#Multifactor Authentication Market Size

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Multifactor Authentication Market - Forecast(2024 - 2030)

Multifactor Authentication Market Overview

The Multifactor Authentication Market is currently valued at $10.4 billion in 2022 and is expected to reach a valuation of $26.8 billion by 2027 growing at a CAGR of 15.08%. The increasing number of cyber-attacks, data breaches, and stringent government regulations regarding the privacy of sensitive data are the major factors that will be driving the growth of this market. The rapid digitization of the infrastructure of many end-user industries such as BFSI, healthcare, governmental entities and others are also accelerating the expansion of the Multifactor Authentication Market. The voluminous amount of data and the threat of such sensitive data getting exposed has resulted in many high performing organizations across industries deploying extremely sophisticated security technology. Although password authentication remains the most common method for access authentication, the increasing number of phishing attacks, automated bots, and similar other types of sinister attacks. This has resulted in the deployment of more advanced security authentication systems such as use of One Time Password to verify the registered mobile number, biometric verification, and others. These are very important components of the identity and access management architecture. These aforementioned factors will positively influence the Multifactor Authentication industry outlook during the forecast period.

Multifactor Authentication Report Coverage

The report: “Multifactor Authentication Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Multifactor Authentication Industry.

By Authentication Type: Password Authentication and Password-less Authentication. By Model Type: One-factor Authentication Systems, Two-factor authentication systems, Three-factor Authentication Systems, Four-factor Authentication Systems, Five-factor authentication systems and others. By End-user: BFSI, Government, Defence, Healthcare, E-Commerce Organizations, Telecommunications, IT, Manufacturing and Others. By Geography: North America (the U.S., Canada, Mexico), Europe (UK, Germany, France, Italy, Spain, Others), APAC (China, Japan, South Korea, India, Australia, Others), South America (Brazil, Argentina, Others) and RoW (Middle East, Africa).

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Key Takeaways

BFSI will be the fastest-growing segment by end-users in this market with a CAGR of about 16.28% due to increasing incidences of phishing attacks, data breaches, and government regulations regarding the handling of sensitive data.

Password less Authentication is the fastest-growing segment by Authentication Type in this market with a CAGR of 16.84% due to increasing frequency of brute force attacks via botnets, password spraying, and reduced costs in the long run.

North America region holds the largest market share at 31% due to increasing frequency of industrial patent theft, phishing attacks against prominent individuals, and attacks by automated bots to spread fake news and shape public opinion.

Multifactor Authentication Market Segment Analysis - by Authentication Type

The Multifactor Authentication Market can be classified into two segments according to Type such as Password Authentication and password less Authentication. Between them, password less Authentication is projected to have the fastest growth at a CAGR of 16.3% in the forecast period of 2022-2027. Increasing frequencies of phishing attacks, brute force attacks by botnets, and sophisticated malware attacks which can bypass security safeguards are the main factors that are driving the growth of this segment. In June 2022, LastPass announced that it will allow its users access to their vaults via a password less authentication system whereby the users will be sent a login request on the LastPass Application. This mechanism removes the need for users to copy and paste their passwords for login and also removes the risk of compromised passwords. Such developments are likely to propel the rapid expansion of this segment in the market.

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Multifactor Authentication Market Segment Analysis - by End-user

Multifactor Authentication has varied applications across different sectors such as BFSI, Government, Defense, Healthcare, E-Commerce Organizations, Telecommunications, IT, Manufacturing, and others. Among them, BFSI segment will exhibit the fastest growth at a CAGR of 16.28% in the forecast period 2022-2027. The increasing specificity of cyber-attacks such as phishing attacks, suspicious malware, and brute force attacks capable of overpowering the security safeguards of the system has led to a number of central banks mandating extremely stringent regulations regarding the handling of such sensitive data. In May 2022, the Saudi Central Bank (SAMA) underlined the need to take proactive and preemptive measures to confront the growing cyber threats and advanced trickeries of hackers that hamper the smooth functioning of the financial sector. Such developments will result in widespread of adoption of these systems by financial institutions which will lead to rapid expansion of this segment in the market.

Multifactor Authentication Market Segment Analysis - by Geography

The Multifactor Authentication Market in the North America region will account for the highest share at 31% in 2021. Increasing number of attacks on corporations leading to theft of sensitive industrial secrets, rising incidences of attacks on small businesses, and financial fraud has resulted in widespread adoption of these systems. Rapid digitization of the economy, adoption of cloud and enterprise solutions to secure sensitive data and government legislation are some of the key factors that will accelerate the growth of the market in this region. In February 2022, U.K. and U.S. intelligence announced that Russian hackers were behind an operation targeting a communications company Viasat in Ukraine that led to outages for several thousand Ukrainian customers, and impacted windfarms and internet users in central Europe. Such developments will positively impact he rapid adoption of such systems which will rapidly accelerate the growth of the market.

