Advanced Authentication Market in the Financial Service Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Posted April 6, 2021 by statzyreports

The global advanced authentication market in the financial service industry was valued at USD 3.476 billion in 2020, and it is expected to register a CAGR of 13.6% over the forecast period 2021-2026.

- Online frauds, 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.

- 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.

- As the population and creativity of hackers grow, BFSI sector is compelled to deploy new authentication methods which will ensure protection of customer data. It is forcing the vendors for continuous innovation.

Key Market Trends

Biometrics to Hold Major Share

- The anonymous nature of digital transactions means that businesses and consumers must mutually find ways of establishing bilateral trust. To accomplish that today, consumers look for visual signs of security when interacting with a business.

- 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.

- Iovation's 2018 report titled “Moving Beyond the Password: Consumers’ Views on Authentication”, revealed that 85 % of respondents want to replace passwords with advanced authentication methods.

- In March 2019, British bank NatWest started trialing the use of a new NFC payment card with a built-in fingerprint scanner. It allowed its participants to make NFC payments (called “contactless” in the UK) without needing to input a PIN or offer a signature.

- In Global Identity Fraud Report 2019, it was mentioned that consumers still do not have "complete faith" on banks when it comes to personal data storage, Thus Biometric is poised for market expansion in the financial industry.

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Asia-Pacific to Witness the Highest Growth

- Asia-Pacific holds a unique place in the global financial and digital technology landscape. Adoption for digital banking and commerce is highest in the world among some countries in Asia-Pacific and growing rapidly in others.

- According to APAC Identity and Fraud Report, 90% of the respondents reported personal banking as one of their top online activities. This indicates a demand for advanced authentication methods.

- Many countries have passed regulation and created independent programs to create a “single source of truth” and provide banks and retailers with verified customer digital identities. Examples are, Malaysia’s MyKad, Singapore’s MyInfo and Thailand’s Digital ID, all designed to facilitate and speed up identity verification.

- A major bank in Japan is set to equip its ATMs with facial recognition technology by the end of 2019, allowing customers to open accounts. This will replace the need to submit a copy of an ID, such as a driver’s license.

Competitive Landscape

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.

- January 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.

- January 2018 - HID Global announced that its HID Approve two-factor mobile authentication and verification platform supports Apple’s iPhone X Face ID facial recognition system.

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Issued By Statzy Market Research
Country India
Categories Electronics , Semiconductors
Tags Advanced Authentication Market , Advanced Authentication Market share , Advanced Authentication Market Size , Advanced Authentication Market forecast
Last Updated April 6, 2021