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authID Reports Financial and Operating Results for the Second Quarter Ended June 30, 2023

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DENVER, Aug. 10, 2023 (GLOBE NEWSWIRE) — authID® [Nasdaq: AUID] a leading provider of secure identity verification and authentication solutions today reported financial and operating results for the second quarter and six months ended June 30, 2023.

“In the second quarter, the authID team executed a successful fund raise, debt capitalization, and cost-savings plan that helped improve our balance sheet, allowing us to focus on our mission to eliminate authentication fraud and deliver 100% Zero Trust Identity Protection,” said CEO Rhon Daguro.

“We also secured new contracts with several customers including ABM, a Fortune 500 company with over 100,000 employees. These customer wins validate strong market demand and fit for our identity verification and authentication products and represent the highest total gross BARR in sales that authID has achieved in a single quarter to date,” continued Daguro. “The authID team continues to be laser focused on achieving strong market momentum by delivering the faster, frictionless, and accurate user identity solutions on which highly secure enterprises and digital commerce will be built.”

Financial Results for the Second Quarter Ended June 30, 2023

The following highlights comprise results from continuing operations.

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  • Total revenue for the three months ended June 30, 2023 was $0.04 million, compared with total revenue of $0.07 million for the three months ended June 30, 2022. For the six months ended June 30, 2023, total revenue was $0.07 million, compared with total revenue for the six months ended June 30, 2022 of $0.2 million. The reduction was primarily attributed to revenue from a legacy authentication product that was discontinued in April 2022.
  • Operating expenses for the three months ended June 30, 2023 declined to $2.8 million, compared with $6.0 million for the comparable period in 2022. For the six-month period in 2023, operating expenses declined to $7.2 million, compared with $11.2 million for the same period last year. The reduced expenditure reflects the Company’s cost-saving measures resulting in lower headcount costs and lower third-party vendor costs.
  • Loss for the three months ended June 30, 2023 was $10.9 million, of which non-cash charges were $9.2 million, compared with a loss of $6.4 million of which non-cash charges were $3.3 million, for the comparable period in 2022. For the six-month period in 2023, Loss was $16.1 million, of which non-cash and one-time severance charges were $12.2 million, compared with a loss of $11.5 million of which non-cash and one-time severance charges were $5.6 million, for the same period last year.
  • Net loss per share for the three months ended June 30, 2023 was $2.15, compared with $2.06 for the three months ended June 30, 2022. For the six months ended June 30, 2023, net loss per share was $3.91, compared with $3.80 for the same period last year.
  • Adjusted EBITDA loss improved to $1.7 million for the quarter ended June 30, 2023, compared with an Adjusted EBITDA loss of $3.0 million for the quarter ended June 30, 2022. For the six months ended June 30, 2023, Adjusted EBITDA loss was $3.9 million, compared with an Adjusted EBITDA loss of $5.9 million, for the same period last year, primarily due to cost savings from the restructuring plan executed in the first quarter of 2023.
  • In May, the Company secured $8.2 million dollars in financing before expenses that included the offset of principal and accrued interest and cancellation of a $0.9 million dollar note entered into with Stephen Garchik in March 2023. The Company also improved its balance sheet and reduced cash requirements by capitalizing convertible debt totaling approximately $8.9 million dollars and exchanging it for shares of common stock.
  • Subsequent to the period, in July the Company completed a complete a 1-for-8 reverse stock split of its common stock. The impact of this change in capital structure has been retroactively applied to all periods presented herein.
  • The financing, debt restructure, and reverse stock split enabled the Company to regain compliance with Nasdaq listing rules.

Please refer to Table 1 for reconciliation of net loss to Adjusted EBITDA (a non-GAAP measure).