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Multifactor Authentication Market Drivers 

Rising number of cyber-attacks, governmental legislation and user experience:

The increasing frequencies of sophisticated cyber-attacks such as phishing, vishing and other malware attacks across multiple sectors are some of the major factors that are driving the growth of this market. The rising incidences of financial fraud, sophisticated forms of hacking, and spreading of fake news on social media to mould public perception has resulted in government to mandate legislation regarding data protection and privacy. In June 2022, Microsoft announced that they had suspended 20 One Drive accounts associated with the group called “Polonium” which in collaboration with Iran’s Ministry of Intelligence and Security was abusing the file hosting services and conducting cyberattacks on Israeli firms across multiple industries such as defense and financial services. Such developments will drive the rapid adoption of these systems which will accelerate the rapid expansion of this market.

Rapid Adoption of Multifactor Authentication due to incorporation of advanced technologies such as Public Key Infrastructure, behaviour-based authentication, and others:

Rapid technological advancements in Multifactor Authentication Systems such as advances in Public Key Infrastructure, authentication systems, and other such technological advances will lead to widespread adoption of these systems across industries. The deployment of advanced features in existing authentication systems such as Iris recognition systems and Voice Authentication Systems has drastically enhanced the capabilities to check fraudulent activities. Other technologies that are revolutionizing the industry are geolocation and facial recognition systems which incorporate the current location and facial pattern recognition technologies to authenticate the person’s identity. In May 2022, the Bangalore Metro Rail Corporation (BMRCL) announced to replace smart cards, tokens, and passes with facial recognition systems in a bid to make processes hands-free in the IT hub of the country. Such developments will rapidly accelerate the growth of the market.

Multifactor Authentication Market Challenges

High Initial cost of installation and maintenance, increased complexity of operations, and increased response time for authentication tools:

High initial cost of installation of multifactor authentication systems, increased complexity of operations, and increased service time are some of the key factors that are restricting the growth of this market. The increase in the number of layers of protection of Multifactor Authentication Systems has resulted in a much longer service time since it requires multiple identifying factors of the user. Also, the lack of understanding among the business community regarding the utility of these systems and the concern of having a possible breach that might expose the most sensitive data of their employees is inhibiting the growth of this market.

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Key Market Players

Product launches, collaborations, and R&D activities are key strategies adopted by players in the Multifactor Authentication Market. The top 10 companies in the Multifactor Authentication Market include:

MicroFocus

Broadcom

Microsoft

One Span

Okta

Thales

Oracle

SalesForce

CyberArk

SilverFort

Recent Developments

In April 2022, CyberArk announced that it has achieved SOC2 Certification which makes it the first Identity Security provider offering SOC 2 Type 2-certified SaaS solutions for privileged access management (PAM), endpoint privilege management, remote vendor access, Identity and Access Management, and cloud infrastructure entitlements management. 

In February 2022, Smart Communications and One Span Inc. announced a partnership that integrates OneSpan’s e-signature product, OneSpan Sign, into the Smart Communications platform to extend the value of the total customer experience. Such developments will rapidly accelerate the growth of the market.

In September 2021, Bank Id announced its decision to use OneSpan’s cloud authentication and anti-fraud offerings to improve the customer experience and help secure one of the most widely used applications in Norway. Such developments will positively impact the growth of the market.

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An In-Depth Look at the Growth of Global Zero Trust Security Market

The global zero trust security market size is anticipated to reach USD 82.45 billion by 2030, growing at a CAGR of 16.6% from 2023 to 2030, according to a recent study by Grand View Research, Inc. The growing sophistication of cyber threats and their negative impact on an organization’s operational activity have compelled several policymakers, governments, and authorities to implement and form regulations. Currently, more than 120 countries have implemented some form of privacy laws for data protection. This is to promote data security and support consumers in ensuring that data is stored in a secured infrastructure. For instance, in August 2021, China legislated its omnibus data protection legislation, the Personal Information Protection Law (PIPL), which protects personal data and regulates processing. It went into effect on November 1, 2021. The PIPL is intended to govern the processing of Personal Information (PI) of Chinese citizens within and outside of China. The PIPL coexists with the Chinese Cybersecurity Law (CSL), which governs internet service providers, internet infrastructure, and national cyber security, and the Data Security Law (DSL), which governs data security in general.

The regulations and laws related to data protection generally follow the principles of notice, choice and consent, access and participation, integrity and security, and enforcement. These principles form a basic structure to advise users of the policies to safeguard their personal information, a consent to store or collect personal information, ensure the information has no unauthorized access, and ensure data collection follows compliance. As the Internet of Things (IoT) expands across organizations and an increasing number of IoT applications collect consumer data from several touchpoints, the risk of data theft and unauthorized access to data increases. Data protection regulations and laws are essential to prevent such attempts. Such regulations compel companies to maintain adequate security compliances and form zero-trust policies, driving market growth.

