Risk-based Authentication Market share forecast to witness considerable growth from 2018 to 2024

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Risk-based Authentication market share research
by applications and regions for 2018-2024 Global
Market Insights, Inc.
Fuel Cell Market size worth 25.5bn by 2024
Low Power Wide Area Network
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Overview of Risk-based Authentication Market

• The BFSI sector dominates the risk-based
  authentication market ensuring compliance with
  regulatory mandates, strengthening security, and
  delivering enhanced digital services to its
  customers. In 2015, the worldwide credit card
  frauds amounted to USD 16 billion, which
  increased the adoption rate of risk-based
  authentication solutions in this sector. The
  healthcare sector is growing at a fast pace as
  risk-based authentication solutions assist
  healthcare providers in managing and validating
  their users identity.
• Risk-based Authentication Market size is poised
  to grow at a high CAGR from 2018 to 2024 impelled
  by worldwide increasing adoption of advanced
  technologies including Internet of Things (IoT),
  Bring Your Own Device (BYOD), and connected
  devices. They offer various benefits to
  organizations such as reduced hardware costs,
  increased productivity for remote employees, and
  a satisfied customer base. However, the enhanced
  adoption of these connected devices has resulted
  in various privacy data thefts and insecure
  usage causing data breaches cyberattacks.
  Hence, enterprises worldwide are adopting the
  risk-based authentication solutions to curb the
  increasing threats of cyberattacks. The worldwide
  enterprise security spending is approximately USD
  96 billion in 2018, which also augments the
  market growth.

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• risk-based authentication is a process of
  applying various levels of stringency to the
  authentication processes providing a higher
  security and risk threshold management with
  reduced costs. It assists in evaluating a set of
  factors related to transactions or access
  attempts to better evaluate the risks involved
  without causing any hindrance to the legitimate
  users. It also helps the organizations in
  maintaining the internal and external compliance
  regulations including HIPPA, FFIEC, PCI, and SOC.
  The stringent regulatory compliances for
  safeguarding the user data also augment the
  market growth. Around 30 of the B2E and B2B
  authentication was risk-based authentication in
  2015, which is expected to grow rapidly over the
  forecast timespan.
• The enhanced adoption of cloud-enabled risk-based
  authentication solutions displays huge market
  growth opportunities. They deliver enhanced
  operational efficiency with improved security and
  a better customer experience. They also provide
  other benefits such as reduced costs, economies
  of scale, centralized management, maintenance
  reporting, and enhanced flexibility with no
  hardware deployment due to which their adoption
  is rising at a fast pace.

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• Various SMEs and public sector organizations lack
  complete knowledge about the benefits offered by
  the risk-based authentication solutions,
  restraining the market growth. The financial
  predicament among SMEs makes them use traditional
  security measures without spending additional
  funds to implement risk-based authentication
  solutions. However, the growing rate of
  cybercrime and the rising regulatory compliance
  standards have made it imperative for
  organizations and the public sector to adopt
  advanced solutions.
• The solution segment is projected to grow at a
  higher CAGR as it assists enterprises to augment
  identity security, thereby safeguarding the
  users data from potential threats. These
  solutions combine strong risk-based
  authentication solutions to avoid data theft and
  frauds. Enterprises are also witnessing a rapid
  increase in the adoption of mobility-enabling
  partners, employees, and other stakeholders to
  access sensitive corporate data from any device.
  This has made the adoption of risk-based
  authentication solutions more critical from a
  business perspective.
• The multi-factor authorization technology is
  anticipated to dominate the risk-based
  authentication market. It uses multiple
  authentication methods including biometrics,
  one-time password, security tokens, and Personal
  Identification Number (PIN), assisting
  organizations in preventing unauthorized access
  to sensitive information, thereby maintaining
  business security. As per the industry analysts,
  around 93 of the organizations are using
  multi-factor authorization technology.

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• Asia Pacific is considered the strongest region
  of growth in the risk-based authentication market
  due to an increase in the adoption of cloud-based
  solutions. Countries including India, China,
  Singapore, and Japan are rapidly adopting
  multi-factor authentication solutions to meet
  with the increasing regulatory compliances, which
  also augments the market growth. Furthermore,
  various companies operating in this region are
  spending huge funds on enterprise security to
  safeguard their business-critical information,
  driving the market.
• The major players operating in the risk-based
  authentication include IBM, Micro Focus, CA
  Technologies, RSA Security, ForgeRock,
  SecureAuth, OneSpan, Gemalto, Okta, Oracle,
  Centrify, EZMCOM, Equifax, Lexisnexis, Gurucul,
  Ping Identity, Crossmatch, Silverfort, Iovation,
  and Biocatch. These players are entering into
  strategic partnerships to develop more advanced
  risk-based authentication solutions introducing
  enhanced security, thereby avoiding password
  fatigue and reuse. For instance, in May 2018,
  Nclose, a cybersecurity and managed detection
  response provider entered into a partnership with
  Duo Security, a leading provider of two-factor
  authentication. This partnership will enable
  Nclose to deliver multiple factor authentications
  to its customers.

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Methodology

• Market
  research reports Key analytical components

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