The report "Passive Authentication Market by 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 market size is expected to grow from USD 492.8 Million in 2018 to USD 1,535.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 25.5% during the forecast period. The growing need for the frictionless authentication among organizations is expected to drive the growth of the passive authentication market. Moreover, the increasing demand among enterprises to deliver enhanced user experience is expected to drive the passive authentication market growth.
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The BFSI industry vertical is expected to account for the largest market size during the forecast period.
The development of the BFSI industry vertical is dependent on the efficient utilization of advanced technologies that help maintain strong customer relationships, identify legitimate customers, and reduce risks. The digital technology has enabled banking customers to access real-time banking and financial information services on any device. As passwords are the least secure form of authentication when used alone, hence they are easy to hack. Passive authentication solutions enable BFSI organizations to optimize their customer experience and revenues by leveraging the machine learning technology. Moreover, passive authentication solutions help BFSI organizations to identify their customers by taking advantages of behavioural analytics that prevent new account frauds and enable legitimate customers to access their information.
The Small and Medium-sized Enterprises segment is expected to grow at a higher CAGR during the forecast period.
Organizations with less than 1,000 employees are categorized under the SMEs segment. SMEs face some specific challenges, such as the requirement of the domain-specific technical personnel and skilled workforce, budget constraints, scalability, management control, and the limited economy of scale. Moreover, the entry of small vendors in the passive authentication market has provided opportunities for organizations to install low-cost software. The intense competitive market scenario has encouraged SMEs to invest in passive authentication solutions for providing frictionless experience to users. When compared to large enterprises, SMEs face resource crunch and require cost-effective methods to solve complexities for the better cost optimization of their assets and requirements.
North America is expected to account for the largest market size during the forecast period.
North America has been an early adopter for advanced security solutions and practices. 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 North America include the US and Canada. With the growing demand for passive authentication solutions and services across several industry verticals, the US is expected to be the major revenue contributor to the passive authentication market in North America. After the US, Canada is expected to provide major growth opportunities for passive authentication vendors.
The major vendors 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), and Verint (US).
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