3.2 Rising Need for Prevention of Threats due to the Increasing Number of Cloud Users
4.3.3 Increasing Number of Security Breaches, Identity Theft Threats and Related Costs
4.4 Market Restraints
4.4.1 Privacy Concerns Regarding the Authentication Vendor and High Costs of Token
4.4.2 The Presence of Legacy Systems in the Financial Services Sector and Software Migrating Cost
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness Porter’s Five Forces Analysis
4.7 Government Policies and Industry Regulations
5 Technology Snapshot
6 Market Segmentation
6.1 By Authentication Method
6.1.3 Mobile Smart Credentials
6.1.5 Other Authentication Methods
6.2.1 North America
6.2.4 Latin America
6.2.5 Middle East & Africa
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Fujitsu Ltd.
7.1.2 Gemalto N.V.
7.1.3 NEC Corp.
7.1.4 CA Technologies Inc.
7.1.5 Safran Identity and Security S.A.S
7.1.6 Dell Technologies Inc.
7.1.7 Lumidigm Inc.
7.1.8 Validsoft Ltd.
7.1.9 Pistolstar Inc.
7.1.10 SecurEnvoy Ltd.
8 Investment Analysis
9 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/p7mt7b/global_advanced?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20190319005468/en/
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Related Topics:IT Security
INDUSTRY KEYWORD: TECHNOLOGY SECURITY PROFESSIONAL SERVICES FINANCE
SOURCE: Research and Markets
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PUB: 03/19/2019 08:07 AM/DISC: 03/19/2019 08:07 AM