Global risk-based authentication market size to grow from USD 2.19
billion in 2018 to USD 5.41 billion by 2023, at a Compound Annual Growth Rate
(CAGR) of 19.8% during the forecast period. The major growth drivers for the market
include increasing instances of cyber-attacks and enterprise data breaches, and
rising demand for mobility solutions and BYOD trend.
The report segments the global
risk-based authentication market by component, technology type, application
area, security policy, deployment mode, industry vertical, and region. The
solution component in the risk-based authentication market is estimated to hold
a larger market size in 2018, as it enables companies to identify and
authenticate legitimate customers and protect customers’ data from fraudulent
activities. Furthermore, the solution component is also expected to grow at a
higher CAGR than services during the forecast period.
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Enterprises mostly adopt the cloud-based solutions, and the cloud
deployment mode is expected to grow at a higher CAGR than that of the
on-premises deployment mode during the forecast period. Some of the highly
regulated industry verticals, such as Banking, Financial Services and Insurance
(BFSI) and government sector, in the major economies, are mostly deploying
on-premises-based solutions, but these industry verticals are also expected to
migrate to cloud-based risk-based authentication solutions in the coming years.
North America is expected to
account for the largest market share and dominate the global risk-based
authentication market from 2018 to 2023, due to the large presence of
risk-based authentication solution vendors across the region offering highly
innovative authentication solutions. APAC, on the other hand, offers the growth
opportunities for vendors in the risk-based authentication market, due to the
increasing expenditure for securing user identities to prevent identity theft,
in the major economies, such as China, Australia, Singapore, Japan, and India.
Major
vendors in the risk-based authentication market include IBM (US), CA
Technologies (US), Micro Focus (UK), Okta (US), Gemalto (Netherlands), OneSpan
(VASCO Data Security; US), SecureAuth (US), RSA Security (US), ForgeRock (US),
Entrust Datacard (US), Ping Identity (US), LexisNexis (US), OneLogin
(US), GURUCUL (US), Centrify (US), Equifax (US), Crossmatch (US), BioCatch
(Israel), Oracle (US), Evidian (France), Identity Automation (US), NoPassword
(US), Silverfort (Israel), iovation (US), and EZMCOM (US).
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