The risk-based authentication market is in for some substantial growth, according to a new market forecast from MarketsandMarkets. The market research firm predicts that this sector will grow from a value of $2.19 billion this year to $5.41 billion by the year 2023, reflecting a CAGR of 19.8 percent.
According to the report, the market is being fueled by increasing incidents of cyberattacks and data breaches against organizations. Other growth factors include trends promoting the use of mobile technology and BYOD policies in the workplace, and the implementation of new regulations. A broader digitization trend among businesses around the world is also contributing to demand for risk-based authentication solutions, the report says.
Further breaking down the growth trends, MarketsandMarkets says that cloud-based solutions will have a particularly high CAGR over the forecast period, thanks in particular to demand from small and medium enterprises that lack the resources to host their own solutions on-premise. Retail will be the sector to show the greatest demand for risk-based authentication solutions, and North America will be the region with the greatest market share, followed by the APAC region.
The findings line up nicely with other market forecasts tracking the ongoing ascent of biometric authentication solutions, which can complement risk-based systems to offer even greater security and are driven by much the same growth factors. Behavioral biometrics, in particular, are increasingly a central component of risk-based authentication systems.
Further details on the risk-based authentication market can be found in MarketsandMarkets’ full report, entitled, “Risk-based Authentication Market by Component, Technology Type (MFA, Behavioral Biometrics, Web Access Management), Application Area (Fraud Prevention, IoT Security), Deployment Mode, Industry Vertical, and Region – Global Forecast to 2023”.
(Originally posted on FindBiometrics)