Gather more insights about the market drivers, restrains and growth of the Zero Trust Security Market

Zero Trust Security Market Report Highlights

• The network security segment of the market is expected to register the highest CAGR from 2023-2030, more than 18%. The growth of the network security segment can be attributed to its benefits which include mitigating risks, protecting propriety information, and enabling a modern workplace, among others

• During the forecast period, the cloud segment is expected to witness the highest CAGR of more than 16% in the market. The growth of the cloud segment can be attributed to benefits such as better scalability, flexibility, and improved security, among others

• The multifactor authentication segment is estimated to occupy the largest share of the market by authentication in 2022. The multifactor authentication offers added layers of security, which have been a major factor in the segment's growth

• The SME segment of the market is projected to register the highest growth rate over the forecast period, owing to the rising need for cyber security among SMEs, and the low price of zero trust security owing to cloud deployment has also been driving the growth of the SME segment

• The healthcare segment of the zero trust security model is projected to register the highest growth rate of 19%. The increasing cyber-attack against the healthcare industry has been a major driving factor for adopting zero-trust security

• The Asia Pacific region of the zero trust security industry is projected to witness the highest growth rate by region over the forecast [period. The region's growth can be attributed to rising digitalization combined with improving cybersecurity regulation.  

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

• The global high frequency trading market size was valued at USD 10.36 billion in 2024 and is projected to grow at a CAGR of 7.7% from 2025 to 2030.

• The global dispatch console market size was valued at USD 1.95 billion in 2024 and is projected to grow at a CAGR of 5.0% from 2025 to 2030. 

Zero Trust Security Market Segmentation

Grand View Research has segmented the global zero trust security market based on security type, deployment, organization size, authentication, application, and region:

Zero Trust Security Security Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Network Security

• Data Security

• Endpoint Security

• Cloud Security

• Others

Zero Trust Security Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

• On-premises

• Cloud

Zero Trust Security Organization Size Outlook (Revenue, USD Billion, 2018 - 2030)

• SMEs

• Large Enterprise

Zero Trust Security Authentication Outlook (Revenue, USD Billion, 2018 - 2030)

• Single-factor Authentication

• Multi-factor Authentications

Zero Trust Security Application Outlook (Revenue, USD Billion, 2018 - 2030)

• IT & Telecom

• BFSI

• Healthcare

• Retail

• Others

Zero Trust Security Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

o U.S.

o Canada

• Europe

o UK

o Germany

o France

o Italy

o Spain

• Asia Pacific

o China

o India

o Japan

o Australia

o South Korea

• Latin America

o Brazil

o Mexico

o Argentina

• Middle East and Africa

o UAE

o Saudi Arabia

o South Africa

Order a free sample PDF of the Zero Trust Security Market Intelligence Study, published by Grand View Research.

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Identity And Access Management Market Product Driving Factors, Capacity and Growth Rate Analysis to 2030

The global identity and access management (IAM) market was valued at USD 15.93 billion in 2022, with expectations to grow at a compound annual growth rate (CAGR) of 12.6% from 2023 to 2030. IAM solutions provide a critical framework that ensures only authorized individuals and roles within an organization can access necessary resources, applications, and tools to fulfill their duties effectively. This system enables organizations to manage user access across various applications without needing administrator-level access for every single app, simplifying user management and boosting security. With the rise in IoT and AI technologies, heightened awareness around regulatory compliance, and increased digital platform reliance, the demand for IAM solutions is anticipated to grow significantly over the forecast period.

With the rapid rise of cloud adoption and advanced digital technologies, instances of cyber fraud and other malicious activities are increasing. Consequently, businesses are implementing IAM systems that incorporate identity analytics and intelligence to monitor unusual account behaviors and alert administrators of potential threats. IAM systems help businesses identify and remove inactive accounts, detect policy violations, and remove unauthorized access privileges. This reduces security risks and fosters compliance with data protection and privacy regulations, which are growing concerns for enterprises of all sizes. IAM also offers cost-effective solutions for application administration by centralizing connectivity and simplifying identity modifications, ultimately enhancing user reliability and reducing administrative tasks associated with access management.

Gather more insights about the market drivers, restrains and growth of the Identity And Access Management Market

Moreover, the integration of IAM solutions with mobile device management (MDM) further enhances their functionality and ensures comprehensive control over mobile access. MDM is an essential component of IAM, enabling administrators to control applications and users on mobile devices securely. Given that IAM is used on multiple device types, extending it to mobile devices becomes a critical need for organizations. MDM supports this by facilitating app provisioning, enforcing device security policies, and protecting each connected device, thereby improving overall security. Together, IAM and MDM create a robust security system for user identity and device control, providing flexibility and enhanced security for businesses with a mobile workforce.

Component Segmentation Insights:

The IAM market is categorized into several components, including audit, compliance & governance, directory service, multifactor authentication, provisioning, password management, and single sign-on (SSO). Among these, the provisioning segment led the market in 2022, accounting for over 29.70% of the total revenue. Provisioning services are vital because they add an extra security layer by authenticating and granting individual users controlled access to an organization’s information systems. This added security has bolstered the adoption of provisioning solutions, helping businesses protect sensitive data and restrict access only to verified users.

Multifactor authentication (MFA) is projected to grow at the fastest CAGR over the forecast period. MFA enhances security by requiring users to present multiple credentials (such as a password and a secondary code or biometric verification) before accessing applications. This added security layer significantly strengthens access control and reduces unauthorized access risks. Consequently, a growing number of businesses across diverse industries are adopting MFA to secure sensitive applications and data. With cyber threats on the rise, the demand for MFA is likely to continue to accelerate as organizations prioritize enhanced security measures to protect their operations.