Operational Highlights for the Second Quarter of 2023

  • Signed an agreement with ABM, one of the world’s largest providers of facility services and solutions, with over 100,000 employees, to deploy authID’s identity authentication solutions to optimize facilities’ operations and secure employee access across shared devices. authID’s strong biometric authentication services will allow ABM to deploy next-generation security, while delivering a cost-effective and intuitive user authentication experience to critical workforce applications.
  • Continued to onboard new FinServ customers with the deployment of our biometric identity and document verification services to streamline customer onboarding and weed out imposters for a U.S. financial institution.
  • Signed an agreement with an international recruitment platform who need our services to verify identity of new hires and automate document collection, in order to deliver trusted candidates to their corporate customers.
  • Through US channel partners, added several enterprise customers to reduce identity fraud in digital customer onboarding.
  • In July, appointed Greg Manship, Dale Daguro, and Jeff Scheidel as Vice Presidents of Sales who will bring their deep understanding of the identity market and impressive track records of developing high-performing sales teams to capitalize on the strong demand for secure and reliable biometric authentication solutions.
  • On August 3rd, announced the appointment of Ed Sellitto as CFO. Sellitto will succeed Annie Pham effective August 15, 2023. Ed brings over fifteen years of experience in revenue optimization and financial operations roles supporting high-growth B2B, SaaS organizations to build and optimize their go-to-market operations.

About authID Inc.

At authID (Nasdaq: AUID), We Are Digital Identity®. authID provides secure identity verification and authentication through Verified™, an easy-to-integrate strong authentication platform. Verified combines document-based identity verification with strong FIDO2 passwordless device authentication and cloud facial biometrics to deliver identity-first cybersecurity for both workforce and consumer applications. Powered by sophisticated biometric and artificial intelligence technologies, authID establishes trusted digital identities, binds an identity to provisioned devices, and eliminates the risks of passwords to deliver the faster, frictionless, and accurate user identity solutions demanded by today’s digital ecosystem. For more information, go to www.authID.ai.

authID Media Contact
Graham N. Arad
General Counsel
[email protected]

Forward-Looking Statements
This Press Release includes “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the future results of operations, cash flow, cash position and financial position, business strategy, plans and objectives of management for future operations of both authID Inc. and its business partners, are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding authID’s present and future business strategies, and the environment in which authID expects to operate in the future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the Company’s ability to attract and retain customers; successful implementation of the services to be provided under new customer contracts; the Company’s ability to compete effectively; changes in laws, regulations and practices; changes in domestic and international economic and political conditions, the as yet uncertain impact of the war in Ukraine, inflationary pressures, increases in interest rates, and others. See the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2022 filed at www.sec.gov and other documents filed with the SEC for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this release and cannot be relied upon as a guide to future performance. authID expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any changes in its expectations with regard thereto or any change in events, conditions, or circumstances on which any statement is based.

Non-GAAP Financial Information.

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The Company provides certain non-GAAP financial measures in this statement. Please note that certain definitions of these non-GAAP financial measures have changed as compared to the non-GAAP financial measures reported in previous periods. Management believes that Adjusted EBITDA, when viewed with our results under GAAP and the accompanying reconciliations, as well as BARR and ARR provide useful information about our period-over-period results. Adjusted EBITDA is presented because management believes it provides additional information with respect to the performance of our fundamental business activities and is also frequently used by securities analysts, investors, and other interested parties in the evaluation of comparable companies. BARR and ARR are presented because management believes they provide additional information with respect to the trends in the performance of our fundamental business activities. We also rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our company and our management. These non-GAAP key business indicators, which include Adjusted EBITDA, BARR and ARR should not be considered replacements for and should be read in conjunction with the GAAP financial measures.

We define Adjusted EBITDA as GAAP net loss adjusted to exclude: (1) interest expense, (2) interest income, (3) income tax expense, (4) depreciation and amortization, (5) stock-based compensation expense and (6) loss on debt extinguishment, conversion expense on exchange of Convertible Notes, and certain other items management believes affect the comparability of operating results. Please see Table 1 below for a reconciliation of Adjusted EBITDA – continuing operations to net loss – continuing operations, the most directly comparable financial measure calculated and presented in accordance with GAAP.

TABLE 1

Reconciliation of Loss from Continuing Operations to Adjusted EBITDA Continuing Operations.

    For the
Three Months Ended
    For the
Six Months Ended
 
    June 30,     June 30,     June 30,     June 30,  
    2023     2022     2023     2022  
                         
Loss from continuing operations   $ (10,900,320 )   $ (6,366,520 )   $ (16,120,559 )   $ (11,466,525 )
                                 
Addback:                                
                                 
Interest expense, net     282,109       459,262       1,082,182       493,904  
Other income     (1,160 )           (1,160 )     (3,240 )
Loss on debt extinguishment     380,741             380,741        
Conversion expense     7,476,000             7,476,000        
Severance cost                 811,041       150,000  
Depreciation and amortization     76,019       244,448       152,036       460,833  
Taxes     3,255       7,316       3,255       8,100  
Non-cash recruiting fees     (54,000 )           438,000        
Stock compensation     1,055,690       2,632,118       1,895,711       4,499,107  
Adjusted EBITDA continuing operations (Non-GAAP)   $ (1,681,666 )   $ (3,023,376 )   $ (3,882,753 )   $ (5,857,821 )
                                 

The company defines Booked Annual Recurring Revenue or BARR, as the amount of annual recurring revenue represented by the estimated amounts of annual recurring revenue we believe will be earned under contracted orders, looking out eighteen months from the date of signing of each customer contract. The net amount of BARR reflects the deduction of the BARR of contracts previously included in reported BARR, which were subject to attrition during the quarter. The gross amount of BARR from contracts signed in the second quarter of 2023 was $239,000 and the net amount of BARR was $221,000 (after attrition), compared to $32,000 signed in the second quarter of 2022.

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The company defines Annual Recurring Revenue or ARR, as the amount of recurring revenue derived from sales of our Verified products during the last three months of the relevant period (in this case the three months ended June 2023) as determined in accordance with GAAP, multiplied by 4. The amount of ARR as of June 30, 2023 is approximately $144,000, compared to approximately $118,000 as of June 30, 2022.

BARR may be distinguished from ARR, as BARR does not take into account the time to implement any contract for Verified, nor for any ramp in adoption, or seasonality of usage of the Verified products. BARR and ARR have limitations as analytical tools, and you should not consider them in isolation from, or as a substitute for, analysis of our results as reported under GAAP. Some of these limitations are:

  • BARR & ARR should not be considered as predictors of future revenues but only as indicators of the direction in which revenues may be trending. Actual revenue results in the future as determined in accordance with GAAP may be significantly different to the amounts indicated as BARR or ARR at any time.
  • BARR and ARR are to be considered “forward looking statements” and subject to the same risks, as other such statements (see note on “Forward Looking Statements” above).
  • BARR & ARR only include revenues from sale of our Verified products and not other revenues.
  • BARR & ARR do not include amounts we consider as non-recurring revenues (for example one-off implementation fees).

authID INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2023     2022     2023     2022  
                         
Revenues:                        
Verified software license   $ 36,122     $ 51,409     $ 71,900     $ 86,902  
Legacy authentication services     1,020       15,000       3,098       144,559  
Total revenues, net     37,142       66,409       74,998       231,461  
                                 
Operating Expenses:                                
General and administrative     1,924,203       4,026,382       5,200,394       7,669,366  
Research and development     796,295       1,695,521       1,902,109       3,069,023  
Depreciation and amortization     76,019       244,448       152,036       460,833  
Total operating expenses     2,796,517       5,966,351       7,254,539       11,199,222  
                                 
Loss from continuing operations     (2,759,375 )     (5,899,942 )     (7,179,541 )     (10,967,761 )
                                 
Other Expense:                                
Other income     1,160             1,160       3,240  
Interest expense,  net     (282,109 )     (459,262 )     (1,082,182 )     (493,904 )
Loss on debt extinguishment     (380,741 )           (380,741 )      
Conversion expense     (7,476,000 )           (7,476,000 )      
Other expense, net     (8,137,690 )     (459,262 )     (8,937,763 )     (490,664 )
                                 
Loss from continuing operations before income taxes     (10,897,065 )     (6,359,204 )     (16,117,304 )     (11,458,425 )
Income tax expense     (3,255 )     (7,316 )     (3,255 )     (8,100 )
Loss from continuing operations     (10,900,320 )     (6,366,520 )     (16,120,559 )     (11,466,525 )
                                 
Gain (loss) from discontinued operations     5,694       (206,307 )     3,439       (407,030 )
Gain on sale of discontinued operations     216,069             216,069        
Total gain (loss) from discontinued operations     221,763       (206,307 )     219,508       (407,030 )
Net loss   $ (10,678,557 )   $ (6,572,827 )   $ (15,901,051 )   $ (11,873,555 )
                                 
