The growth for Risk-Based Authentication Market is governed by various factors such as growing cases of cyber-attacks on businesses
Market Size – USD 2.01 billion in 2018, Market Growth – CAGR of 19.5%, Market Trends- increased demand for digital transformation
The Risk-Based Authentication Market is forecasted to grow from USD 2.01 billion in 2018 to USD 5.30 billion by 2026, at a CAGR of 19.5% during the forecast period. The driving factor for growth being the increased cases for cyber-attacks. However, insufficient knowledge about risk based authentication may be the restraining factor for the market.
Risk based authentication is an advanced technology that uses various form factors from the user to determine whether they are dangerous or not. It is a type of security which helps to identify the level of risk that can happen by a given login attempt and provides users with authentication challenges for the risk level. Increased growth of communication and technology in the world is a major factor driving the growth of this market and it is forecasted to remain like this throughout the forecast period.
The Key players in the Risk based authentication market include IBM (US), CA Technologies (US), Micro Focus (UK), Okta (US), Gemalto (Netherlands), One Span (US), SecureAuth (US), RSA Security (US), ForgeRock (US), Entrust Data card (US)
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Further key findings from the report suggest
- Growth of Risk-Based Authentication Market is directly fueled by increase in cases of cyber-attack. The Risk based authentication market is forecasted to grow from USD 2.01 billion in 2018 to USD 5.30 billion by 2026, at a CAGR of 19.5% during the forecast period.
- AS on implementation, the market is segmented as cloud application security and IOT security. The several benefits are affordable costs, increase in productivity of remote employees. However, the enhanced adoption of these connected devices has resulted in privacy and security issues.
- AS on deployment type, the market is segmented into cloud and on premise. The cloud deployment uses less expensive algorithms to perform along with the features of being flexible, easy and quite affordable, which makes it the faster growing deployment type accepted by various industries than the on premise. The installation and maintenance cost is also affordable than the on premise
- AS on end user, the market is segment into BFSI, Healthcare, Government, Retail, Manufacture, IT and Telecommunications. The healthcare industry vertical is forecasted to grow at the higher during the forecast period, as an enhanced risk-based authentication solutions will help healthcare segment to manage and validate their user’s identities. However, the BFSI is estimated to have the largest market size of 40 %, along with In addition to the high investments FSI infrastructure to provide a secure and easy user experience.
- AS on region, the market is being segmented to Europe, APAC, North America, and Row. North America is forecasted to have the largest market share and dominate the market. The faster growth rates will increase business operations in North America, APAC is also having the growth opportunities. The enhanced adoption among the various enterprises to increase privacy risk management and improve the business management has led to the growth in this region.
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For the purpose of this report, the market has been segmented on the basis of deployment, implementation, end user and region:
Deployment Outlook (Revenue, USD Million; 2018-2026)
- On premise
Implementation Outlook (Revenue, USD Million; 2018-2026)
- Cloud application security
- IOT security
End user Outlook (Revenue, USD Million; 2018-2026)
- IT & Telecommunications
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Regional Outlook (Revenue, USD Million; 2018-2026)
- North America
- Asia Pacific
- Latin America
Finally, all aspects of the Risk-Based Authentication market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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