Global Passive Authentication Market Expected to Reach USD 4.09 Billion by 2027, Top Factors Leading The Industry Worldwide

Allied Market Research published a new report, titled, " The Global Passive Authentication Market Expected to Reach USD 4.09 Billion by 2027, Top Factors Leading The Industry Worldwide." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Rise in demand for passive authentication in modern-day businesses, improvement in user accessibility, and time-saving benefits are factors that drive the growth of the global passive authentication market. However, issues regarding data confidentiality hinder the market growth. On the other hand, advanced passive authentication techniques and rise in issues of fraud detection and identification create new opportunities in the coming years.

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The global passive authentication market size was valued at USD 796 million in 2019, and is projected to reach USD 4,093 million by 2027, registering a CAGR of 22.7% from 2020 to 2027.

The passive authentication market is primarily segmented on the basis of component, function, deployment mode, organization size, industry vertical, and region. By component, the market is segmented into solution and services. By function, it is segmented into compliance management, marketing management, risk management, and others. By deployment mode, it is bifurcated into on premise and cloud. By organization size, it is divided into small & medium enterprise and large enterprise. By industry vertical, it is classified into BFSI, Government, IT & Telecom, retail & consumer goods, healthcare, media & entertainment, and others. By region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

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Covid-19 Scenario:

● The need for passive authentication increased during the Covid-19 pandemic with adoption of the "work from home" strategy in organizations. Many organizations experienced process and security vulnerabilities in the remote working setting as cyber-attacks increased.

● In addition, cyber threats, data thefts, and phishing attacks rose across the world during the pandemic. This gave rise to increased implementation of advanced passive authentication techniques.

● Many market players launched advanced authentication techniques and identify verification factors that offer ease in use and convenience to users.

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Based on component, the solution segment held the highest market share in 2019, accounting for nearly three-fifths of the global passive authentication market, and is estimated to maintain its lead position throughout the forecast period. This is due to rapid technological advancements such as emergence of voice and facial biometrics for authentication and fraud prevention. However, the services segment is expected to portray the highest CAGR of 23.2% from 2020 to 2027, owing to a significant rise in cyber-crimes.

Based on industry vertical, the BFSI segment contributed to the largest share in 2019, accounting for nearly two-fifths of the global passive authentication market, and will maintain its dominant share in terms of revenue during the forecast period. This is due to increase in prevalence of cyber-crimes and rise in demand for data security worldwide. However, the healthcare segment is projected to register the highest CAGR of 27.8% from 2020 to 2027. This is attributed to integration of digital technologies in the sector that gave a huge scope to effective authentication methods.

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Based on region, North America accounted for the highest share in terms of revenue in 2019, contributing to nearly two-fifths of the global passive authentication market, and will continue its leadership status by 2027. This is attributed to rapid adoption of biometrics, behavioral analytics, and mobile technology. However, Asia-Pacific is estimated to witness the fastest CAGR of 24.8% during the forecast period, owing to increase in enterprises across the region that led to the need for effective security solutions.

Some of the key companies mentioned within the report include NEC Corporation, IBM Corporation, Cisco Systems Inc., Gemalto, FICO, RSA Security LLC, Experian plc, Equifax Inc., Nuance Communications, Inc., and BioCatch Ltd.

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