Risk-based Authentication Market Insights | Key players: IBM, CA Technologies, Micro Focus, Okta and Gemalto

According to recent research "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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Solution segment to record higher growth rate in the risk-based authentication market during the forecast period

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.

Cloud deployment type to gain higher traction 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.

Retail industry vertical to grow at the highest CAGR in the risk-based authentication market during the forecast period

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.

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By region, North America is expected to account for the largest market size during the forecast period

North America is expected to be the main revenue contributor to the security assurance market, and growth in this region is expected to be driven by the increase in the deployment of third-party applications, increasing cyber-attacks, and the introduction of cost-effective cloud-based security solutions.

The key players in the global security assurance market include Sogeti, a part of Capgemini (Sogeti), Avaya Inc. (Avaya), Content Security Pty Ltd. (Content Security), Radix Security Inc. (Radix Security), BizCarta Technologies India Pvt Ltd. (BizCarta), Infosys Limited (Infosys), OpenText Corporation (OpenText), Tenable Inc. (Tenable), Microsoft Corporation (Microsoft), Aura, an Independent Division Of Kordia Limited (Aura Information Security), SAS Institute Inc. (SAS), Happiest Minds Technologies (Happiest Minds), CIPHER Security LLC (CIPHER), IBM Corporation (IBM), Accenture plc (Accenture), Micro Focus International plc (Micro Focus), NETSCOUT Systems (NETSCOUT), Oracle Corporation (Oracle), Wipro Limited (Wipro), Telos Corporation (Telos), CRITICAL Software, Spirent Communications plc (Spirent Communications), and Signature Consulting Group, LLC (Signature Consulting).

Mr. Shelly Singh
MarketsandMarkets™ INC.
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