Advanced authentication in financial services helps in providing seamless services to end users and also helps organizations for circulating sensitive information across the corporations. The demand for data sharing has risen dramatically in recent years, owing to rapid adoption of cloud-based services among organizations, thereby driving the growth of the market. Moreover, it is important to manage authentication policies in one place with advanced authentication as most businesses are required to run and maintain multiple infrastructures. Furthermore, to complete the log-in or transaction process, advanced authentication and two-factor authentication or multifactor authentication require an additional separate factor or credential. Therefore, surge in adoption for advanced authentication services and efficient usage of its services are expected to boost the advanced authentication market growth in financial services in the near future.

The advanced authentication market in financial services market share is segmented on the basis of authentication type, enterprise size, and region. Based on authentication type, the market is bifurcated into smartcards, biometrics, mobile card credentials, tokens, and others. By enterprise size, it is categorized into large enterprise, small & medium enterprises. Based on region, the market is analyzed across North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Key players operating in the advanced authentication market in financial services market include Fujistu Ltd, Thales Group, NEC Corporation, CA Technologies Inc., Safran Identity and Security SAS, Dell Technologies Inc., Lumidigm Inc., Validsoft Ltd, Pistolstar Inc., and SecurEnvoy Ltd.  These players adopt collaboration, partnership, and agreement as their key developmental strategies to increase revenue of the Advanced Authentication industry and develop new products for enhancing product portfolio.

COVID-19 Impact Analysis

• In the wake of COVID-19 pandemic situation, the demand for advanced authentication in financing platforms is expected to grow for online assessment & processing of finance to avoid data breach and to secure all authenticated cases and policies of the organization.
• Moreover, the tradition to use advanced authentication in financial services has helped consumers and the financial industry to provide finances through different channels without any physical contact with the end users.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Increase in volume of non-cash payments/transactions fraud, rise in need for prevention of threats due to increasing number of cloud users, and increase in number of security breaches & identity theft threats drive the growth of the market. However, privacy concerns regarding authentication vendor and high costs of token are expected to hamper the growth of the market. Contrarily, rise in the demand for cloud-based security solutions & regulatory mandates can be witnessed as an opportunity for market investments.

The global advanced authentication market in financial services market trends are as follows:

Increasing volume of non-cash payments/transactions fraud

With advancements in technology and digital payments being easy to operate, many people have switched from traditional banking to digital payments. Though this can be viewed as a certain way toward technological advancements, fraudulent activities have also started to take place since majority of the population have moved online to carry on with their functions. Therefore, to protect customers’ security, advanced authentication has been introduced. Furthermore, it helps financial institutions to effectively provide seamless services to its users. Moreover, advanced authentication financing ensures that all authentication policies are managed effectively. Therefore, it can be concluded that this seamless process of technological adaptation is expected to boost the global advanced authentication market in financial services growth during the forecast period.

Rise in need for prevention of threats due to increasing number of cloud users

Advanced authentication in financial services has been increasingly adopted and implemented by many financial institutions. Since cloud users are increasing in number and customer security is of utmost importance, many organizations have switched to advanced authentication services as these technologies help in adding advanced proficiencies, such as easy accessibility, security, and transparency, to advanced authentication platforms, which further boost the market growth. Therefore, rise in adoption of advanced authentication services is expected to foster the growth of the global advanced authentication market in in financial services the coming years.

Market Scope and Structure Analysis

Key Benefits of the Report

• This study presents analytical depiction of the global advanced authentication market in financial service along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the advanced authentication market in financial service share.              
• The current market is quantitatively analyzed from 2021 to 2030 to highlight the global advanced authentication market in financial service growth scenario.                        
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.  
• The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Key Segments Covered

Questions Answered in the Advanced Authentication Market in the Financial Service Research Report

• Which are the leading players active in the global advanced authentication market in financial service?
• What are the detailed impacts of COVID-19 on the market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?