Risk-based Authentication Market Set to Experience a Massive 14% CAGR During 2024-20232

According to IMARC Group's latest report, titled "Risk-based Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032. the study provides a detailed analysis of the industry, including the global risk-based authentication market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the Risk-based Authentication Market?

The global risk-based authentication market size reached US$ 5.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 16.5 Billion by 2032, exhibiting a growth rate (CAGR) of 14% during 2024-2032. 

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Factors Affecting the Growth of the Risk-Based Authentication Industry:

Rising Cybersecurity Threats and Data Breaches:

The escalating frequency and sophistication of cyberattacks, including phishing, credential stuffing, and account takeovers, have created an urgent need for robust authentication methods. Organizations across industries face a constant battle to protect sensitive data and prevent unauthorized access. High-profile data breaches have highlighted the financial and reputational damage that organizations can suffer. The cost of data breaches, including regulatory fines and legal repercussions, underscores the importance of robust authentication measures. Risk-based authentication offers a proactive approach to identifying and mitigating threats. Stringent data protection regulations, such as GDPR and CCPA, require organizations to implement strong authentication methods to safeguard user data. Compliance with these regulations is a driving force behind the adoption of risk-based authentication solutions.

Shift to Remote Work and Mobile Access:

The global shift towards remote work, accelerated by the COVID-19 pandemic, has led to an increase in remote access to corporate networks and cloud-based applications. This shift has expanded the attack surface and necessitated stronger authentication methods to secure remote access. The widespread use of smartphones and tablets for work-related tasks and access to sensitive data has created the need for mobile-centric authentication solutions. Risk-based authentication, with its ability to assess device trustworthiness and user behavior, is well-suited for mobile security. With an emphasis on user experience, organizations are seeking authentication methods that balance security and convenience. Risk-based authentication adapts to the user's context, reducing friction while maintaining security.

Technological Advancements:

The integration of artificial intelligence (AI) and machine learning (ML) algorithms has empowered risk-based authentication solutions to analyze vast datasets, detect anomalies, and assess risk in real-time. These technologies enhance the accuracy of risk assessments and decision-making. Behavioral analytics, including keystroke dynamics, mouse movement, and device interaction patterns, are gaining prominence in risk-based authentication. These biometric factors provide additional layers of security by continuously monitoring user behavior for anomalies. The scalability and flexibility of cloud-based risk-based authentication solutions are driving their adoption. Cloud deployment enables organizations to easily adapt to changing security needs and ensures the availability of authentication services.

Risk-Based Authentication Market Report Segmentation:

Breakup by Component:

Solution
Service

Solutions dominate the risk-based authentication market as they encompass a comprehensive set of authentication features, including adaptive risk scoring, multi-factor authentication, and behavioral analytics, making them essential for organizations to combat fraud and secure their digital assets effectively.

Breakup by Deployment:

On-premises
Cloud-based

Cloud-based deployment is the preferred choice for risk-based authentication due to its scalability, cost-efficiency, and flexibility, aligning with the modernization of IT infrastructure and the need for seamless remote access, making it the largest market segment.

Breakup by Application:

Fraud Prevention
Cloud Application Security
IoT Security
Others

Fraud prevention takes precedence in the risk-based authentication market as organizations prioritize the detection and mitigation of fraudulent activities, emphasizing the critical role that risk-based authentication plays in identifying and preventing fraudulent transactions and unauthorized access.

Breakup by End User Vertical:

Banking and Financial Services
Retail
IT and Telecommunication
Government
Healthcare
Others

The IT and Telecommunication sector leads in the adoption of risk-based authentication solutions due to its susceptibility to cyber threats, emphasizing the sector's critical need for robust authentication measures to protect sensitive data and customer information.

Breakup by Region:

North America 
Europe 
Asia Pacific 
Latin America
Middle East and Africa

North America's leadership in the risk-based authentication market is attributed to its high concentration of technology companies, financial institutions, and stringent regulatory requirements, driving organizations to prioritize cybersecurity and adopt risk-based authentication to protect against data breaches and fraud.

Global Risk-Based Authentication Market Trends:

The increasing adoption of behavioral analytics leverages user behavior patterns, such as keystroke dynamics and mouse movement, to enhance authentication accuracy which represents one of the key factors driving the growth of the risk-based authentication market across the globe. This approach enables continuous monitoring of user activities, which provides real-time anomaly detection and a proactive stance against cyber threats.

Additionally, the integration of artificial intelligence (AI) and machine learning (ML) algorithms is becoming prevalent, empowering risk-based authentication solutions to analyze vast datasets and make dynamic risk assessments. Mobile-centric authentication is on the rise, aligning with the proliferation of smartphones and tablets for work-related tasks. As remote work becomes the norm, organizations are prioritizing mobile security by implementing risk-based authentication methods tailored to mobile devices.

Leading Companies Operating in the Global Risk-Based Authentication Industry:

Broadcom Inc.
Centrify
Equifax Inc.
ForgeRock
Gurucul
HID Global (Assa Abloy AB)
International Business Machines Corporation
Micro Focus International plc
Okta Inc.
Oracle Corporation
Secureauth Corporation

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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