Net Income (Loss) Per Share – Basic and Diluted                                
Continuing operations   $ (2.15 )   $ (2.06 )   $ (3.91 )   $ (3.80 )
Discontinued operations   $ 0.04     $ (0.07 )   $ 0.05     $ (0.14 )
Weighted Average Shares Outstanding – Basic and Diluted:     5,065,556       3,084,226       4,120,849       3,014,854  
                                 

authID INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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    June 30,     December 31,  
    2023     2022  
    (unaudited)        
ASSETS
Current Assets:            
Cash   $ 5,981,774     $ 3,237,106  
Accounts receivable, net     42,125       261,809  
Other current assets     772,943       729,342  
Current assets held for sale           118,459  
Total current assets     6,796,842       4,346,716  
                 
Other Assets           250,383  
Intangible Assets, net     414,223       566,259  
Goodwill     4,183,232       4,183,232  
Non-current assets held for sale           27,595  
Total assets   $ 11,394,297     $ 9,374,185  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
Current Liabilities:                
Accounts payable and accrued expenses   $ 1,230,707     $ 1,154,072  
Deferred revenue     59,107       81,318  
Current liabilities held for sale           13,759  
Total current liabilities     1,289,814       1,249,149  
Non-current Liabilities:                
Convertible debt     216,194       7,841,500  
Accrued severance liability     325,000        
Total liabilities     1,831,008       9,090,649  
                 
Commitments and Contingencies (Note 10)                
                 
Stockholders’ Equity :                
Common stock, $0.0001 par value, 250,000,000 shares authorized; 7,874,962 and 3,179,789 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively     786       318  
Additional paid in capital     165,593,921       140,257,448  
Accumulated deficit     (156,031,210 )     (140,130,159 )
Accumulated comprehensive (loss) income     (208 )     155,929  
Total stockholders’ equity     9,563,289       283,536  
Total liabilities and stockholders’ equity   $ 11,394,297     $ 9,374,185  
                 

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Artificial Intelligence

Consumer Data Platform Market to reach USD 56.22 Bn dominated by Predictive Analysis Segment, Says Stellar Market Research.

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PUNE, India, July 16, 2024 /PRNewswire/ — Stellar Market Research, a global IT & Telecommunication Market research firm has published a competitive intelligence and market research report on the “Consumer Data Platform Market”. The Consumer Data Platform Market size was valued at USD 8.05 Bn in 2023 and the total Consumer Data Platform revenue is expected to grow at a CAGR of 32 percent from 2024 to 2030, reaching nearly USD 56.22 Bn by 2030.

