The Risk-Based Authentication Market is forecasted to grow from USD 1.85 Billion in 2020 to USD 7.66 Billion by 2028, 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.
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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 1.85 Billion in 2020 to USD 7.66 Billion by 2028, 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.
- 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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The report offers a comprehensive analysis of the key geographical regions to provide insights into key factors influencing market growth in the regions. Production and consumption ratio, import/export analysis, supply and demand, consumer behavior and demands, current and emerging trends, regulatory framework, strategic alliances, technological advancements, economic growth, and robust presence of key players in each region. The report also covers an extensive country-wise analysis to provide better understanding of the market growth in each key region of the world and help investors, stakeholders, and clients to capitalize on lucrative growth opportunities.
Regional analysis covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific(India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America(Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa(Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Risk-Based Authentication Market Segmentation:
Deployment Outlook (Revenue, USD Million; 2018-2028)
- On premise
Implementation Outlook (Revenue, USD Million; 2018-2028)
- Cloud application security
- IOT security
End user Outlook (Revenue, USD Million; 2018-2028)
- IT & Telecommunications
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