Passive Authentication Market to Reach US$ 5.0 Billion, Globally, by 2028 at 23.8% CAGR

According to the recent report by IMARC Group, titled "Passive Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.' The study provides a detailed analysis of the industry, including the global market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the Passive Authentication Market?

The global passive authentication market size reached US$ 1.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.0 Billion by 2028, exhibiting a growth rate (CAGR) of 23.8% during 2023-2028.

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What is Passive Authentication?

Passive authentication is the process of identifying a user and confirming it without requiring multiple actions. It is commonly used for compliance, marketing, risk, operation and information technology (IT) management. Passive authentication involves recording the voice of the speaker during the interaction with a voice agent or a bot for conducting high-security verification checks. The authentication system gathers insights regarding the activity of the user or other observable data that is further analyzed for identity proof. As a result, passive authentication is widely used across healthcare, entertainment, telecommunication and banking, financial services and insurance (BFSI) industries.

What are the growth prospects and trends in the Passive Authentication industry?

The global passive authentication market is primarily being driven by significant growth in the BFSI industry. Passive authentication solutions are widely used for minimizing the interaction between agents and customers and streamlining banking operations. In line with this, they are also used for registering customers through an automated archive of previous calls.

Moreover, various technological advancements, such as the launch of mobile banking (m-banking) applications and the integration of artificial intelligence (AI) and biometric solutions, are favoring the market growth. Other factors, including the increasing demand for passive authentication solutions in small and medium-scale enterprises (SMEs), along with the widespread adoption of cloud-based services, are creating a positive outlook for the market.

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What is included in market segmentation?

The report has segmented the market into the following categories:

Based On Component:

Solution
Services

Based On Deployment Mode:

On-premises
Cloud-based

Based On Organization Size:

Small and Medium-sized Enterprises
Large Enterprises

Based On Function:

Compliance Management
Marketing Management
Risk Management
Others

Based On End Use Industry:

BFSI
Government
IT and Telecom
Retail and Consumer Goods
Healthcare
Media and Entertainment
Others

Based On Region:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)

Who are the key players operating in the industry?

The report covers the major market players including: 

Aware Inc.
BioCatch Ltd.
Cisco Systems Inc.
Equifax Inc.
Experian plc
Fair Isaac Corporation
International Business Machines Corporation
NEC Corporation
Nuance Communications Inc.
Microsoft Corporation
RSA Security LLC
Thales Group
Verint Systems Inc.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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About Us

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.

This release was published on openPR.