The Customer Data Platform (CDP) market is experiencing significant growth due to the increasing demand for customer intelligence and omnichannel experiences. CDPs enable businesses to manage data volume and complexity from various customer channels, ensuring data unification and identity resolution. CDPs are essential for advertising and marketing strategies, offering personalized experiences while adhering to data protection regulations.
The report on the Consumer Data Platform Market involves a comprehensive analysis of market structure, competition, and growth drivers. The market size is methodically estimated using a bottom-up approach to understand growth patterns. Key insights typically cover major drivers at global levels, challenges for future growth, and opportunities arising from technological advancements. Regional analyses provide information on market leaders, penetration rates, and geographical factors influencing the industry. The qualitative and quantitative analyses are employed using tools like SWOT, PESTLE, and Porter’s Five Forces to guide investment and marketing decisions.
Market Size in 2023
USD 8.05 Bn.
Market Size in 2030
USD 56.22 Bn.
CAGR
32 percent (2024-2030)
Forecast Period
2024-2030
Base Year
2023
Number of Pages
278
No. of Tables
118
No. of Charts and Figures
110
Segment Covered
Component, Application, and Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East and Africa, South America
Report Coverage
Market Share, Size & Forecast by Revenue | 2024−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
Get your Sample PDF:https://www.stellarmr.com/report/req_sample/Customer-Data-Platform-Market/292 
What’s New: Recent Additions and Updates
An in-depth analysis of competitive developments in the market, such as mergers and acquisitions, product developments, partnerships, and collaborations.An in-depth analysis of ROI and cost-effectiveness for various types of CDP implementations across different industries and company sizes.Analysis of regulatory impacts on CDP adoption and usage, focusing on data privacy laws like GDPR, CCPA, and emerging global standards.Key Player Offerings
Tealium collaborates with Snowflake’s Snowpipe Streaming API, combining top-tier customer data collection and activation capabilities. It leverages Snowflake’s power to streamline how businesses get real-time customer behavior data into the Snowflake Data Cloud. This allows for faster analytics, AI applications, and a complete view of the customer to improve customer service and engagement.Nissan Motor Co Ltd. Japan has selected Treasure Data’s enterprise customer data platform (CDP) to enhance its customer experience strategy. The automaker aims to unify data and improve brand communication across all touchpoints. Treasure Data’s CDP will help Nissan achieve a 360-degree customer view, strengthen data governance, and integrate various platforms.First-Party Data Reshaping the Consumer Data Platform Market
Growing privacy concerns and regulatory measures are driving a major shift in the consumer data platform (CDP) market toward first-party data management. First-party data, or information acquired directly from consumers via their contacts with the business, is the emphasis of companies these days. When compared to third-party data, this data is more accurate, dependable, and privacy-compliant. According to SMR, first-party data is crucial since 80% of marketers think it offers the best return on investment (ROI). Leading companies in the CDP space, like Adobe, are taking advantage of this change by incorporating cutting-edge technology into their systems. For instance, Adobe’s Real-Time CDP uses machine learning and AI algorithms to evaluate first-party data and provide real-time insights and customization. This strategy increases customer satisfaction and boosts revenue. Businesses utilizing Adobe’s Real-Time CDP claim a 15% rise in customer satisfaction and a 25% improvement in marketing efficiency. Companies that centralize first-party data and adopt a unified data strategy see a 25% improvement in data accuracy and a 33% decrease in data management expenses. A 360-degree perspective of the consumer is made possible by centralization, which enables companies to send out marketing messages that are more accurate and timely. First-party data methods are expected to become more popular as companies prioritize data protection and customization, creating new opportunities for development and competitive advantage.
Request for a Sample Report:https://www.stellarmr.com/report/req_sample/Customer-Data-Platform-Market/292 
North America Leading the Consumer Data Platform Revolution
