Market Research Future (MRFR) explains the global passive authentication market 2020 dynamics in COVID 19. Other controlling forces of the passive authentication market is discussed in the report. As per MRFR study, the passive authentication market is likely to thrive at 22.6% CAGR in the forecast period. The passive authentication market value can touch USD 1351.3 Mn by 2023.
The growing case of forging important documents is creating the need for passive authentication across enterprises. This is expected in prompt the expansion of passive authentication market in the review period. The surge in the demand for seamless authentication process across different sectors is expected to bolster the passive authentication market in the years to come. The increased demand from enterprises for enhanced user experience has resulted in the shifting focus of developers towards effective innovation. The hefty investment made by top notch players in the passive authentication industry is likely to earn long-term benefit. However, the increase in concerns for privacy is encouraging the adoption of biometrics that can restrain the expansion of the passive authentication market growth. The application of Artificial Intelligence (AI) for fraud detection in passive authentication solutions can create considerable opportunities for the market to rise. In addition, the use of Internet of Things (IoT) across different industries is also observed to create lucrative scope for the rise of the passive authentication market.
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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.
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.
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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