E-Banking and mobile banking has changed the way customers perceive banks now. Now, financial transactions can take place with a touch of the phone or a click of a mouse. Banks are increasing the services that can be done online. Mobile and E-Banking are being used more regularly by the customers as it reduces the effort and time of physically going to a bank. This has helped the customers no doubt, but it has also helped cyber criminals prowling on the internet. Regular attacks on unsuspecting customers and wiping their account away is becoming a common phenomenon. In fact, even the banks are not immune from these attacks. So, the use of advanced authentication is increasingly used by the financial institution to safeguard themselves and their customers.
Security threats have been increasing continuously. Hackers are finding new ways to steal the data while new viruses are being developed to steal sensitive information from enterprises and individual users. With most of the users now preferring to perform transactions online, it becomes imperative of the organization to deploy authentication solutions which help in convenient and secure access.
Every organization needs a reliable security system as a way to confirm the truth of something or the identity of a person. The basic or traditional password method is too often breached or copied or share, thereby exposing data to theft or malicious intrusions.
The other factor which is contributing to the growth of advanced authentication solutions market is increased adoption of mobility. Enterprises are feeling pressure to enable employees, partners and other stakeholders to access more sensitive information from anywhere and any device. This is making advanced authentication systems a critical aspect of an enterprise’s organizational strategy.
Vendors of advanced authentication solutions are developing and improving their existing authentication methods. Some of the most commonly used authentication methods are biometrics, smartcards, token and several others for mitigating security risks.
Existing authentication methods have not been able to fulfill the advanced security threats. This has led to an increase in investments in research and development of advanced authentication technologies.
The different kinds of advanced authentication methods are smartcards, biometrics, mobile smart credentials, tokens, user-based public key infrastructure, and others. The report describes each of these methods in detail along with its market share and forecast.
Some of the major vendors mentioned in the report are Fujitsu, Gemalto, NEC Corporation, Safran, Suprema and RSA Security. There are some other vendors like NetMotion Wireless, CJIS Solutions and WideBand Corporation who are serving the market with their unique offerings.
The parameters contributing to the growth of the advanced authentication market are the increasing security threats these days and the need to safeguard oneself from these threats. Supportive government regulations and the ever-expanding usage of advanced authentication across different industry verticals are also the factors responsible for the rising demand for this particular market.
The social and cultural factors are something that might the growth progress of the advanced authentication market.
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