The overall growth trajectory of the IAM market reflects an increasing demand for secure, scalable, and user-friendly access management solutions as digital platforms become more critical to business success. As the market evolves, IAM will continue to play a key role in helping organizations enhance security, ensure regulatory compliance, and improve operational efficiency.

Order a free sample PDF of the Identity And Access Management Market Intelligence Study, published by Grand View Research.

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Identity And Access Management Market Research: Growth Opportunities by Regions, Types & Applications to 2030

The global identity and access management (IAM) market was valued at USD 15.93 billion in 2022, with expectations to grow at a compound annual growth rate (CAGR) of 12.6% from 2023 to 2030. IAM solutions provide a critical framework that ensures only authorized individuals and roles within an organization can access necessary resources, applications, and tools to fulfill their duties effectively. This system enables organizations to manage user access across various applications without needing administrator-level access for every single app, simplifying user management and boosting security. With the rise in IoT and AI technologies, heightened awareness around regulatory compliance, and increased digital platform reliance, the demand for IAM solutions is anticipated to grow significantly over the forecast period.

With the rapid rise of cloud adoption and advanced digital technologies, instances of cyber fraud and other malicious activities are increasing. Consequently, businesses are implementing IAM systems that incorporate identity analytics and intelligence to monitor unusual account behaviors and alert administrators of potential threats. IAM systems help businesses identify and remove inactive accounts, detect policy violations, and remove unauthorized access privileges. This reduces security risks and fosters compliance with data protection and privacy regulations, which are growing concerns for enterprises of all sizes. IAM also offers cost-effective solutions for application administration by centralizing connectivity and simplifying identity modifications, ultimately enhancing user reliability and reducing administrative tasks associated with access management.

Gather more insights about the market drivers, restrains and growth of the Identity And Access Management Market

Moreover, the integration of IAM solutions with mobile device management (MDM) further enhances their functionality and ensures comprehensive control over mobile access. MDM is an essential component of IAM, enabling administrators to control applications and users on mobile devices securely. Given that IAM is used on multiple device types, extending it to mobile devices becomes a critical need for organizations. MDM supports this by facilitating app provisioning, enforcing device security policies, and protecting each connected device, thereby improving overall security. Together, IAM and MDM create a robust security system for user identity and device control, providing flexibility and enhanced security for businesses with a mobile workforce.

Component Segmentation Insights:

The IAM market is categorized into several components, including audit, compliance & governance, directory service, multifactor authentication, provisioning, password management, and single sign-on (SSO). Among these, the provisioning segment led the market in 2022, accounting for over 29.70% of the total revenue. Provisioning services are vital because they add an extra security layer by authenticating and granting individual users controlled access to an organization’s information systems. This added security has bolstered the adoption of provisioning solutions, helping businesses protect sensitive data and restrict access only to verified users.

Multifactor authentication (MFA) is projected to grow at the fastest CAGR over the forecast period. MFA enhances security by requiring users to present multiple credentials (such as a password and a secondary code or biometric verification) before accessing applications. This added security layer significantly strengthens access control and reduces unauthorized access risks. Consequently, a growing number of businesses across diverse industries are adopting MFA to secure sensitive applications and data. With cyber threats on the rise, the demand for MFA is likely to continue to accelerate as organizations prioritize enhanced security measures to protect their operations.

The overall growth trajectory of the IAM market reflects an increasing demand for secure, scalable, and user-friendly access management solutions as digital platforms become more critical to business success. As the market evolves, IAM will continue to play a key role in helping organizations enhance security, ensure regulatory compliance, and improve operational efficiency.

Order a free sample PDF of the Identity And Access Management Market Intelligence Study, published by Grand View Research.

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Biometric Cards Market Outlook 2024-2033: Trends and Projections

The biometric cards global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Biometric Cards Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size - The biometric card market size has grown rapidly in recent years. It will grow from $11.09 billion in 2023 to $13.03 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to rising security needs, rising fraud concerns, regulatory compliance, increasing consumer convenience, and an increasing number of smartphone users.

The biometric card market size is expected to see rapid growth in the next few years. It will grow to $24.94 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to increasing cybersecurity threats, growing contactless payment systems, increasing demand for multifactor authentication, increasing demand for secure and reliable identification solutions, and rising demand for high-security applications. Major trends in the forecast period include the integration of contactless payment technology, the development of efficient biometric enrollment solutions, exploring blockchain technology, advancements in biometric sensors and algorithms, and integration with mobile devices.

Order your report now for swift delivery @ https://www.thebusinessresearchcompany.com/report/biometric-cards-global-market-report

Scope Of Biometric Cards Market The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Biometric Cards Market Overview

Market Drivers - The growing contactless payment systems are expected to propel the growth of the biometric card market going forward. A contactless payment system is a secure way for customers to buy items or services with a debit, credit, or smart card that uses radio frequency identification (RFID) technology or near-field communication (NFC). The widespread adoption of smartphones and the use of digital wallets have significantly boosted contactless payments. These biometric cards are particularly appealing in retail environments where reducing transaction time can improve operational efficiency and customer satisfaction​. Biometric cards in contactless payments enhance security with fingerprint authentication, reduce fraud, and attract customers and businesses while maintaining the speed of contactless payments. For instance, in January 2024, according to the European Central Bank, a Germany-based central bank of the European Union countries, the number of contactless card payments in the first half of 2023 increased by 24.3% from 20.9 billion in the first half of 2022, with the corresponding total value rising by 25.9% to €0.5 trillion ($545.27 billion). Therefore, the growing contactless payment systems drive the biometric card market.

