The report "Risk-based Authentication
Market by Component, Technology Type (MFA, Behavioral
Biometrics, Web Access Management), Application Area (Fraud Prevention, IoT
Security), Deployment Mode, Industry Vertical, and Region - Global Forecast to
2023", MarketsandMarkets expects the 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 factors for the market include increasing
instances of cyber-attacks and data breaches on enterprises, growing demand for
mobility solutions and BYOD trend, and stringent regulations and compliances.
Growing digital transformation across global businesses is also spurring the
demand for risk-based authentication solutions.
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Solution segment to record
higher growth rate in the risk-based authentication market during the forecast
period
The
solution segment is expected to grow at a higher CAGR in the risk-based
authentication market by component during the forecast period. Organizations
are widely adopting risk-based authentication solutions to combat identity
thefts and other advanced cyber threats, as these solutions provide automated
critical identity-based authentication controls. The solution segment is also
expected to hold a larger market size in the risk-based authentication market
during the forecast period.
Cloud deployment type to gain higher traction in the risk-based
authentication market during the forecast period
The
cloud deployment type of risk-based authentication solutionsis expected to grow
at a higher CAGR during 2018–2023, owing to a significant adoption rate
of cloud deployment type by SMEs as the cloud-based solution enables SMEs to
focus on their core competencies rather than investing their capital in the
security infrastructure. Organizations can save costs on hardware, software,
storage, and technical staff by using cloud-based solutions.
Retail industry vertical to grow at the highest CAGR in the
risk-based authentication market during the forecast period
The
retail industry vertical is expected to grow at the highest growth rate in the
global risk-based authentication market by vertical during the forecast period.
The industry vertical is rapidly deploying cutting-edge technologies to
increase customer engagement by offering them with the intuitive, personalized
experience. The growing eCommerce, mergers, acquisitions, and partnerships
growth strategy in the retail industry vertical have increased the complexity
of managing the user credentials and the other sensitive information. The
increasing cyber-attacks on user credentials is also a major area of concern for
retail enterprises.
North America to hold the largest market size, whereas APAC to
grow at the highest rate during the forecast period
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.
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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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