The Single Factor Authentication System Market is experiencing significant growth globally due to its simplicity and effectiveness in authenticating user authority. With its distinct features compared to conventional authentication methods, such as password and username verifications, it offers enhanced security. The integration of advanced biometrics technology, including fingerprint, iris, facial, and voice recognition, further strengthens the system. The growing demand for single factor authentication systems across industries, including banking, healthcare, e-Commerce, and government sectors.
According to Data Bridge Market Research, the global single factor authentication system market was valued at USD 7,284.30 million in 2021 and is expected to reach USD 25,930.37 million by 2029, registering a CAGR of 17.20% during the forecast period of 2022 to 2029.
“Single-factor authentication systems in the banking sector facilitate market growth”
The widespread use of single-factor authentication systems in the banking sector acts as a driver for the market. Banks and financial institutions prioritize security measures to protect sensitive customer data and prevent unauthorized access to accounts. Single-factor authentication systems provide a baseline level of security by verifying users' identities through methods such as passwords, PINs, or biometric data. The increasing reliance on digital banking services and the need to comply with stringent regulations further fuel the demand for robust authentication systems in the banking sector, driving the growth of the single-factor authentication system market.
What restraints the growth of the global single factor authentication system market?
“High cost associated with single-factor authentication systems”
The high cost associated with single-factor authentication systems acts as a restraint for the market. Implementing and maintaining single-factor authentication systems can involve significant expenses, including hardware, software, licensing fees, and ongoing maintenance costs. These expenses can be particularly challenging for small and medium-sized businesses with limited budgets. Additionally, the cost of training employees and users to effectively use and manage single-factor authentication systems can be substantial. As a result, the high cost of implementation and maintenance becomes a deterrent for organizations considering the adoption of single-factor authentication systems, limiting their market penetration.
Segmentation: Global Single Factor Authentication System Market
The single factor authentication system market is segmented on the basis of type, offering, functionality type, and end user.
- On the basis of type, the single factor authentication system market into fingerprint recognition, iris recognition, palm print recognition, face recognition, vein recognition, signature recognition, voice recognition, and others.
- On the basis of offering, the single factor authentication system market into hardware, software.
- On the basis of functionality type, the single factor authentication system market into contact, noncontact, combined.
- On the basis of end user, the single factor authentication system market into government, military and defence, healthcare, automotive, banking and finance, consumer electronics, travel and immigration, security, others.
Regional Insights: North America dominates the Global Single Factor Authentication System Market
North America's dominance in the automated fingerprint identification system (AFIS) market can be attributed to the increasing adoption of smart technologies and rapid digitization in the region. The demand for advanced biometric solutions, including AFIS, is driven by the need for enhanced security and authentication measures.
In Asia-Pacific, the region is expected to witness rapid growth in the AFIS market due to government initiatives to provide personal tax IDs and unique identity numbers based on biometric information. This push for biometric identification systems fuels the demand for AFIS technology, contributing to the region's development in this sector.
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The Prominent Key Players Operating in the Global Single Factor Authentication System Market Include:
- Safran (France)
- NEC Corporation India Private Limited (India)
- FUJITSU (Japan)
- Aware, Inc. (U.S.)
- Gemalto Cogent, Inc. (U.S.)
- BIO-key International (U.S.)
- Precise Biometrics (Sweden)
- secunet Security Networks AG. (Germany)
- Thales Group (France)
- Cognitec Systems GmbH (Germany)
- Crossmatch. (U.S.)
- Fulcrum Biometrics, LLC. (U.S.)
- Daon (Ireland)
- Facebanx (U.S.)
- HID Global Corporation/ASSA ABLOY AB. (U.S.)
- SUPREMA Inc, (South Korea)
- Iritech, inc. (U.S.)
- M2SYS Technology (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global single factor authentication system market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Single Factor Authentication System Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