North America, particularly the United States is home to leading technology firms that drive innovation in in the consumer data platform market. According to SMR, more than 75% of Fortune 500 companies headquartered in North America contribute to a high demand for advanced data management solutions. This need is being driven by organizations’ need to use data for customized marketing, bettering customer experiences, and obtaining a competitive edge. North America is recognized for its strong revenue production from e-commerce and digital marketing, two industries that significantly depend on consumer data. For instance, the amount spent on digital advertising in the United States alone in 2023 was over $200 billion, highlighting the significant need for insights based on data. The United States exports software services worth about $50 billion a year, making the North American import and export of technology and software services important. Adoption rates and market trust are further supported by North America’s stringent legal frameworks, which include the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR). These frameworks ensure high standards in data management and protection. The region continues to grow the boundaries of technical innovation and data-driven business strategies, maintaining its position as the top-selling market for consumer data solutions.
Consumer Data Platform Market Segmentation
By Component
PlatformServicesBy Application
Personalized RecommendationsPredictive AnalyticsMarketing Data SegmentationCustomer Retention and EngagementSecurity ManagementOthersBy Vertical
BFSIRetail and eCommerceMedia and EntertainmentTravel and HospitalityTelecom and ITHealthcareOthersConsumer Data Platform Market Key Competitors include
Informatica LLCIBM CorporationOracle CorporationSAP SEStibo Systems A/SRiversand Technologies, Inc.OthersInquire Before Buying:https://www.stellarmr.com/report/enquire_now/Customer-Data-Platform-Market/292 
Key questions answered in the Consumer Data Platform Market are:
What is a Consumer Data Platform?What is the current growth rate of the Consumer Data Platform Market?Who are the key players in the Consumer Data Platform Market?What are the strategies used by competitors in the Consumer Data Platform Market?What are the growth prospects in developing countries for the Consumer Data Platform Market?Which segment is expected to witness the fastest growth and why in the Consumer Data Platform Market in 2023?What are the factors affecting growth in the Consumer Data Platform Market?Who held the largest market share in the Consumer Data Platform Market?What is the demand pattern for the Consumer Data Platform Market?What are the opportunities for the Consumer Data Platform Market?Key Offerings:
Past Market Size and Competitive Landscape (2018 to 2022)Past Pricing and price curve by region (2018 to 2022)Market Size, Share, Size & Forecast by Different Segment | 2024−2030Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by RegionMarket Segmentation – A detailed analysis by Component, Application, Vertical, and RegionCompetitive Landscape – Profiles of selected key players by region in a strategic perspectiveCompetitive landscape – Market Leaders, Market Followers, Regional playerCompetitive benchmarking of key players by regionPESTLE AnalysisPORTER’s analysisValue chain and supply chain analysisLegal Aspects of business by regionLucrative business opportunities with SWOT analysisRecommendationsStellar Market Research a leading IT & Telecommunication research firm, has also published the following reports:
Web Scraper Software Market: The market size was valued at US $ 785.68 Million in 2023 and the total Market revenue is expected to grow at 13 % from 2024 to 2030, reaching nearly US $ 1848.41 Million.
Data Center Virtualization market: The market was valued at USD 9.98 Billion. In 2023 the total revenue is expected to grow at a CAGR of 17.5% through 2024-2030, reaching nearly USD 30.88 Billion.
Europe Big Data Market: The market size was valued at US$ 86.20 Bn. in 2023 and the total revenue is expected to grow at 7.8% through 2024 to 2030, reaching nearly US$ 145.84 Bn. by 2030.
Data Integration Market: The market size was valued at US$ 13.12 Bn in 2023. The Global Data Integration Market is estimated to grow at a CAGR of 11.23% over the forecast period.
Master Data Management Market: The market was valued at USD 21.76 billion in 2023. Global Master Data Management Market size is estimated to grow at a CAGR of 15.9 % over the forecast period.
About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.
Contact Stellar Market Research:
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Pinnac Memories Fl. No. 3,
Pune, Maharashtra, 411029
[email protected]
+91 9607365656
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Artificial Intelligence

