Risk-Based Authentication Market

Global Risk-Based Authentication Market Size (2024 to 2029)

The global risk-based authentication market is predicted to reach USD 2.93 billion in 2024 and USD 5.90 billion by 2029, growing at a CAGR of 15% during the forecast period.

Risk-Based Authentication (RBA), called Versatile Authentication here and there, is an access feature and innovation in development. It uses customer behavior, their device, and various factors to determine if this customer is at risk. For example, it provides a number of benefits to the company, such as reducing equipment costs, increasing the profitability of remote workers, and satisfying the customer base. The risk profile is then used to regulate the complexity of the problem. The higher the risk profile, the worse the problem, while a static username/password may be sufficient for a low-risk profile. Risk-based deployment allows applications to require additional credentials from users only if the level of risk is appropriate. The increased reception of these related devices has led to various protections, information theft, and unreliable use, leading to information leaks and cyber-attacks. As a result, companies worldwide are adopting risk-based authentication solutions to identify the growing risk of cyberattacks. Risk-based certification applies multiple levels of rigor to the verification process to provide greater security and risk margin management while reducing costs. This risk-based certification helps organizations maintain internal and external compliance principles such as PCI, HIPPA, FFIEC, and SOC. Risk-based authentication also helps strengthen existing password-based authentication and RSA secure identity authentication. They offer other benefits to companies.

Global Risk-Based Authentication Market Drivers:

The rapid growth of the telecommunications and technology industry is a substantial factor driving the growth of this market. It is expected to continue to be one of the main drivers during the forecast period. Risk-based authentication is an advanced technique that uses different form factors of a user to determine risk. Advanced technologies are being adopted as investments by end users to improve system security. It is a type of security that helps to recognize the level of risk that can be caused by a given login attempt and provides users with authentication problems for the level of risk. Additionally, the increased use of BYOD policies and mobile technologies in the workplace is one of the other factors expected to drive the global risk-based authentication market. Also, the growing demand for risk-based certification across all industries is one of the other factors that is supposed to drive growth in the target market due to the continued increase in security breaches, illegal events, and other risks. Using banking and financial services through online portals is increasing, and advanced authentication is required to protect consumers' confidential data associated with banking organizations. Therefore, the risk of potential exposure to fraud and personal information increases considerably due to the rapid increase in banking and online transactions. Mobile and e-banking channels are increasingly used to send and carry out transactions, opening the door to cybercriminals trying to steal money from user accounts. RBAs and tests allow organizations to avoid external risks and recognize internal groups that can be a source of relaxation.

Social inspection is essential to the RBA in monitoring customer behavior and distinguishing defects in previous cases. The market is booming as cyber-attacks and association information leaks increase rapidly. Other development factors include trends such as the use of mobile technologies and BYOD systems in work environments and the use of new directions. Advanced technologies are being adopted as investments by end users to improve system security. The rapid growth of the telecommunications and technology industry is an important factor driving the growth of this market. It is envisioned to continue as one of its main drivers during the conjecture period. The increasing growth of communications and technology worldwide is a major factor driving the growth of this market and is supposed to continue as such throughout the outlook period. The increase in cyberattacks and the growing demand for mobility services are the main factors likely to drive the target market.

Global Risk-Based Authentication Market Restraints:

Many SMEs and open segment associations limit market development by fully understanding the benefits of risk-based authentication solutions. Lack of awareness of the results of risk-based certification and budget constraints for small and medium-sized enterprises are obstacles for target markets.

Impact of COVID-19 on the risk-based authentication market:

Amid the global coronavirus pandemic, demand for telecommuting solutions has exploded as organizations move from traditional work to home. As more and more non-secure private devices access the organization's network, these impacts must be carefully considered in the context of an organization's cybersecurity—the risk of compromising network security increases.

REPORT COVERAGE:

This research report on the global risk-based authentication market has been segmented and sub-segmented based on the deployment mode, industry verticals, component and region.

Global Risk-Based Authentication Market - Deployment Mode:

• On-Premises
• Cloud

 Among them, the cloud segment dominates the global market regarding revenue. The adoption of this cloud deployment by small and medium-sized businesses is increasing as small businesses offer solutions that allow them to focus on their core technologies rather than financing their security structures.

Global Risk-Based Authentication Market - By Industry Verticals:

• The market is segmented into
• Retail
• BFSI
• Manufacturing
• Government
• Medical
• IT & Telecommunication

The retail sector dominates the global market in revenue due to the growing strategy of acquisitions, e-commerce, mergers, and partnerships in the retail industry.

Global Risk-Based Authentication Market - By Component:

• Hardware
• Software 
• Solution

The solutions segment is likely to dominate the global market regarding revenue share. This factor is expected to drive the growth of the solutions segment as the adoption of risk-based authentication solutions among organizations increases to combat identity theft and other innovative cyber threats.

Global Risk-Based Authentication Market – By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • The United Kingdom
  • Spain
  • Germany
  • Italy
  • France
  • Rest of Europe
• The Asia Pacific
  • India
  • Japan
  • China
  • Australia
  • Singapore
  • Malaysia
  • South Korea
  • New Zealand
  • Southeast Asia
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of LATAM
• The Middle East and Africa
  • Saudi Arabia
  • UAE
  • Lebanon
  • Jordan
  • Cyprus

The North American market has the largest share and is estimated to drive growth. The presence of many distributors of risk-based certification solutions in the country is an expected factor to drive the growth of the global risk-based certification market in the region. The Asia Pacific market is supposed to show the fastest growth in revenue in the near future, with increased spending to protect user identities and prevent identity theft.

KEY MARKET PARTICIPANTS:

The major companies operating in the global risk-based certification market include Micro Focus International plc, Oracle, International Business Machines Corporation, RSA Security LLC, CA Technologies, Gemalto, EZMCOM, ForgeRock, Centrify, Ping Identity, Lexisnexis, and Okta Inc.

RECENT HAPPENINGS IN THE MARKET:

• In February 2020, the Government of India considered implementing a multi-factor authentication system for all digital transactions in the country, mainly to improve payment security and encourage more digital business through biometrics such as iris and facial recognition.
• In April 2020, the US government granted federal agencies the flexibility to use alternative certification forms to address the service gap and meet their goals.