Market Trends - Major companies operating in the biometric card market are focused on developing next-generation solutions, such as fingerprint biometric security, to provide a revolutionary payment experience and improve consumer satisfaction. Fingerprint biometric security is the process of identifying and verifying individuals based on their unique fingerprint patterns, providing high security and convenience. For instance, in June 2022, Rocker, a Sweden-based fintech company, launched the Rocker Touch. It is the first biometric payment card technology. The card employs IDEMIA's F.CODE technology, which combines chip technology and a fingerprint biometric sensor to verify the cardholder's identification. This allows consumers to authorize payments by placing their finger on the card, eliminating the need to input a PIN. Biometric data is securely saved on the chip and never leaves the card, ensuring user privacy and security.

The biometric cards market covered in this report is segmented –

1) By Type: Contact Biometric Cards, Contactless Biometric Cards 2) By Application: Payments, Access Control, Government Identification Document (ID) And Financial Inclusion, Other Applications 3) By End-User Vertical: Banking, Financial Services, And Insurance (BFSI), Retail, Government, Healthcare, Commercial Entities, Other End-User Verticals

Get an inside scoop of the biometric cards market, Request now for Sample Report @ https://www.thebusinessresearchcompany.com/sample.aspx?id=18259&type=smp

Regional Insights - North America was the largest region in the biometric card market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biometric cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies - Major companies operating in the biometric cards market are Samsung Semiconductor, Visa Inc., Mastercard, Thales Group, STMicroelectronics NV, IDEMIA Group, JCB Co. Ltd., KONA I Co. Ltd., FEITIAN Technologies Co. Ltd., Fingerprint Cards AB, Matica Technologies Group SA, Seshaasai Business Forms Private Limited, Precise Biometrics, Zwipe, NEXT Biometrics, Versasec AB, Ethernom, CardLogix Corporation, SmartMetric Inc., IDEX Biometrics

Table of Contents 1. Executive Summary 2. Biometric Cards Market Report Structure 3. Biometric Cards Market Trends And Strategies 4. Biometric Cards Market – Macro Economic Scenario 5. Biometric Cards Market Size And Growth ….. 27. Biometric Cards Market Competitor Landscape And Company Profiles 28. Key Mergers And Acquisitions 29. Future Outlook and Potential Analysis 30. Appendix

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Cloud ERP Software for Small Business: Hypernix

If your small business is the market leader in creating high performance components for the aerospace industry, maintaining that position should be the focus of every mind in your organization. Keeping your SMB ERP online and working shouldn't. This is why most small businesses are adopting Cloud ERP tools to reduce the burden on their internal teams. Cloud ERP certainly isn't for every organization, but the reasons to host your ERP On-Premise are reducing every day.

Cloud ERP is a comprehensive business management solution that integrates various functions of a company into a single, unified platform hosted in the cloud. This transformative technology has leveled the playing field for small businesses, enabling them to compete with larger enterprises on multiple fronts.

Here are the key benefits of Cloud ERP for small businesses:

Cost-Efficiency:

Small businesses often operate on limited budgets. Traditional on-premises ERP systems can be prohibitively expensive due to hardware, maintenance, and licensing costs. Cloud ERP eliminates these expenses, offering a pay-as-you-go model that allows you to scale your usage and costs as your business grows. It's a cost-effective way to access advanced software and features without a hefty upfront investment.

Accessibility and Mobility:

One of the standout features of Cloud ERP is its accessibility. You can access your ERP system from anywhere, at any time, as long as you have an internet connection. This is especially valuable for small businesses with remote teams, multiple locations, or employees on the go. It promotes collaboration and ensures everyone has access to real-time data.

Scalability:

Small businesses are known for their potential to grow rapidly. Cloud ERP systems are highly scalable, allowing you to add or remove features and resources as your business expands or pivots. You won't be held back by outdated software or infrastructure limitations.

Streamlined Operations:

Cloud ERP integrates various business processes, including finance, inventory management, customer relationship management, and more. This streamlining reduces manual data entry, minimizes errors, and provides a comprehensive view of your business operations. You can make informed decisions based on up-to-date information, leading to better outcomes.

Automatic Updates and Maintenance:

Cloud ERP providers handle software updates and maintenance, ensuring your system is always up-to-date with the latest features and security patches. This reliefs the burden on your IT team and allows them to focus on more strategic tasks.

Enhanced Security:

Data security is a top concern for businesses of all sizes. Cloud ERP providers invest heavily in security measures, including data encryption, firewalls, and multifactor authentication. Your sensitive business information is protected from cyber threats.

