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.

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:

• 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:

• 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: