Global Risk Based Authentication Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

The Risk-Based Authentication Market report has been segmented on the basis of component, technology type, application area, security policies, deployment mode, industry vertical, and region.

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Global Risk-Based Authentication Market: Overview

“The Risk-Based Authentication Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Risk-based authentication is a method of applying different stages of strictness to the confirmation procedures for offering higher safety and risk edge management with reduced costs.

This risk-based authentication is helpful for the organizations for maintaining the internal and external compliance principles such as FFIEC, PCI, HIPPA, and SOC. Risk-based authentication is also helpful in strengthening traditional password-based authentication and RSA Secure ID authentication.

They offer different benefits to enterprises.

Global Risk-Based Authentication Market: Dynamics

Rising instances of cyber-attacks coupled with increasing demand for mobility services are the major factors expected to drive the target market.

In addition, increasing use of BYOD policies and mobile technology in the workplace are among other factors expected to drive the global risk-based authentication market.

However, lack of knowledge regarding risk-based authentication results and budget restrictions among small and medium-sized organizations are some factors hampering the target market.

Furthermore, increasing demand for risk-based certification between industries is driven by a continuous rise in a safety breach, illegal events, and other dangers, which are among the other factors expected to drive the growth of the target market.

Global Risk-Based Authentication Market: Segment Analysis

On the basis of components, the solution segment is likely to dominate the global market in terms of revenue share.

Increasing adoption of risk-based authentication solutions among organizations to battle identity thefts and other innovative cyber threats and is the factor expected to drive the growth of the solution segment.

On the basis of technology type, the multi-factor authentication segment dominates the global market in terms of revenue. On the basis of the deployment model, the cloud deployment mode policies segment dominates the global market in terms of revenue.

Due to the increasing adoption of cloud deployment types by SMEs as they offer a solution that allows SMEs to focus on their core skills instead of financing their money in the security structure.

On the basis of industry vertical, the retail segment dominates the global market in terms of revenue, due to growing mergers, acquisitions, eCommerce, and partnerships growth strategy in the retail industry vertical.

Global Risk-Based Authentication Market: Regional Analysis

Currently, the North American market accounts for the largest share and is expected to drive growth over the forecast period. The huge presence of risk-based authentication solutions dealers in countries is the factor expected to drive the growth of the global risk-based authentication market in this region.The

Asia Pacific market is likely to witness the fastest growth in terms of growing revenue in the near future due to increasing spending for safeguarding user identities to prevent identity theft is the factor driving the growth of the target market in the Asia Pacific region.

Global Risk-Based Authentication Market Segmentation:

Segmentation by component:

• Solution
• Service
• Managed Services
• Professional Services
• Consulting
• Training and Education
• Audit and Reporting

 Segmentation by technology type:

• Multi-Factor Authentication
• Behavioral Biometrics
• Web Access Management (WAM)

Segmentation by deployment model:

• On-cloud
• On-premises

Segmentation by industry vertical:

• Banking, Financial Services, and Insurance (BFSI)
• Government
• Healthcare
• Manufacturing
• Retail
• Telecommunication
• Others (include, education, media and entertainment, and transportation and logistics)

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa