Global Passive Authentication Market Size, Share & Industry Trends Analysis Report By Component (Solution and Services), By Function, By Deployment (On-Premise and Cloud), By Organization Size, By Vertical, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Passive Authentication Market
Market Report Description
The Global Passive Authentication Market size is expected to reach $3.9 billion by 2028, rising at a market growth of 20.4% CAGR during the forecast period.
Passive authentication is a type of authentication that verifies a user's identity without requiring them to do any further specified steps for the objective of authentication. The user does not need to perform any further activities in order for this type of authentication to be considered frictionless; nonetheless, the user's behavior or other observable data are acquired and examined for evidence of identification without further user involvement.
More and more, internet services are offering secure access to users of all ages and abilities through the use of biometric verification technologies. Applications for the public sector and the government must be accessible to the widest audience feasible, whereas in the business world, creating a system that excludes people restricts the system's appeal and success.
Since digital technologies have grown in number, so has the requirement to maintain customer satisfaction and security. Businesses have been coming up with inventive ways to please their clients and remain ahead of their rivals by giving them a unique experience. Nowadays, consumers are much more intelligent, and they have far higher expectations.
Customers now demand immediate access to data and products because of the Internet, which has fundamentally transformed everything. They want a smooth shopping experience, lightning-quick deliveries, and simple payment methods.
COVID-19 Impact Analysis
The COVID-19 pandemic has resulted in a significant slowdown in the global economy, and the current crisis is only aggravating the pattern of global economic dependence on the Internet, which continues to be a vital strategic global business engine. Data theft, cyber threats, and cybersecurity risks are all on the rise, as per the World Economic Forum's Global Risks Report 2020. The market for passive authentication is predicted to grow as a result of the aforementioned aspect. In today's business climate, proper identification of customers and users is critical to ensuring the security and privacy of vital assets. Strong strategies have been put in place by major market participants in passive authentication to help these firms.
Market Growth Factors
The Rise in Passive Authentication Requirements for Modern Enterprises
A technologically advanced alternative to password protection schemes is a passive authentication system. The strength of passive authentication negates the need for additional security measures. The user credential is safe with passive biometric authentications since they are more difficult to hack. Organizations are expanding their outreach by integrating new capabilities and giving their customers more opportunities thanks to passive authentication techniques. As a result, user authentication is significantly sped up and made simpler, which has an effect on the market for passive authentication.
Time Savings and Improved User Accessibility
The goal of passive biometrics and behavioral analytics is to recognize users by their distinctive patterns of activity. Because users only need to submit their digital signatures from already created digital identities, passive authentication contributes to the creation of excellent user experiences, resulting in significant time and effort savings. Because of the market's increased accessibility and time-saving features, sustained expansion is expected.
Market Restraining Factors
Concerns about data security and privacy are growing.
A passive attack attempts to obtain or use data from the system rather than consuming system resources. Passive attacks monitor or record traffic in order to gather information. The opponent wants to eavesdrop on communications in order to get information. After the world witnessed numerous sophisticated cyber threats and attacks on big data servers and their analysis methods, the importance of data security has increased, making it mandatory to introduce strict regulations and compliance policies that governments and other concerned regulatory authorities have introduced to safeguard sensitive data.
Based on Component, the Passive Authentication Market is divided into Solutions and Services. The solution category held the largest market share for passive authentication in 2021, mostly because of the technology's rapid development, which opened up an attractive potential for market expansion. Voice biometrics offers a more secure and frictionless method of authenticating identification during phone calls and online transactions in place of conventional and antiquated security measures like PINs, passwords, and responses to security questions.
Based on Deployment, the Passive Authentication Market is divided into On-premise and Cloud. The market's largest contributor in 2021 was the on-premise category. Applications that are hosted on-site benefit greatly from security, adaptability, and personalization. The on-premise market is expanding as a result of these causes. Additionally, during the projection period, technical developments in cloud-based services and fierce rivalry among SMEs are offering good potential for market expansion.
