DUBLIN--(BUSINESS WIRE)--The "Risk-Based Authentication Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The risk-based authentication market is expected to register a CAGR of 15%, during the forecast period (2019-2024).
The increasing number of cyber attacks and data breaches have increased awareness regarding data security which is generating demand for highly secure and authentic solutions.
- As passwords are proving to be a riskier choice of authentication and cyber attacks, such as simple phishing schemes to sophisticated and targeted phishing attacks are also expected to rise, thereby making risk-based authentication technologies, such as multifactor authentication (that uses OTPs and smart cards with variable passwords), become the requirement of many end-user industries.
- Governments across the world are promoting the use of risk-based authentication. For instance, in the United States, the Defense Federal Acquisition Regulation Supplement (DFARS) in its directive outlined the mandatory use of multifactor authentication for all local and remote accounts associated with users who access controlled and unclassified information.
- However, the adoption of risk-based authentication has been so slow in the consumer and enterprise spaces because of the technical complexity and high cost of implementing risk-based authentication.
Key Market Trends
Banking & Financial Services Expected to Hold the Major Share
- With this rise in online transaction and banking, the risk for fraud and potential exposure of personal information is ascending. Mobile and e-banking are being increasingly used as a daily use to transfer and perform the transaction, which opens doors to cyber criminals trying to compromise a user's account to extract money.
- Therefore, to enhance consumer satisfaction and enable secure transactions, many of the banking and financial institutions are adopting frictionless authentication, such as biometrics, facilitated by better fraud detection that leverages the combination of advanced machine learning and customized rule sets.
- For instance, in Europe according to the European Statistics in 2018, around half (51%) of adult Europeans use internet banking. In the United Kingdom, online banking penetration increased from 52% in 2012 to 74% in 2018. So the increase in the demand for mobile banking in a different region is giving rise to the adoption of risk-based authentication platform in order to keep the customers away from the fradulant attack.
North America Expected to Hold Major Share
- North America is estimated to dominate the risk-based authentication market driven by the high-security spending and presence of large number of risk-based authentication vendor in the region.
- As the United States is the early adopter of cloud technologies and connected devices, it is more vulnerable to targeted cyber attacks. Additionally, Accenture has stated that there were over 130 large-scale, targeted breaches per year in the United States in 2017, and that number is growing by 27% per year.
- Moreover, in the United States, business is increasingly dependent on computer networks and electronic data to conduct their daily operations. Growing pools of personal and financial information are also transferred and stored online. In order to provide utmost security to the required data, the penetration of the risk-based authentication market is also increasing.
The risk-based authentication market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
- April 2019 - Okta Inc. announced about Oktane19 in collaboration with ITProPortal, is new risk-based authentication that can deliver greater security, ease of use and automated detection and response to identity-based attacks by leveraging machine learning.
- March 2019 - Financial Software Systems, Inc. has launched FSS Secure3D, its new-generation adaptive authentication solution based on the EMVCo 3DS 2.0 protocol.
Key Topics Covered
1.1 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Competitive Rivalry within the Industry
5 MARKET DYNAMICS
5.1 Introduction to Market Drivers & Restraints
5.2 Market Drivers
5.2.1 Increasing Number of Cyber Attacks & Data Breaches
5.2.2 Growing Trend of Bring Your Own Device (BYOD)
5.3 Market Restraints
5.3.1 Lack of Knowledge About Risk-Based Authentication
6 TECHNOLOGY SNAPSHOT
7 MARKET SEGMENTATION
7.1 By Offering
7.2 By Deployment
7.3 By End-user Vertical
7.3.1 Banking & Financial Services (BFSI)
7.3.3 IT & Telecommunication
7.3.6 Other End-user Verticals
7.4.1 North America
7.4.4 Latin America
7.4.5 Middle East & Africa
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 RSA Security LLC
8.1.2 IBM Corporation
8.1.3 CA Technologies
8.1.4 Micro Focus International PLC
8.1.5 Okta Inc.
8.1.6 SecureAuth Corporation
8.1.7 Gemalto N.V.
8.1.8 Equifax Inc.
8.1.9 Oracle Corporation
8.1.10 Cross Match Technologies Inc.
8.1.11 Financial Software Systems Inc.
9 INVESTMENT ANALYSIS
10 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/9ih7p4