Risk-based Authentication Market: What Will Be The Future Growth Opportunities?

Global Market Insights added a new report on global Risk-based Authentication Market to its research database. The report focuses on global major leading players with information such as company profiles, growth, product segment, technology segment, end user segment and region.

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The BFSI sector dominates the risk-based authentication market ensuring compliance with regulatory mandates, strengthening security, and delivering enhanced digital services to its customers. In 2015, the worldwide credit card frauds amounted to USD 16 billion, which increased the adoption rate of risk-based authentication solutions in this sector. The healthcare sector is growing at a fast pace as risk-based authentication solutions assist healthcare providers in managing and validating their users’ identity.

The solution segment of risk-based authentication market is projected to grow at a higher CAGR as it assists enterprises to augment identity security, thereby safeguarding the users’ data from potential threats. These solutions combine strong risk-based authentication solutions to avoid data theft and frauds. Enterprises are also witnessing a rapid increase in the adoption of mobility-enabling partners, employees, and other stakeholders to access sensitive corporate data from any device. This has made the adoption of risk-based authentication solutions more critical from a business perspective.

The multi-factor authorization technology is anticipated to dominate the risk-based authentication market. It uses multiple authentication methods including biometrics, one-time password, security tokens, and Personal Identification Number (PIN), assisting organizations in preventing unauthorized access to sensitive information, thereby maintaining business security. As per the industry analysts, around 93% of the organizations are using multi-factor authorization technology. In December 2017, IBM Security integrated with four leading authentication providers to deliver more advanced multi-factor authentication capabilities to its customers through the IBM Security Access Manager (ISAM).

Asia Pacific is considered the strongest region of growth in the risk-based authentication market due to an increase in the adoption of cloud-based solutions. Countries including India, China, Singapore, and Japan are rapidly adopting multi-factor authentication solutions to meet with the increasing regulatory compliances, which also augments the market growth. Furthermore, various companies operating in this region are spending huge funds on enterprise security to safeguard their business-critical information, driving the market.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

  1. IBM
  2. Micro Focus
  3. CA Technologies
  4. RSA Security
  5. ForgeRock
  6. SecureAuth
  7. OneSpan
  8. Gemalto
  9. Okta
  10. Oracle
  11. Centrify
  12. EZMCOM
  13. Equifax
  14. Lexisnexis
  15. Gurucul
  16. Ping Identity
  17. Crossmatch
  18. Silverfort
  19. Iovation
  20. Biocatch

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The major players operating in the risk-based authentication market include IBM, Micro Focus, CA Technologies, RSA Security, ForgeRock, SecureAuth, OneSpan, Gemalto, Okta, Oracle, Centrify, EZMCOM, Equifax, Lexisnexis, Gurucul, Ping Identity, Crossmatch, Silverfort, Iovation, and Biocatch. These players are entering into strategic partnerships to develop more advanced risk-based authentication solutions introducing enhanced security, thereby avoiding password fatigue and reuse. For instance, in May 2018, Nclose, a cybersecurity and managed detection & response provider entered into a partnership with Duo Security, a leading provider of two-factor authentication. This partnership will enable Nclose to deliver multiple factor authentications to its customers.