Access Control Market to Be Worth $19.6 Billion by 2031 – Exclusive Report by Meticulous Research®

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REDDING, Calif., July 16, 2024 /PRNewswire/ — According to a new market research report titled, ‘Access Control Market by Offering (Hardware {Biometric Devices, Electronic Locks, Other}, Software {Cloud, On-premise}, Services), End User (Residential, Commercial {Retail, IT & Telecom, Other}, Industrial), and Geography – Global Forecast to 2031,’ the access control market is projected to reach $19.6 billion by 2031, at a CAGR of 10.6% from 2024 to 2031.

Download Sample Report Now- https://www.meticulousresearch.com/download-sample-report/cp_id=5097 
The growth of the access control market is driven by the rising demand for advanced access control devices, growing safety & security concerns related to unauthorized access, and the increasing number of smart home projects around the world. However, the high initial costs of deployment limit the adoption of access control systems, restraining the growth of this market.
Furthermore, organizations’ increasing preference for cloud-based access control systems and the growing use of wireless access controls are expected to generate growth opportunities for the stakeholders in the access control market. However, low awareness regarding advanced security solutions in developing countries and data security & privacy issues are major challenges in the access control market.
Additionally, the increasing adoption of Access Control as a Service (ACaaS), the growing utilization of smartphones for access control, and the increasing use of contactless biometric access control devices are prominent trends in the access control market.
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The access control market is segmented by offering (hardware {biometric devices [fingerprint recognition, face recognition, iris recognition, and voice recognition], cards [smart cards, proximity cards, and card readers], electronic locks & doors, controllers, hybrid devices}, software {cloud-based, on-premise}, and services {consulting services, deployment & integration services, and maintenance & support services}), end user (residential, commercial {retail, BFSI, IT & telecom, hospitality, education, government, healthcare, and transportation & logistics}, and industrial {pharmaceutical, military & defense, aerospace, manufacturing, mining & construction, energy & utilities, and other industrial end users}), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, the access control market is segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of over 56.0% of the access control market. The hardware segment comprises biometric devices, cards, electronic locks & doors, controllers, and hybrid devices. The large market share of this segment is attributed to the growing adoption of access control systems for safeguarding offices, government buildings, airports, hospitals, and military facilities, growing urbanization, and the increasing number of smart homes & apartments.
In addition, the increasing deployment of access control systems for more comprehensive and efficient security is expected to drive the growth of this segment. For instance, in February 2023, San Diego International Airport deployed Identiv’s comprehensive, end-to-end access control ecosystem, including Hirsch Velocity Software and its Velocity Vision Video Management System (VMS), under a single Graphical User Interface (GUI).
Based on end user, the access control market is broadly segmented into residential, commercial, and industrial end users. In 2024, the commercial segment is expected to account for the largest share of over 52.0% of the access control market. The large market share of this segment is attributed to the increasing implementation of access control systems across government facilities, the growing use of smart cards in the hospitality sector, and the increased adoption of enterprise-level access control solutions.
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In addition, the increasing deployment of access control systems for office spaces to bolster the security of entrances supports the growth of this segment. In August 2023, HID Global Corporation (U.S.), the global leader in trusted identity solutions, partnered with Ghelamco Group (Belgium), an international real estate investor and developer, to standardize HID’s mobile and physical access control solutions across its prestigious projects in Warsaw, Poland.
Based on geography, the access control market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 44.0% of the access control market. APAC’s large market share is attributed to the region’s rapidly developing economies, consistent technological advancements in access control solutions, increased use of access control systems at airports and railway stations, and the increasing deployment of access control systems across government agencies for tracking employee attendance.
For instance, in March 2022, IDEMIA (France), the global leader in Identity technologies, announced plans to provide biometric solutions to Singapore’s Changi Airport Terminals 1 and 2 (T1 and T2) to elevate the passenger experience, particularly in the immigration process.
Key Players:
The key players operating in the access control market are Johnson Controls International plc (Ireland), Honeywell International Inc. (U.S.), Identiv, Inc. (U.S.), Suprema Inc. (South Korea), Bosch Sicherheitssysteme GmbH (Germany), Genetec Inc. (Canada), NEC Corporation (Japan), Assa Abloy (Sweden), dormakaba International Holding AG (Switzerland), Allegion plc (Ireland), Nedap N.V. (Netherlands), Thales (France), IDEMIA (France), Axis Communications AB (Sweden), Anviz Global Inc. (U.S.) and Dahua Technology Co., Ltd (China).
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Scope of the Report:
Access Control Market Assessment—by Offering
HardwareBiometric DevicesFingerprint RecognitionFace RecognitionIris RecognitionVoice RecognitionCardsSmart CardsProximity CardsCard ReadersElectronic Locks & DoorsControllersHybrid DevicesSoftwareCloud-basedOn-premiseServicesConsulting ServicesDeployment & Integration ServicesMaintenance & Support ServicesAccess Control Market Assessment—by End User
ResidentialCommercialRetailBFSIIT & TelecomHospitalityEducationGovernmentHealthcareTransportation & LogisticsIndustrialPharmaceuticalMilitary & DefenseAerospaceManufacturingMining & ConstructionEnergy & UtilitiesOther Industrial End UsersAccess Control Market Assessment—by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainSwitzerlandSwedenDenmarkNorwayRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaAustraliaIndonesiaMalaysiaTaiwanRest of Asia-PacificLatin AmericaBrazilMexicoArgentinaRest of Latin AmericaMiddle East & AfricaUAEIsraelRest of Middle East & AfricaUnlock Opportunities: Buy Now- https://www.meticulousresearch.com/Checkout/81884359 
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Threat Hunting Market worth $6.9 billion by 2029- Exclusive Report by MarketsandMarkets™

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CHICAGO, July 16, 2024 /PRNewswire/ — The Threat Hunting Market is set to grow significantly. It’s expected to be worth around USD 3.4 billion in 2024 and increase to about USD 6.9 billion by 2029 at a CAGR of 14.9% during the forecast period, according to a new report by MarketsandMarkets™. The threat-hunting market is experiencing explosive growth as organizations struggle to combat a relentless wave of cyberattacks. Unlike traditional security measures that passively wait for threats to appear, threat hunting takes a proactive stance, actively searching for hidden threats lurking within networks. Several factors fuel this proactive approach. The increasing need to protect sensitive data, from financial records to intellectual property, compels organizations to adopt more robust security solutions. Also, the growing awareness of cyber risks across industries drives demand for proactive security solutions. By actively hunting for threats, organizations gain a critical advantage: identifying and neutralizing threats before they can wreak havoc, potentially saving millions of dollars, and safeguarding sensitive data.