Why Choose Hypernix for Cloud ERP Software

User-Friendly Interface

Our user-friendly interface ensures that even those without a background in IT or ERP systems can navigate Hypernix with ease. You can start using our software quickly, without the need for extensive training.

Exceptional Support

Hypernix is more than just software; it's a partnership. We provide dedicated customer support to ensure you get the most out of our ERP solution. Our support team is here to answer your questions and assist you every step of the way.

Security and Data Protection

Security is a top priority at Hypernix. We employ robust encryption and data protection measures to keep your business information safe from cyber threats. Rest easy knowing that your data is in good hands.

Today's competitive business landscape requires small businesses to leverage technology to succeed. A cloud ERP system allows small businesses to operate efficiently, make data-driven decisions, and easily adapt to changing market conditions. Cloud ERP software from Hypernix is your secret weapon. It empowers you to take control of your business processes, make data-driven decisions, and scale your operations without breaking the bank.

You can contact us anytime to learn how Cloud ERP can transform your small business.

Read Also: Benefits of Integrating ERP Software into Your Business

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Behavioural Biometrics Market - Forecast(2024 - 2030)

Behavioural Biometrics Market Overview

The Behavioural Biometrics Market size is forecast to reach $4.8 billion by 2026, growing at a CAGR of 19.5% from 2021 to 2026. The Behavioural Biometrics Market is estimated to witness sustainable growth over the forecast period majorly because of the increasing sale of smartphones with built-in fingerprint sensors. The Market is expected to grow as products and services are moving into advanced digital security beyond simple password and pin codes. With a majority of the economy taking up the digital form and recurring incidents of authentication-data and credentials being unethically mined or stolen for hefty outlays, the demand for risk-free authentication is witnessing an unprecedented concern. Owing to the traditional security measures such as static biometrics failing to modern breaches resulting in credentials being compromised, the Behavioural data market utilizing keyboard dynamics, gait analysis, signature analysis and voice recognition is the remedial measure enterprises are seeking. From BFSI and healthcare to government and defence, all industries are employing Behavioural biometrics tools for adequate safety pertaining to digital as well as physical assets.

Report Coverage

The report: “Behavioural Biometrics Industry Outlook – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Behavioural Biometrics Market.

By Authentication Level – Single Factor, Multi-Factor

By Deployment – Cloud, On-Premises

By Type– Active, Passive

By Techniques – Keyboard Dynamics, Gait, Signature, Lip Movement, Voice Recognition and Others

By End-Use Industry – BFSI, Education, Consumer Electronics, Automotive, IT/Telecom, Government and Public Services, Healthcare, Media and Entertainment and Others

By Geography - North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, South Korea, Australia and Others), South America (Brazil, Argentina and others), and RoW (Middle east and Africa).

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Key Takeaways

Fingerprint biometric systems have witnessed a wide range of acceptance in various applications. Increasing adoption in e-commerce, tablets, mobile phones, and cloud computing are expected to generate high demand in biometric technology.

The face detection biometric technology is expected to grow rapidly due to its high adoption in retail, security and consumer electronics. Software for face recognition technology in mobile apps, such as digiKam, and Lightroom are have increased the demand in smartphone applications and social networking platforms.

The rise of e-commerce and online presences in an increasingly digital world will propel the market growth as improved security and safety will be a major challenge that can be alleviated with behavioural biometrics

Behavioural Biometrics Market Segment Analysis - By Techniques

Voice recognition is the leading segment in the present market with a share of 22.5% in 2020. This is actually a relatively new form of authentication, particularly voice recognition in mobile banking. This creates a growing demand for multifactor authentication in enterprises as the ability to use technology remotely, and quite reasonable price is factor behind the growing market. Multi-factor biometric technology is used under e-commerce and cloud computing and has created plenty of opportunities for prominent players. Although this multi-factor authentication is not simple and convenient, the improved security offered will see this segment witness significant growth.

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Behavioural Biometrics Market Segment Analysis - By End Use Industry

Behavioural biometrics is extensively being employed by online banking, e-commerce, payments, and high-security authentication markets. Behavioural biometrics recognizes individuals by assessing everything, from the manner a user grips the phone and swipes the screen, to the keyboard or gestural shortcuts they use. Software algorithms build a unique user profile, which is employed to confirm the individual’s distinctiveness on the following interactions. BFSI (banking, financial services and insurance) is the fastest-growing end-use vertical in the Behavioural Biometrics Market and is projected to register a CAGR of 17.2% through 2026. With the majority of financial assessments dipping into digitalization, compromising of authentication-data and credentials have become ubiquitous. Consequently, the BFSI sector is evading traditional PIN/Password and static biometric security gadgets and transitioning towards Behavioural biometrics, as it notes the actions of clients to recognize malicious actors and safeguards the BFSI organizations’ network infrastructure from hackers trying to fetch personally identifiable information (PII) of users.

Behavioural Biometrics Market Segment Analysis - By Geography

North America is the leading market and estimated to account for more than 40% in the base year, 2020. The increased use of behavioural biometric devices in government establishments, hospitals, and ATMs in this region is foreseen to raise the growth of the market in the predicted period. The significant adoption in BFSI in particular will drive market adoption. Asia-Pacific is among the growing markets for biometric technology. Asian countries have started adopting biometric technology in screening security systems at all the border checkpoints, through facial detection systems. This will raise awareness of various behavioural biometrics solutions and the rising digital security requirements will propel their adoption.

