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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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