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270 – Tables 50 – Figures350 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018–2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
By Offering, By Threat Type, By Organization Size, By Deployment mode, By Vertical, and By Region
Geographies covered
North America, Europe, Asia Pacific, Middle East Africa, and Latin America
Major companies covered
Major vendors in the global Threat Hunting Market include IBM (US), Kaspersky (Russia), Capgemini (France), CrowdStrike (US), Trustwave (US), Verizon (US), SecureWorks (US), Sangfor (China), Eviden (France), Rapid 7(US), VMware (US), Solidworks (US), Trend Micro (Japan), Cynet (US), Palo Alto Networks (US) Cipher (India), Talatek (US), SOC Prime (US), RSI Security (US), Protected Harbour (US), Mindpoint Group (US), Exponential- E (UK), Redscan (UK), Iron Net Cybersecurity (US), LiveAction (US).
By Offering, the services segment will grow at the highest CAGR during the forecast period.
The global shortage of cybersecurity professionals is a significant challenge for organizations looking to build robust security postures. This shortage is particularly acute in threat hunting, which requires highly skilled individuals with a deep understanding of cyber threats, investigative techniques, and security tools. Threat-hunting services offer a compelling solution by providing access to experienced professionals, reducing internal workload, and offering a faster path to improved threat detection and response capabilities.
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By organization size, the large enterprise segment to hold a significant market share during the forecast period.
Large enterprises often deal with sensitive data (financial records, intellectual property, customer information) and critical infrastructure. A successful cyberattack can have devastating economic and reputational consequences, making proactive threat detection a top priority. Also, Large enterprises typically have sprawling IT environments encompassing on-premise infrastructure, cloud deployments, and a vast network of devices. This complexity creates numerous potential entry points for attackers, necessitating a proactive approach to uncover hidden threats. The high stakes, complex environments, compliance pressures, and advanced threats large enterprises face will drive the segment.
By region, Asia Pacific will grow at the highest CAGR during the forecast period.
The Asia Pacific region is undergoing significant growth in its threat-hunting market, driven by several key factors. The region faces a rising tide of cyberattacks, including malware, ransomware phishing attempts, data breaches, and advanced persistent threats (APTs). These attacks target businesses, governments, critical infrastructure, and individuals, forcing them to invest in proactive defense measures like threat hunting. The Asia Pacific region is undergoing a rapid digital transformation. This increased reliance on technology creates a larger attack surface for cybercriminals. As per the Fortinet Survey on the State of Security Operations in Asia-Pacific, Phishing and Insider threats are India’s most predominant cyber threats, with Approximately 50% of organizations ranking them as their top concerns. Also, only 44% of businesses have dedicated IT resources for security teams.
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Top Key Companies in Threat Hunting Market:
Major vendors in the global Threat Hunting Market include IBM(US), Kaspersky (Russia), Capgemini (France), CrowdStrike(US), Trustwave(US), Verizon (US), SecureWorks(US), Sangfor (China), Eviden (France), Rapid 7(US), VMware (US), Solidworks (US), Trend Micro (Japan), Cynet (US), Palo Alto Networks (US) Cipher (India), Talatek (US), SOC Prime (US), RSI Security (US), Protected Harbour (US), Mindpoint Group (US), Exponential- E (UK), Redscan (UK), Iron Net Cybersecurity (US), LiveAction (US).
Browse Adjacent Market: Information Security Market Research Reports & Consulting
Browse Other Reports:
Penetration Testing as a Service Market- Global Forecast to 2029
Identity Security Posture Management (ISPM) Market – Global Forecast to 2029
eGRC Market- Global Forecast to 2029
Managed Security Services Market- Global Forecast to 2028
Privileged Access Management Market- Global Forecast to 2028
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About MarketsandMarkets™
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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
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