Authentication Service Market Statistics: Actually a Good Investment Option in Current Scenario, Report

Cybercriminals nowadays are not only attacking information and data but also hacking industrial controls with and intend to cause destruction. Cybercriminals not only attack the data to simply copy it but hack the data to destroy it or change the data to build distrust. Therefore, many businesses are spending a large sum on security and more importantly authentication of who gets access to the company's resources. Furthermore, businesses are relying on mobile computing applications so that they can provide remote access to their employees is another reason for the growing demand for authentication services.

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In the past decade, the main source of authentication was the traditional password. However, companies are losing entities worth billions because hackers can easily attack the single gateway access to the records. According to the report, there was an increase in security breaches last year by 11% alone. Therefore, authentication service providers have come up with to reduce these data breaches. Multi-factor authentication provides more than one method for authentication which makes it difficult for the attackers to easily breach the system, it uses password combination with authentication apps such as facial recognition or fingerprint reader.

Therefore, as the adoption of cloud services increased, the adoption of multi-factor authorizations also increased, thereby driving the growth of the authentication service market. In addition to multi-factor authorization, authorization services have come up with solutions such as graphical authentication, public key infrastructure, social authentication, one-time authentication and biometric authentication to gain a competitive edge in the market.

COVID-19 Scenario Analysis:

• During COVID-19 because of lockdown and restrictions, many enterprises shift from their traditional workplace set up to work from home as remote working solutions witness a surge.

• As more personal unsecured systems started accessing the enterprises' network the risk of compromising the network also increased, thereby increasing security breaches in an organization.

• Additionally, as organizations are busy reconfiguring their vulnerable supply chain, offering a more digital experience and meeting the growing demand of the workforce during COVID-19. Many malicious attackers are taking advantage of this situation to attack the organization's system.

Management of virtual servers that increases the data breaches, increasing cost and technical complexity for implementing the authentication solutions, increase response time in higher-order authentication models are some of the restraining factors for the growth of the authentication service market.

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Over the years of phishing attacks and breaches due to increased passwords, major technology corporations have learned that the alternative to passwords should be more secure and less cumbersome. The solution to this is biometric authentication and it is becoming popular as many people nowadays have smartphones with a fingerprint scanner. Furthermore, many organizations are working on storing data on a separate decentralized server rather than a centralized location to reduce breaches. For instance, Microsoft is working on decentralizing a blockchain-based authentication system and allowing the usage of one username across all services and platforms.

As the cyber security threats are increasing, so is the competitiveness between the key players is increasing. More and more competitors are trying to come up with innovations and solutions, to gain a competitive advantage in the authentication service market. With the help of research and development, mergers and acquisitions, strategic partnerships major key players are trying to gain a larger footprint in the market. For instance, IBM developed a self-aware token primarily designed to record events of online transactions and has filed a patent with U.S. Trademark and Patents in January 2020.

Key Benefits of the Report:

• This study presents the analytical depiction of the authentication service industry along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the authentication service market share.

• The current market is quantitatively analyzed to highlight the authentication service market growth scenario.

• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.

• The report provides a detailed authentication service market analysis based on competitive intensity and how the competition will take shape in the coming years.

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