Risk-based Authentication Market Set for Rapid Growth, to Reach CAGR of over 19.8% by 2023

(IT-NEWSWIRE.COM, April 15, 2020 ) As per 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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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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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.

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.

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 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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Risk-based Authentication Market Set for Rapid Growth, to Reach CAGR of over 19.8% by 2023