Global Risk-based Authentication Market to Reach US$ 16.5 Billion by 2032, Impelled by the Significant Growth in the BFSI Industry

April 11, 2022 | Technology & Media

According to the latest report by IMARC Group, titled "Risk-based Authentication Market Report by Component (Solution, Service), Deployment (On-premises, Cloud-based), Application (Fraud Prevention, Cloud Application Security, IoT Security, and Others), End User Vertical (Banking and Financial Services, Retail, IT and Telecommunication, Government, Healthcare, and Others), and Region 2024-2032," the global risk-based authentication market reached a value of US$ 5.0 Billion in 2023. Risk-based authentication (RBA) refers to the process of applying various levels of stringency to the authentication processes to gather information and determine possible security breaches. It is widely used to keep unauthorized users from accessing sensitive information, thus mitigating data risks and providing higher security. It evaluates the browser, internet protocol (IP) address, the status of antivirus software, and location of the consumer to assess the probability of account compromise with each login. Apart from this, RBA assists in tracking user activity, identifying suspicious behavior, and ensuring higher security within the network.

Global Risk-based Authentication Market Trends:

Significant growth in the banking, financial services, and insurance (BFSI) industry, along with the increasing utilization of online banking and real-time payment solutions are primarily creating a positive outlook for the risk-based authentication market. In line with this, the rising instances of security breaches and sophisticated monetary frauds are further facilitating their adoption across sectors. Apart from this, the increasing adoption of advanced technologies, such as the Internet of Things (IoT), automation systems, and cloud-based storages to enable fast workflow and analyze operational processes are providing an impetus to the market growth. This is further supported by rapid digitization, wherein consumers are increasingly interacting with businesses via digital channels. RBA assists in accommodating customers and better manage organizations by effectively storing and transmitting various information, such as financial accounts, personally identifiable information, and intellectual property, which is propelling the market growth. Additionally, the sudden outbreak of the coronavirus disease (COVID-19) and widespread adoption of work from home (WFH) corporate models among organizations due to the imposition of complete lockdown is positively impacting the market growth. Other factors, including the growing trend of bring your own device (BYOD), inflating sales of smart devices, and the implementation of various government initiatives to reduce the number of cyber-attacks, are anticipated to drive the market further toward growth. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 14% during the forecast period (2024-2032).

Market Summary:

  • On the basis of the component, the market has been bifurcated into solution and service.
  • Based on the deployment, the market has been classified into on-premises and cloud-based.
  • On the basis of the application, the market has been divided into fraud prevention, cloud application security, IoT security, and others.
  • Based on the end user vertical, the market has been classified into banking and financial services, retail, IT and telecommunication, government, healthcare, and others.
  • Based on region, the market has been categorized 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), 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 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 and TransUnion.

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Global Risk-based Authentication Market to Reach US$ 16.5 Billion by 2032, Impelled by the Significant Growth in the BFSI Industry
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