PRNEWSWIRE: According to the new market research report “Risk-based Authentication Market by Component, Technology Type (MFA, Behavioral Biometrics, Web Access Management), Application Area (Fraud Prevention, IoT Security), Deployment Mode, Industry Vertical, and Region – Global Forecast to 2023”, published by MarketsandMarkets, the global Risk-based Authentication Market size is expected to grow from $2.19 billion in 2018 to $5.41 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.8 percent during the forecast period.
The major growth factors for the market include increasing instances of cyber-attacks and data breaches on enterprises, growing demand for mobility solutions and BYOD trend, and stringent regulations and compliances. Growing digital transformation across global businesses is also spurring the demand for risk-based authentication solutions.
Solution segment to record higher growth rate in the Risk-based Authentication Market during the forecast period
The solution segment is expected to grow at a higher CAGR in the Risk-based Authentication Market by component during the forecast period. Organizations are widely adopting risk-based authentication solutions to combat identity thefts and other advanced cyber threats, as these solutions provide automated critical identity-based authentication controls. The solution segment is also expected to hold a larger market size in the Risk-based Authentication Market during the forecast period.
Retail industry vertical to grow at the highest CAGR in the Risk-based Authentication Market during the forecast period
The retail industry vertical is expected to grow at the highest growth rate in the global Risk-based Authentication Market by vertical during the forecast period. The industry vertical is rapidly deploying cutting-edge technologies to increase customer engagement by offering them with the intuitive, personalized experience. The growing eCommerce, mergers, acquisitions, and partnerships growth strategy in the retail industry vertical have increased the complexity of managing the user credentials and the other sensitive information. The increasing cyber-attacks on user credentials is also a major area of concern for retail enterprises.
North America to hold the largest market size, whereas APAC to grow at the highest rate during the forecast period
North America is expected to account for the largest market share and dominate the global Risk-based Authentication Market from 2018 to 2023, due to the large presence of risk-based authentication solution vendors across the region offering highly innovative authentication solutions. APAC, on the other hand, offers the growth opportunities for vendors in the Risk-based Authentication Market, due to the increasing expenditure for securing user identities to prevent identity theft, in the major economies, such as China, Australia, Singapore, Japan, and India.
The report is available here: https://www.marketsandmarkets.com/Market-Reports/risk-based-authentication-market-167648842.html