Organization Size Outlook
Based on organization size, the Passive Authentication Market is classified into Large Enterprises and Small & Medium Enterprises. Small and medium-sized businesses had the substantial revenue share in the market in 2021. The adoption of new and inventive passive authentication solutions has led to a boom in the market for passive authentication on a global scale. Additionally, it is anticipated that the increased usage of passive authentication solutions by small and medium organizations around the world will hasten the growth of the industry as a whole.
Based on function, the Passive Authentication Market is divided into Compliance Management, Marketing Management, Risk Management, and Others. The second-largest segment is marketing management in 2021. The necessity for passive authentication solutions for the company is increased by the surge in cyberattacks on marketing management platforms used by businesses to steal data and implement new marketing strategies. The secure data in the marketing management solutions need to be carefully permitted.
Based on Vertical, the Passive Authentication Market is classified into the BFSI, Government, IT & Telecom, Retail & Consumer Goods, Healthcare, Media & Entertainment, and Others. IT and telecommunications make up the second-largest segment in the market in 2021. Delivering cloud-based services makes use of a network connection provided in the cloud. These services assist in reducing total costs while providing incredibly flexible and scalable access to passive authentication solutions via information technology (IT) infrastructure hosted by cloud technology providers.
|Market size value in 2021||USD 1.1 Billion|
|Market size forecast in 2028||USD 3.9 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 20.4% from 2022 to 2028|
|Number of Pages||306|
|Number of Tables||549|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Component, Function, Deployment, Organization Size, Vertical, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on geography, the Passive Authentication Market is divided into North America, Europe, Asia Pacific, and LAMEA. Owing to increased authentication and awareness of passive authentication solutions, Europe is anticipated to experience considerable growth during the forecast period. Passive authentication market expansion is predicted to be fueled by the rising prevalence of cybercrimes and global demand for data security during the forecast period. The demand for passive authentication systems and solutions is anticipated to increase in the near future as cybercrimes, including identity theft, data breaches, and hacking, increase in frequency.
Free Valuable Insights: Global Passive Authentication Market size to reach USD 3.9 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc., IBM Corporation, NEC Corporation, Fair Isaac Corporation (FICO), Experian PLC, Nuance Communications, Inc. (Microsoft Corporation), Equifax Inc., RSA Security LLC (Symphony Technology Group), and BioCatch Ltd.
Scope of the Study
Market Segments Covered in the Report:
- Compliance Management
- Marketing Management
- Risk Management
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
- Retail & Consumer Goods
- Media & Entertainment
- IT & Telecom
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Cisco Systems, Inc.
- IBM Corporation
- NEC Corporation
- Fair Isaac Corporation (FICO)
- Experian PLC
- Nuance Communications, Inc. (Microsoft Corporation)
- Equifax Inc.
- RSA Security LLC (Symphony Technology Group)
- BioCatch Ltd.
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What would be the size of the Passive Authentication Market by 2028?
The global Passive Authentication Market size is expected to reach $3.9 billion by 2028.
What are the key driving factors and challenges in the Passive Authentication Market?
The Rise in Passive Authentication Requirements for Modern Enterprises are driving the market in coming years, however, Concerns about data security and privacy are growing restraints the growth of the market.
What are the major top companies in the competitive landscape?
Cisco Systems, Inc., IBM Corporation, NEC Corporation, Fair Isaac Corporation (FICO), Experian PLC, Nuance Communications, Inc. (Microsoft Corporation), Equifax Inc., RSA Security LLC (Symphony Technology Group), and BioCatch Ltd.
At what CAGR is the Passive Authentication Market estimate to grow in the forecast period?
The expected CAGR of the Passive Authentication Market is 20.4% from 2022 to 2028.
Which segment shows a high revenue share of the Passive Authentication Market in 2021?
The Compliance Management segment acquired maximum revenue share in the Global Passive Authentication Market by Function in 2021 thereby, achieving a market value of $1.7 billion by 2028.
Which region dominated the Passive Authentication Market in 2021?
The North America market dominated the Global Passive Authentication Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.4 billion by 2028.