According to the latest report by IMARC Group, titled "Passive Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global passive authentication market reached a value of US$ 1.12 Billion in 2021. Passive authentication refers to the process of verifying an individual’s identity using their behavioral patterns. Some of the commonly used passive authentication methods include contextual, biometric and correlative. Along with this, it also includes multi-factor authentication that aids in providing enhanced control and security while assisting the organization in eliminating the need for password-based security models. It is usually adopted across the retail, telecom and e-commerce sectors in order to analyze authentication data in real-time precisely while offering an improved experience to the user.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Passive Authentication Market Trends:
The global market is primarily driven by the increasing demand for passive authentication from the banking, financial services and insurance (BFSI) sector. This can be accredited to the rising incidences of money laundering and cybercrime across the globe. Moreover, continual technological advancements, such as the widespread integration of artificial intelligence (AI) and the Internet of Things (IoT) with passive authentication systems, and the shifting preference for virtual transactions due to an enhanced convenience offered by online platforms are further providing a boost to the market growth across the globe. Additionally, the penetration of high-speed internet connectivity and rapid digitization across multiple businesses are creating a positive market outlook. Other factors, including intensive business competition, continuous innovations in authentication solutions, continual improvements in the information technology (IT) infrastructure, and extensive research and development activities (R&D) conducted by key players, are also positively influencing the demand for passive authentication. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4.12 Billion by 2027, exhibiting a CAGR of 24.1% during 2022-2027.
- On the basis of the component, the market has been segmented into solutions and services.
- Based on the deployment mode, the market has been bifurcated into on-premises and cloud-based.
- On the basis of the organization size, the market has been classified into small and medium-sized and large enterprises.
- Based on the function, the market has been classified into compliance management, marketing management, risk management and others.
- On the basis of the end-use industry, the market has been categorized into BFSI, government, IT and telecom, retail and consumer goods, healthcare, media and entertainment, and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.Some of these players include Aware Inc., BioCatch Ltd., Cisco Systems Inc., Equifax Inc., Experian plc, Fair Isaac Corporation, International Business Machines Corporation, NEC Corporation, Nuance Communications Inc. (Microsoft Corporation), RSA Security LLC, Thales Group, and Verint Systems Inc.
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