The Advanced Authentication Market size is estimated at USD 16.03 billion in 2024, and is expected to reach USD 29.81 billion by 2029, growing at a CAGR of 13.20% during the forecast period (2024-2029).
Factors driving the Advanced Authentication Market include increased adoption of mobility, and enterprises are feeling pressure to enable employees, partners, and other stakeholders to access more sensitive information. Security threats have been increasing continuously. Hackers are finding new ways to steal data, while new viruses are being developed to steal sensitive information from enterprises and individual users. With most users now preferring to perform transactions online, it becomes imperative for the organization to deploy authentication solutions that help ensure convenient and secure access.
Also, according to a POLITICO analysis, nearly 50 million people in the United States had their sensitive health data breached last year, a threefold increase in the last three years. Last year, these kinds of problems were reported by healthcare providers and insurers in every state except South Dakota. This increased the need for advanced authentication over the next few years.
Furthermore, BIO-Key International Inc announced that its BIO-Key MobileAuth will be upgraded in May 2022, eliminating the need for multiple authentication solutions. New biometric and push token authentication options to support a wider range of use cases and address the insufficiencies of traditional authentication.
The advanced authentication market is highly competitive and consists of several major players. In terms of market share, few players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies leverage strategic collaborative initiatives to increase their market share and profitability.
In October 2022, NEC Malaysia was selected as a technology partner for the implementation of its border Control Solution and Automated Biometric Identification System for Malaysia's National Integrated Immigration System (NIISe), IRIS Information Technology Systems Sdn Bhd (IITS), a subsidiary of IRIS Corporation Berhad (IRIS).
In October 2022, Experian and Prove Identity Inc announced a global partnership to further financial inclusion through advanced identity verification technology. The partnership will give more access to companies for advanced identity technology, such as cryptographic authentication, that they can use to verify more consumers in a quick and secure manner.
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