New Tools and Technology Development will drive Passive Authentication Market in coming years
According toa new market research report "Passive Authentication Marketby Component (Solution and Services), Business Function (Compliance Management,Risk Management, Marketing Management), Deployment Type, Organization Size,Industry Vertical, and Region - Global Forecast to 2023", The passive authentication marketsize is expected to grow from USD 492.8 Million in 2018 to USD 1,535.0 Millionby 2023, at a Compound Annual Growth Rate (CAGR) of 25.5% during the forecastperiod. The growing need for the frictionless authentication amongorganizations is expected to drive the growth of the passive authenticationmarket. Moreover, the increasing demand among enterprises to deliver enhanceduser experience is expected to drive the passive authentication market growth.
Browse 75market data Tables and 48 Figures spread through 169 Pages and in-depth TOC on"Passive Authentication Market by Component (Solution and Services), Business Function(Compliance Management, Risk Management, Marketing Management), DeploymentType, Organization Size, Industry Vertical, and Region - Global Forecast to2023"
The BFSI industry vertical is expectedto account for the largest market size during the forecast period.
Thedevelopment of the BFSI industry vertical is dependent on the efficientutilization of advanced technologies that help maintain strong customerrelationships, identify legitimate customers, and reduce risks. The digitaltechnology has enabled banking customers to access real-time banking andfinancial information services on any device. As passwords are the least secureform of authentication when used alone, hence they are easy to hack. Passiveauthentication solutions enable BFSI organizations to optimize their customerexperience and revenues by leveraging the machine learning technology.Moreover, passive authentication solutions help BFSI organizations to identifytheir customers by taking advantages of behavioural analytics that prevent newaccount frauds and enable legitimate customers to access their information.
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The Small and Medium-sizedEnterprises segment is expected to grow at a higher CAGR during the forecastperiod.
Organizationswith less than 1,000 employees are categorized under the SMEs segment. SMEsface some specific challenges, such as the requirement of the domain-specifictechnical personnel and skilled workforce, budget constraints, scalability,management control, and the limited economy of scale. Moreover, the entry ofsmall vendors in the passive authentication market has provided opportunitiesfor organizations to install low-cost software. The intense competitive marketscenario has encouraged SMEs to invest in passive authentication solutions forproviding frictionless experience to users. When compared to large enterprises,SMEs face resource crunch and require cost-effective methods to solvecomplexities for the better cost optimization of their assets and requirements.
North America is expected to accountfor the largest market size during the forecast period.
NorthAmerica has been an early adopter for advanced security solutions andpractices. Most passive authentication vendors, including the major players,have a direct or an indirect presence in this region via system integrators,distributors, and resellers. The countries considered for analysis in NorthAmerica include the US and Canada. With the growing demand for passiveauthentication solutions and services across several industry verticals, the USis expected to be the major revenue contributor to the passive authenticationmarket in North America. After the US, Canada is expected to provide majorgrowth opportunities for passive authentication vendors.
The majorvendors in the passive authentication market include Aware (US), BehavioSec(US), BioCatch (Israel), Cisco (US), Early Warning (US), Equifax (US), Experian(Ireland), FacePhi (Spain), FICO (US), Gemalto (Netherlands), IDology (US), IBM(US), Jumio(US), LexisNexis (US), NEC (Japan), Nuance Communications (US),NuData Security (Canada), Pindrop (US), RSA Security (US), SecuredTouch(Israel), Trust Stamp (US), TypingDNA (Romania), VASCO (US), Veridium (US), andVerint (US).
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