Market Highlights
Market Research Future (MRFR) clarifies the global passive authentication market 2020 elements in COVID 19. Other controlling powers of the passive authentication market is examined in the report. According to MRFR study, the passive authentication market is probably going to flourish at 22.6% CAGR in the gauge time frame. The passive authentication market worth can contact USD 1351.3 Mn by 2023.
The developing instance of fashioning significant records is making the requirement for passive authentication across ventures. This is normal in brief the development of passive authentication market in the audit time frame. The flood in the interest for consistent authentication process across various areas is relied upon to reinforce the passive authentication market in the years to come. The expanded interest from endeavors for upgraded client experience has brought about the moving focal point of engineers towards viable advancement. The robust venture made by first class players in the passive authentication industry is probably going to acquire long haul benefit. Notwithstanding, the increment in worries for protection is empowering the reception of biometrics that can control the extension of the passive authentication market development. The use of Artificial Intelligence (AI) for misrepresentation discovery in passive authentication arrangements can set out impressive open doors for the market to rise. Furthermore, the utilization of Internet of Things (IoT) across various businesses is additionally seen to make worthwhile extension for the ascent of the passive authentication market.
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Segmentation:
The segment analysis of the passive authentication market is done by component, organization size, deployment mode, and vertical.
The component based segments of the global passive authentication market are solution and services.
The deployment mode based segments of the passive authentication market are cloud and on-premises.
The organization size based segments of the global passive authentication market are large enterprises and small and medium-sized enterprises (SMEs).
The vertical based segments of the global passive authentication market are healthcare, banking, retail and consumer goods, financial services and insurance (BFSI), government, telecommunication and IT, and media and entertainment among others.
Regional analysis
Trends of the global market for passive authentication is studied across APAC, EU, Latin America, MEA, and North America. As per MRFR regional study, the passive authentication market in North America is likely to thrive in the forecast period. The increased demand for technical advancements in authentication solutions across industries, such as Telecom and IT, and BFSI can bolster the expansion of the passive authentication market in the years to come. In addition, the increased adoption of behavioral analytics and robust mobile technology in different sectors can favor North America passive authentication market in the near future. In Europe, the expansion of the regional passive authentication market can be attributed to rise in the demand for advanced authentication solutions in multiple enterprises across Europe. The increase in US-based passive authentication software developers in Europe can favor the regional market to earn high revenue in the years to come. Other major factors that can prompt the passive authentication market in the region is the expansion of the IT sector. In Asia Pacific, the passive authentication market is expected to surge due to its unceasing demand in BFSI, manufacturing, IT and telecom, and retail sectors.
Key Players
NEC Corporation (Japan), Fair Isaac Corporation (US), Cisco Systems, Inc. (US), IBM Corporation (US), Gemalto (Netherlands), Experian PLC (Ireland), Dell Technologies (US), Equifax Inc. (US), Nuance Communications, Inc. (US), Verint Systems (US), Veridium Ltd (US), Aware, Inc. (US), OneSpan Inc. (US), Mastercard Technologies (Canada), and Jumio (US) are some reputed players in the passive authentication market that are listed by MRFR.
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Passive Authentication Market Research Report Information, By Component (Solution, Services), Deployment (On-premise, Cloud), Organization Size, Vertical (BFSI, Government, IT & Telecom, Healthcare, Media and Entertainment) – Global Forecast till 2027
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The report "Passive Authentication Market by Component (Solution and Services), Business Function (Compliance Management, Risk Management, Marketing Management), Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2023", The passive authentication market size is expected to grow from USD 492.8 Million in 2018 to USD 1,535.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 25.5% during the forecast period.
The growing need for the frictionless authentication among organizations is expected to drive the growth of the passive authentication market.
Moreover, the increasing demand among enterprises to deliver enhanced user experience is expected to drive the passive authentication market growth.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=151421257The BFSI industry vertical is expected to account for the largest market size during the forecast period.The development of the BFSI industry vertical is dependent on the efficient utilization of advanced technologies that help maintain strong customer relationships, identify legitimate customers, and reduce risks.
Passive authentication solutions enable BFSI organizations to optimize their customer experience and revenues by leveraging the machine learning technology.
Moreover, passive authentication solutions help BFSI organizations to identify their customers by taking advantages of behavioural analytics that prevent new account frauds and enable legitimate customers to access their information.The Small and Medium-sized Enterprises segment is expected to grow at a higher CAGR during the forecast period.Organizations with less than 1,000 employees are categorized under the SMEs segment.
SMEs face some specific challenges, such as the requirement of the domain-specific technical personnel and skilled workforce, budget constraints, scalability, management control, and the limited economy of scale.
