Passive Authentication Market
Recent advances in passive authentication technology have created numerous opportunities for the passive authentication market growth in the coming years.
PORTLAND, PORTLAND, OR, UNITED STATES, November 2, 2022 /EINPresswire.com/ — According to the report, the global passive authentication market generated $796 million in 2019, and is estimated to reach $4.09 billion by 2027, witnessing a CAGR of 22.7% from 2020 to 2027.
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 solution segment to maintain its lead position throughout the forecast period
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.
The BFSI segment to maintain its dominant share in terms of revenue during the forecast period
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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North America to continue its leadership status by 2027
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.
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Leading market players –
• NEC Corporation
• IBM Corporation
• Cisco Systems Inc.
• Gemalto
• FICO
• RSA Security LLC
• Experian plc
• Equifax Inc.
• Nuance Communications Inc.
• BioCatch Ltd.
Key Findings of the Study –
• By component, in 2019, the solution segment held the major share. However, the service segment is expected to witness highest growth rate during the forecast period.
• By deployment type, the local (on-premise) segment accounted for the highest revenue in 2019, however, the cloud is expected to witness highest growth rate during the passive authentication market forecast period.
• By function, compliance management held the major share in 2019, however the risk management is anticipated to witness highest growth during the forecast period.
• By industry vertical, the BFSI sector accounted for the highest revenue in 2019, however, the healthcare & pharmaceutical segment is expected to witness the highest growth rate during the forecast period.
• By region, the passive authentication market size was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
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