What’s driving the risk-based authentication market trends? | by key players ForgeRock, SecureAuth, OneSpan, Gemalto, Okta, Oracle, Silverfort, Iovation, Biocatch
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Micro Focus
• CA Technologies
• RSA Security
• Ping Identity
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The solution segment of risk-based authentication market 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. In December 2017, IBM Security integrated with four leading authentication providers to deliver more advanced multi-factor authentication capabilities to its customers through the IBM Security Access Manager (ISAM).
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.
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The major players operating in the risk-based authentication market 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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