Passive Authentication Market

Report Scope & Overview:

The Passive Authentication Market size was valued at USD 2.29 Bn in 2022 and is expected to reach USD 11.37 Bn by 2030, and grow at a CAGR of 22.14 % over the forecast period 2023-2030.

Passive authentication is a procedure or approach that uses behavioral patterns to verify the identification of a client or user. Biometric, contextual, and correlative authentication, as well as device identification, are the most common behavioral authentication patterns. Passive authentication also includes multi-factor authentication, which helps enterprises reduce the need for password-based security methods by providing greater protection and management. Passive authentication is frequently used to authenticate and validate users of e-documents and to avoid digital data fabrication. Several firms offer passive authentication platforms, methods, and solutions to assist customers in keeping their data safe and secure from data leaks or breaches. Passive authentication is also known as quiet authentication.

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It enables simple and secure risk-based authentication for online transactions, particularly in the banking, financial services, and insurance (BFSI) business. Smart and sophisticated techniques are utilized in the passive authentication approach to examine behavioral patterns in order to authenticate and validate users. These systems provide adaptive authentication, which allows for the exact analysis of data or the legitimacy of a transaction in real-time. Companies in e-commerce, BFSI, retail, and information technology (IT) & telecom are employing passive authentication solutions to improve the customer or user experience. Similarly, with fast technology improvements, firms are developing novel solutions that incorporate numerous ways for identification and fraud protection, such as voice and facial biometrics.

MARKET DYNAMICS:

KEY DRIVERS:

• Increasing Enterprise Demand for Improved User Experience.

• Organizations are increasingly in need of frictionless authentication.

RESTRAINTS:

• Biometrics Privacy Concerns.

OPPORTUNITY:

• Rapid IoT Adoption.

• Adoption of AI Technology to Understand User Behavior is Growing.

• Rapid Biometric Technology Adoption for Authentication and Fraud Detection.

CHALLENGES:

• Inadequate Knowledge and Professional Experience

IMPACT OF COVID-19:

The COVID-19 epidemic has created a significant economic slowdown, and the current crisis is simply increasing the pattern of worldwide economic dependency on the Internet, which continues to be a critical strategic global business engine. Cybersecurity risk, cyber-attacks, and data theft are all on the rise. Because of the aforementioned factors, the market for passive authentication is expected to grow. Proper consumer and user authentication is critical in today's corporate environment to secure the safety and privacy of critical assets. To assist these firms, key players in the passive authentication industry have established powerful tactics.

MARKET ESTIMATION:

The solution segment led the worldwide passive authentication market share, owing to fast advancements in technology that have generated lucrative prospects for the industry. Voice biometrics replace old and outmoded security techniques such as PINs, passwords, and security questions, offering a safe and frictionless manner of verifying identification in phone conversations and digital transactions. The requirement for AI-based authentication solutions is increasing due to the fast growth in the number of harmful assaults, which is expected to broaden the market scope throughout the projected period.

The service category is expected to be the market's fastest expanding segment, as the incidence of cybercrime has increased the demand for passive authentication solutions. Furthermore, the steady increase in demand for rapid and secure online transactions is expected to drive the growth of the passive authentication market in the near future. Furthermore, firms all around the world are concentrating on providing their clients with trustworthy, safe, and efficient services by implementing passive authentication.

Passive authentication techniques can identify a person without requiring their active participation. When a consumer phones a bank, instead of asking for account numbers or passwords, the employee just communicates with the customer. The technology listens to the consumer and matches the voice to the voiceprint on file in the background. In addition, if a user's session has been hijacked, a mobile banking application may silently analyze user activity such as typing cadence, swiping patterns, and even geographic position to enable ongoing verification. Passive voice biometric technologies are also widely available for financial services organizations that require a more discrete registration procedure. These systems automatically enroll consumers utilizing archives of past conversations.

KEY MARKET SEGMENTS:

On The Basis of Component         

• Solution

• Services

• Professional

• Managed

On The Basis of Business Function

• Finance

• Marketing

• Others

On The Basis of Organization Size          

• Large Enterprise

• SMEs

On The Basis of Industry  

• BFSI

• Retail

• Media and Entertainment

• Healthcare

• Government

• Telecom and IT

• Others

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REGIONAL ANALYSIS:

During the projection period, North America is expected to have the biggest market share. High demand from technologically sophisticated industries such as BFSI, Telecom, and IT, as well as widespread usage of biometrics, behavioral analytics, and mobile technologies in North America, are projected to drive market expansion. In terms of market size, Europe is anticipated to trail North America. The rising demand for sophisticated authentication solutions among European firms, as well as the development of several US-based passive authentication software companies in Europe, are the primary reasons driving the region's market growth. The Asia-Pacific market is likely to develop at the quickest rate, with demand expected to climb faster than the worldwide CAGR between 2023 and 2030.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are NEC Corporation, IBM Corporation, Cisco Systems Inc., Gemalto, FICO, RSA Security LLC, Experian plc, Equifax Inc., Nuance Communications Inc., BioCatch Ltd. & Other Players

Cisco Systems Inc - Company Operating Expense