Risk-Based Authentication Market Trends 2020 - Multi-Factor Authorization Technology to Register Phenomenal Growth Rate Till 2025
Risk-based authentication market from 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.
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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.
Various SMEs and public sector organizations lack complete knowledge about the benefits offered by the risk-based authentication solutions, restraining the risk-based authentication 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.
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 risk-based authentication 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.
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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 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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