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Behavioural Biometrics Market Drivers

New Technology Adoption Driving Market Growth

As there are several Behavioural patterns and data points being continuously collected by Behavioural biometrics, any combination of data can be employed for the identification of a user. Thus, the authentication is precise and accurate and users cannot practicably be impersonated. AI is a major growth driver for the Behavioural Biometrics Market. Since, the fundamental incident signals in which the device user’s Behavioural data such as length of stride and speed of typing are encoded, cannot be easily susceptible to human interpretation. Hence AI undertaking is adding impetus to the market by delivering real-time results. The adoption of these technologies will be a major growth driver for the market.

Rising need for Digital Security.

Privacy is a leading concern for new novel technologies including IoT and Behavioural biometrics. As biometrics collects and stores personal data such as fingerprint, palm veins, face recognition, palm print, hand geometry, and iris recognition, it is viewed as privacy-invasive. On the contrary, Behavioural biometrics is characteristically privacy friendly as it stores data pertaining to authentication based on Behavioural patterns. For instance, fingerprint data lodged in a device can be relocated via IoT platform and used unethically to trace down an individual via biometric records. In Behavioural biometrics, the data pertaining to the gesture by which someone grips their phone cannot be used to confirm anyone’s identity. The usage of behavioural biometrics will also enable improved digital security due to the challenges associated with bypassing behavioural biometrics tools, thus driving market growth.

Behavioural Biometrics Market Challenges

High Installation Cost

One of the major challenge faced by Behavioural Biometrics Market globally is the high installation cost. Due to ongoing technology upgrades, the initial cost of adapting Behavioural Biometrics has increased rapidly which restrains end users from purchasing these solutions. This is especially prevalent in developing nations where budgets for educational institutes will not be able to accommodate this technology. Even in developed nations, the cybersecurity budget of many companies is rather limited which will hinder the adoption of behavioural biometrics solutions. These are the major challenges that restrain the Behavioural Biometrics Market growth globally.

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Behavioural Biometrics Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Behavioural Biometrics Market. The Behavioural Biometrics Market is dominated by major companies such as Biometric Signature ID, BehavioSec, HYPR Corp., AnchorID, B-Secure and Laforge Optical among other companies.

Acquisitions/Technology Launches/Partnerships

BehavioSec develops non-invasive biometric authentication methods, its ability is to prevent fraudulent activity. The team is working on enabling defensive systems to recover from a security breach in real-time situation

HYPR Corporation works with enterprise-level clients for security systems and convert the legacy systems to modern biometric standards. The company creates systems used under voice, eye, face, and fingerprint systems.

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Identity And Access Management Market In-Depth Analysis and Forecast, 2030

The global identity and access management market size is anticipated to reach USD 41.52 billion by 2030, registering a CAGR of 12.6% over the forecast period, according to a new study by Grand View Research Inc. Identity and access management (IAM) is a security discipline that ensures the right entities to use the right resources (data or apps). Advancements in the internet of things (IoT) and artificial intelligence (AI), rising awareness about regulatory compliance management, and increasing reliance on digital platforms & automation across industries are anticipated to drive the industry over the forecast period. The integration of IAM solutions and MDM is anticipated to drive market growth over the forecast period.The rising fraudulent and cybercrime activities are driving enterprises to implement IAM systems as a result of the rapid adoption of the cloud and the advancement of new technologies, such as AI and ML. IAM uses identity analytics and intelligence to monitor unusual user account activity.

Furthermore, IAM systems reduce the cost of services, such as outsourcing, among others. Hence, the rising enterprise identity and security concerns and the elimination of service costs drive the growth of the industry over the forecast period. Furthermore, high installation costs of identity and access management systems are expected to stifle the growth of the industry over the forecast period. The identity and access management industry is adopting the latest IAM business technologies as capital technology. These technologies have increased market opportunities for identity and access management which have been purchased and implemented in recent years. IAM contracts' market revenue necessitates extensive implementation. Hence, cloud-based IAM services and technology are becoming more accessible by the day which creates opportunities for market growth over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Identity And Access Management Market

Detailed Segmentation:

Component Insights

On the basis of components, the global industry has been further categorized into audit, compliance & governance, directory service, multifactor authentication, provisioning, password management, and single sign-on. The provisioning sub-segment dominated the industry in 2022 and accounted for the largest share of more than 29.70% of the overall revenue. Identity management as a service provides an additional layer of security by identifying, validating, and granting individuals access to a company's information systems.

Deployment Insights

On the basis of deployment modes, the global industry has been further classified into cloud, hybrid, and on-premise. The on-premise deployment sub-segment led the market in 2022 and accounted for the largest share of more than 50.45% of the overall revenue, due to the functionality of the solution without the need for an external network connection and access through Wide-Area Network (WAN) too. The cloud-based sub-segment is anticipated to register the highest CAGR over the forecast period.

