MarketsandMarkets expects the passive authentication market 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.
Browse 75 market data Tables and 48 Figures spread through 169 Pages and in-depth TOC on “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 Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. APAC comprises key economies, such as China, Japan, Australia, and New Zealand. This region is expected to grow at the highest rate in the global passive authentication market, owing to the presence of numerous Small and Medium-sized Enterprises (SMEs), which are inclined toward the adoption of cloud-based passive authentication solutions. Factors including broad customer base and heavy adoption of advanced technologies, such as artificial intelligence, machine learning, deep learning, and Internet of Things (IoT), drive the adoption of passive authentication solutions across enterprises in APAC.
The retail and consumer goods industry vertical is expected to be the fastest-growing vertical, in terms of the adoption of passive authentication solutions, during the forecast period. This industry vertical requires passive authentication solutions to securely authenticate their customers. Moreover, passive authentication solutions enable retailers to protect their customer’s financials by leveraging the unique human behavioral factors while improving customer experiences. The continuous rise of big data, growth of eCommerce, increase in the usage of social media, and need to provide customer experience are expected to drive the growth and adoption of passive authentication solutions in the retail and consumer goods industry vertical.
The cloud segment is expected to grow at a higher CAGR during the forecast period. Several companies have deployed solutions in the cloud to enhanced data mobility, improve collaboration of data, and reduction of the data loss during the transit. Moreover, the cloud segment takes care of the latest version of the software every time and gets auto installed at the earliest. Owing to these advantages, several vendors have switched from on-premises deployment mode to the Software-as-a-Service (SaaS)-based mode. The cloud segment has gained more traction among SMEs, due to its minimal Information Technology (IT) infrastructural requirement and reduced cost for clients.
The SMEs segment is expected to grow at a higher CAGR during the forecast period. Organizations with less than 1,000 employees are categorized as SMEs. SMEs face some specific challenges, such as the requirement of domain-specific technical personnel and skilled workforce, budget constraint, scalability, management control, and limited production scale. Moreover, the entry of small vendors in the passive authentication market has raised an opportunity for organizations to have an inexpensive software. Passive authentication solutions enable SMEs to strengthen their security and reduce frauds while enhancing their customer experience. SMEs prefer cloud-based passive authentication solutions, due to its benefits, such as cost-effectiveness, scalability and flexibility, and quick deployment.
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