LONDON--(BUSINESS WIRE)--The global phone-based authentication solutions market is expected to register a CAGR of close to 24% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the increasing number of smart connected devices. The number of smart connected devices across the world is expected to reach 21 billion by 2020. Various organizations are focusing on maintaining, managing, and monitoring data, which will increase the demand for network communication. Education, retail, and BFSI organizations are improving their processes by adopting Internet of Things (IoT) for analysis. The close monitoring of business processes necessitates the development of effective information security products and services in real time.
This market research report on the global phone-based authentication solutions market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the implementation of BYOD in enterprises as one of the key emerging trends in the global phone-based authentication solutions market:
Global phone-based authentication solutions market: Implementation of BYOD in enterprises
The increasing use of mobiles such as netbooks, smartphones, and other handheld devices drives the growth of the global phone-based authentication solutions market. The growing adoption of mobile devices has necessitated the need for authentication. The bring your own device policy enables employees to use their personal devices such as laptops, smartphones, tablets, and desktops for official purposes. It allows employees to perform their work without the constraints of time or location, which reduces the operational costs of companies and increases the productivity of employees.
“SMEs are the major adopters of the BYOD policy because it reduces their operational costs. employees using their own devices must authenticate their credentials to use business data, applications, and services. Out of the different authentication methods such as hardware and software authentication, phone-based authentication is cost-effective as it does not use hardware tokens,” says a senior analyst at Technavio for research on IT security.
Global phone-based authentication solutions market: Segmentation analysis
This market research report segments the global phone-based authentication solutions market into the following end-users (BFSI, PCI, and government) and key regions (the Americas, APAC, and EMEA).
The BFSI segment held the largest market share in 2017, accounting for nearly 45% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The Americas held the highest share of the global phone-based authentication solutions market in 2017, accounting for a market share of approximately 46%. The market share occupied by this region is anticipated to decrease during 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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