Risk-based Authentication Market will Reach $5.41 billion by 2023

Report define, describe, and forecast the global risk-based authentication market based on solutions, services, technology types, application areas, security policies, deployment modes, industry verticals, and regions.

(EMAILWIRE.COM, April 09, 2019 ) 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.

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.

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).

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.

Enterprises across major industry verticals deploy risk-based authentication solutions. The healthcare industry vertical is expected to grow at the highest CAGR during the forecast period, as advanced risk-based authentication solutions help healthcare providers manage and validate their users’ identities. However, the BFSI industry vertical is estimated to have the largest market size in 2018, which is fueled by high investments in the BFSI infrastructure to provide a secure and seamless user experience.

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