Contact Us

Global Single Factor Authentication System Market Size Forecast 2024-2033

12 Dec, 2024

How Is The Global Single Factor Authentication System Market defined?

Single factor authentication (SFA) system refers to a method of verifying a user's identity using only one type of authentication factor. It is the simplest form of authentication, requiring only one factor to verify identity. It provides a more convenient user experience compared to multi-factor authentication (MFA), which requires additional verification steps.

Single Factor Authentication System Global Market Report 2024 provides data on the global single factor authentication system market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The single factor authentication system market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.

How Is The Global Single Factor Authentication System Market Size Expected To Change, And What Are The Growth Rate Projections?

The single-factor authentication system market has grown exponentially, from $10.5 billion in 2023 to $12.61 billion in 2024, reflecting a CAGR of 20.1%. Historical growth is linked to the rise in online services, mobile device usage, regulatory compliance needs, and increasing cyber threats. Future market size is projected to hit $26.36 billion by 2028 at a CAGR of 20.2%, driven by rising adoption of digital services, cloud-based authentication, and growing mobile banking trends. Major trends include advancements in biometrics, IoT integration, AI-enhanced security, and improved user interfaces.

Which Drivers Are Accelerating Growth In The Single Factor Authentication System Market?

Rising cybersecurity threats are expected to contribute to the growth of the single-factor authentication system market. These threats, including sophisticated attacks and vulnerabilities in connected devices, have escalated due to limited awareness and insufficient cybersecurity investments. Single-factor authentication, often using passwords or PINs, provides a foundational layer of security against unauthorized access. From 2022 to 2023, cyber-related incidents accounted for 32.5% of personal data breaches, up from 25.9%, according to a report by the Information Commissioner's Office. This increase underscores the growing need for single-factor authentication solutions.

Get Your Free Sample of the Global Single Factor Authentication System Market Report

What Are The Core Segments Of The Global Single Factor Authentication System Market?

The single factor authentication system market covered in this report is segmented –
1) By Type: Fingerprint Recognition, Iris Recognition, Palm Print Recognition, Face Recognition, Vein Recognition, Signature Recognition, Voice Recognition, Other Types
2) By Offering: Hardware, Software
3) By Functional Type: Contact, Noncontact, Combined
4) By End User: Government, Military And Defense, Healthcare, Automotive, Banking And Finance, Consumer Electronics, Travel And Immigration, Security, Other End Users

Which Emerging Trends Are Reshaping The Single Factor Authentication System Market Size?

Key players in the single-factor authentication system industry are adopting palm vein recognition technology to enhance security and reliability. This biometric method identifies individuals by analyzing unique vein patterns in their palms. For instance, in July 2023, Keyo, a U.S.-based biometric identity platform provider, launched Keyo Wave+, a device employing palm vein recognition for user identification. By analyzing millions of internal and external points in a person’s hand, the device enables secure and quick identity verification. It facilitates various functions, including payment processing, ticket redemption, and access control, eliminating the need for wallets, keys, and similar items.

What Is The Largest Region In The Single Factor Authentication System Market?

North America was the largest region in the single factor authentication system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the single factor authentication system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.