End-use Insights

On the basis of end-uses, the industry has been further classified into BFSI; energy, oil & gas; telecom & IT; education; healthcare; public sector & utilities; manufacturing; and others. The public sector & utilities end-use segment dominated the industry in 2022 and accounted for the maximum share of more than 25.00% of the overall revenue. Rising digitalization adoption, increased investment in public sector applications, and the presence of a large amount of public data that are to be stored are the factors driving the segment growth.

Regional Insights

On the basis of geographies, the industry has been further categorized into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the global industry in 2022 and accounted for the largest share of more than 36.45% of the overall revenue. Increased cases of cyber-attacks faced by firms due to increased internet penetration are among the key driving factors for regional growth.

Browse through Grand View Research's Network Security Industry Research Reports.

• The global service provider network infrastructure market size was valued at USD 139.21 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.1% from 2022 to 2028.

• The global next-generation firewall market size was valued at USD 4.33 billion in 2021 and is expected to expand at a CAGR of 11.1% from 2022 to 2030. 

Key Companies & Market Share Insights

The global industry is highly competitive. Key players undertake various strategies, such as M&A, business expansions, and product portfolio expansions, to gain a higher market share. For instance, in May 2022, Microsoft announced the launch of a family of IAM named Entra. Entra includes its existing tools, such as Azure AD, with its new product, Decentralized Identity and Cloud Infrastructure Entitlement Management (CIEM). Entra is intended to safeguard access to any resource or application by allowing security professionals to detect and manage permissions in multi-cloud environments, allowing them to secure digital identities from end to end. 

Some of the prominent players in the global identity and access management market include:

• Amazon Web Services, Inc.

• Broadcom

• One Identity LLC.

• ForgeRock

• HID Global Corp.

• IBM

• McAfee, LLC

• Microsoft

• Okta

• OneLogin

• Oracle

• Ping Identity

Identity And Access Management Market Segmentation

Grand View Research has segmented the globalidentity and access management market on the basis of component, deployment, end-use, and region:

IAM Component Outlook (Revenue, USD Million, 2018 - 2030)

• Audit, Compliance & Governance

• Directory Service

• Multifactor Authentication

• Provisioning

• Password Management

• Single Sign-On

IAM Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• Cloud

• Hybrid

• On-premise

IAM End-use Outlook (Revenue, USD Million, 2018 - 2030)

• BFSI

• Energy, Oil & Gas

• Telecom & IT

• Education

• Healthcare

• Public Sector & Utilities

• Manufacturing

• Others

IAM Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

o U.S.

o Canada

• Europe

o U.K.

o Germany

o France

o Italy

o Spain

• Asia Pacific

o China

o India

o Japan

o Australia

o South Korea

• Latin America

o Brazil

o Mexico

o Argentina

• Middle East & Africa

o UAE

o Saudi Arabia

o South Africa

Order a free sample PDF of the Identity And Access Management Market Intelligence Study, published by Grand View Research.

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Mobile Credential Reader Market Is Likely to Experience a Tremendous Growth in Near Future

Latest Report Available at Advance Market Analytics, “Mobile Credential Reader Market” provides pin-point analysis for changing competitive dynamics and a forward looking perspective on different factors driving or restraining industry growth.The global Mobile Credential Reader market focuses on encompassing major statistical evidence for the Mobile Credential Reader industry as it offers our readers a value addition on guiding them in encountering the obstacles surrounding the market. A comprehensive addition of several factors such as global distribution, manufacturers, market size, and market factors that affect the global contributions are reported in the study. In addition the Mobile Credential Reader study also shifts its attention with an in-depth competitive landscape, defined growth opportunities, market share coupled with product type and applications, key companies responsible for the production, and utilized strategies are also marked.Some key players in the global Mobile Credential Reader market are:

HID Global (United States)

Suprema Inc. (South Korea)

AMAG Technology (United States)

Allegion plc (Ireland)

Identiv, Inc. (United States)

Honeywell International Inc. (United States)

STid (United States)

WaveLynx Technologies (United States)

Axis Communications AB (Sweden)

RF IDeas, Inc. (United States)

Keri Systems, Inc. (United States) The mobile credential reader provides access to the mobile credential and converts that information into the code data which is then passed for the interpretation. It provides access control allowing the smartphones authentication in accessing the office, it uses the Bluetooth low energy (BLE)

and near field communication (NFC) technology to read the credential providing secure and safe physical access to users.What's Trending in Market: Integration of Artificial Intelligence and Machine Learning in the Mobile Credential Reader

Challenges: Stiff Competition with New Entrants in the Mobile Credential Reader Market

Market Growth Drivers: Prevalence of Smartphones Usage Among Large Population Around the Globe

Rising Number of Mobile Data Crimes Need the Credential Reading to Provide Safety

The Global Mobile Credential Reader Market segments and Market Data Break Downby Application (Physical Access Control, Converged Access Control), Industry Verticals (Education, Commercial, Government, Other), Technology (Bluetooth Low Energy (BLE), Near field communication (NFC)), Features (Multifactor Authentication (MFA), Mass Notification, Location Awareness, Virtual Buttons, Personal Safety/Personal Emergency Response (PERS), Others

Presented By

AMA Research & Media LLP