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Risk-based Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A4897
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Market Overview:
The global risk-based authentication market size reached US$ 4.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.7 Billion by 2028, exhibiting a growth rate (CAGR) of 16.2% during 2023-2028.
Risk-based authentication (RBA) evaluates the IP address, browser, status of antivirus software, and physical location of a consumer to determine the risk associated with the request for accessing the system. It relies on real-time intelligence to assist organizations in maintaining internal and external compliance, such as the health insurance portability and accountability act (HIPPA), federal financial institutions examination council (FFIEC), and security operations center (SOC). Besides this, it also helps in tracking user activity and identifying suspicious behavior to ensure high security within the network.
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Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Risk-based Authentication Market Trends:
At present, there is an increase in the utilization of online banking on account of real-time payment solutions and the convenience offered. This, coupled with surging cyber-attacks and data breaches to view, copy and steal confidential data of individuals, groups, private companies, and government organizations, represents one of the major factors propelling the market growth. In addition, the growing adoption of remote working culture due to the coronavirus disease (COVID-19) outbreak and consequent imposition of complete lockdown in numerous countries is driving the sales of RBA. Moreover, there is an increase in the trend of bring your own device (BYOD), which can be accredited to the rising sales of smartphones, tablets, and laptops. This, in turn, is offering lucrative growth opportunities to investors, end users and industry players. Apart from this, the application of RBA is expanding in the healthcare, government, and retail sectors for logging, monitoring systems and offering endpoint protection. Furthermore, key market players are focusing on product innovation and strategic partnerships with technology vendors to provide advanced RBA solutions and services to mitigate potential threats, which is projected to bolster the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global risk-based authentication market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, deployment, application and end user vertical.
Breakup by Component:
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- Solution
- Service
Breakup by Deployment:
- On-premises
- Cloud-based
Breakup by Application:
- Fraud Prevention
- Cloud Application Security
- IoT Security
- Others
Breakup by End User Vertical:
- Banking and Financial Services
- Retail
- IT and Telecommunication
- Government
- Healthcare
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Component, Deployment, Application, End User Vertical, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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 |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global risk-based authentication market was valued at US$ 4.5 Billion in 2022.
We expect the global risk-based authentication market to exhibit a CAGR of 16.2% during 2023-2028.
The sudden outbreak of the COVID-19 pandemic has led to the increasing demand for risk-based authentication to prevent the cyber-attacks and data breaches across numerous organizations, during remote working and Bring Your Own Device (BYOD) models.
The widespread adoption of risk-based authentication for tracking user activity and identifying suspicious behavior to ensure high security within the network, is primarily driving the global risk-based authentication market.
Based on the component, the global risk-based authentication market has been divided into solution and service. Currently, solution exhibits a clear dominance in the market.
Based on the deployment, the global risk-based authentication market can be categorized into on-premises and cloud-based, where cloud-based currently holds the majority of the total market share.
Based on the application, the global risk-based authentication market has been segmented into fraud prevention, cloud application security, IoT security, and others. Currently, fraud prevention accounts for the largest market share.
Based on the end user vertical, the global risk-based authentication market can be bifurcated into banking and financial services, retail, IT and telecommunication, government, healthcare, and others. Among these, the IT and telecommunication sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global risk-based authentication market 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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