The global passive authentication market is expected to exhibit a robust 22.6% CAGR over the forecast period from 2019 to 2023, according to the latest research report from Market Research Future (MRFR). The report states that the global passive authentication market is expected to rise to a valuation of USD 1.35 billion by 2023.
The global passive authentication market is mainly driven by the growing demand for seamless authentication from enterprises in various sectors. Passive authentication is a type of authentication that doesn’t require the user to provide a set passcode every time they access a certain service, but rather works out the identity of the user by behavioral clues. The use of biometrics is also common among passive authentication systems, as biometric scanning allows the users to enable authentication without having to enter a complicated passcode, that the user may forget. This is the major driver for the global passive authentication market.
On the other hand, the higher risk of security breaches with passive authentication systems has held back the market growth over the last few years. However, the rising use of AI and big data analysis in corporate enterprises is likely to make passive authentication the system of choice in the coming years, as it provides more convenience to users, which is becoming a key focus for enterprises.
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Leading players in the global passive authentication market include Mastercard Technologies, Jumio, Aware Inc., OneSpan Inc., Veridium Ltd., Nuance Communications Inc., Verint Systems, Equifax Inc., Experian PLC, Dell Technologies, Fair Isaac Corporation, Gemalto, Cisco Systems Inc., IBM Corporation, and NEC Corporation. Leading companies are likely to focus on product development in the coming years in order to build a strong, comprehensive product catalog for their wide range of clients. Larger companies are also likely to seek out acquisition opportunities that would strengthen their existing product base by the addition of new technologies.
In December 2019, NEC Corporation completed the acquisition of KMD, a major Danish market player with a significant customer base.
In August 2019, Cisco acquired Duo Security, an emerging leading in the fields of unified access security and multi-factor authentication.
The global passive authentication market has been segmented based on component, deployment mode, organization size, vertical, and region.
By component, the global passive authentication market is segmented into solution and services.
By deployment mode, the global passive authentication market is segmented into on-premises and cloud.
By organization size, the global passive authentication market is segmented into small and medium-sized enterprises (SMEs) and large enterprises.
By vertical, the global passive authentication market is segmented into banking, financial services and insurance (BFSI), healthcare, telecommunication and IT, government, retail and consumer goods, media and entertainment, and others.
North America is likely to hold on to the top spot in the global Passive Authentication Market over the forecast period due to the growing adoption of biometric security systems in the region and the growing technological support to implement behavioral analytics and other advanced solutions required to implement a secure and reliable passive authentication system. Sectors such as BFSI and IT and telecom are likely to remain the leading revenue generators in North America over the forecast period due to the demand for convenient security solutions that protect the interests of the enterprise without being too much of a bother for the users. The growing focus on unified access security in these sectors is also likely to drive further technological development in the passive authentication market in the region.
Europe is also likely to play a key role in the growth of the global passive authentication market over the forecast period due to the growing adoption of passive authentication systems in the industrial, BFSI, telecom, and government sectors.
In Asia Pacific, many governments are in the midst of digitalization processes. This has driven the demand for effective passive authentication systems. Developing countries such as India and China have emerged as highly lucrative markets for the BFSI sector, which has resulted in a rapid growth of online capabilities, thus driving the demand for effective and convenient security solutions. Increasing digitalization of public sectors such as telecom, government, and BFSI in Asia Pacific is likely to remain a major driver for the passive authentication market in the region over the forecast period.
LIST OF TABLES
Table1 Global Passive Authentication Market, By Region, 2019—2023
Table2 North America Passive Authentication Market, By Country, 2019—2023
Table3 Europe Passive Authentication Market, By Country, 2019—2023
Table4 Asia-Pacific Passive Authentication Market, By Country, 2019—2023
Table5 Global Passive Authentication Market, By Component, By Region, 2019—2023
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LIST OF FIGURES
FIGURE 1 Global Passive Authentication Market: Segmentations
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Passive Authentication Market
FIGURE 4 Value Chain Of Global Passive Authentication Market
FIGURE 5 Share Of Global Passive Authentication Market By Country, 2019
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