The Europe Advanced Authentication in Financial Services Market would witness market growth of 14.1% CAGR during the forecast period (2022-2028).
Financial institutions are typically fervent supporters of cybersecurity innovation as it is the sector most frequently targeted by attacks and is one of the ones regulators watch closely. Though the procedures preventing access and authentication to the services and systems of financial institutions are guarded by attacks, attacks on these institutions continue to occur. For example, Flagstar Bank recently reported that hackers had accessed their networks without authorization and obtained over 1.5 million client details.
Malware assaults and credential stuffing attacks are the second most frequent attack types after phishing. The risk of push notification attacks follows these closely. Push assaults especially target the push notifications utilized by many authenticators, often known as MFA-prompt bombing. Modern hacker groups like Lapsuss, who recently compromised Okta, Microsoft, Samsung, and other companies, use it frequently.
Additionally, ransomware also remains one of the most common and most used attacks. While not all ransomware attempts are successful, many firms suffer cyber breaches, and roughly a third are breached more than once. The repercussions are severe for many people, including everything from regulatory fines to losing clients to competitors to losing employee and customer data. Credential-related concerns are identified as the primary attack channel in the financial field by several industry assessments. So, most firms experience at least one breach connected to an authentication flaw.
The current financial services regulations would be significantly modified by the European Commission in terms of legislation to take into account the technological developments brought about by distributed ledger, digital asset technologies, and blockchain. The European Commission proposes to amend or extend the Markets in Financial Instruments Directive (MiFID) to cover all digital assets to regulate all digital assets and decentralized financial products. As a result of this accomplishment, Europe will become the only continent with advanced financial service and product regulation. Therefore, all the initiatives and developments in adopting advanced authentication methods are beneficial for expanding the regional market in Europe.
The Germany market dominated the Europe Advanced Authentication in Financial Services Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $708.2 Million by 2028. The UK market is anticipated to grow at a CAGR of 13.1% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 14.9% during (2022 - 2028).
Based on Type, the market is segmented into Multi-factor Authentication and Single-factor Authentication. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on Authentication Method, the market is segmented into Biometrics, Smart Cards, Mobile Smart Credentials and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Advanced Authentication in Financial Services Market is Projected to reach USD 11.3 Billion by 2028, at a CAGR of 14.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Broadcom, Inc. (CA Technologies, Inc.), Dell Technologies, Inc., Mastercard, Inc., Thales Group S.A., NEC Corporation, ValidSoft Group, SecurEnvoy Limited (Shearwater Group PLC), Ping Identity Holding Corp. (Thoma Bravo, L.P.), Absolute Software Corporation and Fujitsu Limited.
By Type
By Enterprise Size
By Authentication Method
By Country
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