According to IMARC Group’s latest report, titled “Risk-based Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. the study provides a detailed analysis of the industry, including the global risk-based authentication market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Risk-based Authentication Market?
The global risk-based authentication market size reached US$ 4.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.7 Billion by 2028, exhibiting a growth rate (CAGR) of 16.2% during 2023-2028.
What is Risk-based Authentication?
Risk-based authentication (RBA) represents a non-static authentication system that evaluates the browser, IP address, status of antivirus software, physical location of a consumer, etc., to determine the risk associated with a request for accessing a system. It relies on real-time intelligence to help organizations in ensuring data security and maintaining internal and external compliance. Apart from this, RBA also aids in tracking user activity and identifying suspicious behavior to ensure high security within the network.
What are the growth prospects and trends in the risk-based authentication industry?
The increasing incidences of cyber-attacks and data breaches to copy, view, and steal confidential data of private companies, individual groups, government bodies, etc., are primarily driving the risk-based authentication market. In addition to this, the widespread adoption of remote working culture, on account of the sudden outbreak of the COVID-19 pandemic, is acting as another significant growth-inducing factor since RBA tools can be employed to ensure only safe and legitimate access to company systems.
Furthermore, the expanding applications of RBA solutions across several sectors, including healthcare and retail, for employee logins, monitoring systems, offering end-point protection, etc., are also augmenting the global market. Besides this, the escalating demand for passive authentication solutions to control and identify areas wherein businesses can introduce automation and offer a frictionless user experience is anticipated to fuel the risk-based authentication market over the forecasted period.
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Who are the key players operating in the industry?
The report covers the major market players including:
- Broadcom Inc.
- Centrify
- Equifax Inc.
- ForgeRock
- Gurucul
- HID Global (Assa Abloy AB)
- International Business Machines Corporation
- Micro Focus International plc
- Okta Inc.
- Oracle Corporation
- Secureauth Corporation
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Solution
- Service
Breakup by Deployment:
- On-premises
- Cloud-based
Breakup by Application:
- Fraud Prevention
- Cloud Application Security
- IoT Security
- Others
Breakup by End User Vertical:
- Banking and Financial Services
- Retail
- IT and Telecommunication
- Government
- Healthcare
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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