By the time you arrive at work in the morning, you might have already unlocked your phone to read email, been to the gym, purchased coffee, or reviewed your bank account balance online. You probably did not think twice about the passcode, thumbprint, facial recognition, PIN or password used to do these things-that is how common authentication moments have become in our lives.
While these moments involve consumer-facing technology, there are other authentication moments that do not such as checking-in for doctor appointments, election voting, school visits, student attendance and age verification for movies. All of these familiar moments happen many times throughout the day and we can see the need for them, but the industry has not had a way of defining the authentication market and size its potential value as it relates to authentication moments and services.
Research by Euromonitor International Ltd., titled "Assessing Global Authentication Opportunities," reveals the market opportunity for secure authentication services by identifying the most common authentication moments experienced by consumers and estimating their frequency. The research assigns each authentication moment and its occurrence a potential commercial value on a per transaction basis to provide a quantifiable way to assess authentication as an investment opportunity.
The research also identifies attractive opportunities for integrating secure authentication services today and where the opportunities exist in the future.
The results of the study revealed:
- Consumers globally completed 52 trillion authentication moments in 2016. Based on the global population of that year, this translates to every adult having authenticated their identity 30 - 40 times per day.
- All of these authentication moments contributed to a potential global market value of $161 billion (USD)./li>
- Immediate opportunities for implementing authentication technology include moments in digital transactions, government e-services and digital property logins. In the future, the Internet of Things (IoT), medical and transportation services are areas where the need for authentication will increase.
Visa developed an authentication platform, Visa ID Intelligence and has been partnering with companies to re-envision the authentication experience to support new and existing commerce opportunities. Visa is committed to helping the industry introduce secure authentication solutions for identity documents, user data, device data and biometrics to remove friction from the consumer experience so authentication moments become even more benign to consumers.
With Visa ID Intelligence, financial institutions, developers and commerce partners can easily and quickly adopt emerging authentication technologies such as face, fingerprint or voice recognition; document verification; or device and user identification. This will help create secure and more convenient ways for consumers to check-in, register, shop, pay and bank as they encounter all the authentication moments throughout the day.
To download the Euromonitor research " Assessing Global Authentication Opportunities", click here.