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Written by Business News » Updated on: July 09th, 2024
IMARC Group, a leading market research company, has recently released a report titled "Passive Authentication Market Report by Component (Solution, Services), Deployment Mode (On-premises, Cloud-based), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Function (Compliance Management, Marketing Management, Risk Management, and Others), End Use Industry (BFSI, Government, IT and Telecom, Retail and Consumer Goods, Healthcare, Media and Entertainment, and Others), and Region 2024-2032". The study provides a detailed analysis of the industry, including the passive authentication market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global passive authentication market size reached US$ 1.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 10.0 Billion by 2032, exhibiting a growth rate (CAGR) of 20.6% during 2024-2032.
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Factors Affecting the Growth of the Passive Authentication Industry:
Increasing Security Concerns:
The increasing security concerns as digital transactions and online interactions become more prevalent, is one of the major factors boosting the market growth. Moreover, the rise in cyber threats, including identity theft, data breaches, and financial fraud, creating the need for more robust authentication methods, is acting as a growth-inducing factor. Besides this, passive authentication provides consumers with continuous and unobtrusive verification of user identity. It utilizes various data points, such as behavioral biometrics, device information, and location data, to authenticate users without requiring active input. In line with this, the growing adoption of passive authentication as businesses and consumers seek to protect sensitive information and maintain trust in digital interactions is fueling the market growth.
Implementation of Regulatory Compliance and Data Protection Laws:
The implementation of stricter data protection laws and regulations by governments and regulatory bodies is acting as a growth-inducing factor. They mandate higher standards for data privacy and security and require businesses to adopt advanced authentication methods to safeguard personal data and ensure compliance. In line with this, the heightened popularity of passive authentication in helping organizations meet these regulatory requirements due to its ability to monitor and verify user identity continuously is anticipated to drive the market growth. It reduces the risk of non-compliance penalties and enhances the overall data protection framework.
Growing Focus on Enhanced User Experience:
The growing focus on enhancing user experience is one of the major factors stimulating the market growth. In line with this, the cumbersome and disruptive nature of traditional authentication methods to the user experience, which leads to frustration, forgotten passwords, and frequent resets, is enhancing the market growth. Passive authentication addresses these issues by providing a seamless and frictionless user experience. It operates in the background, continuously verifying the user's identity without interrupting their activities. Moreover, the increasing utilization of passive authentication in industries such as banking, e-commerce, and healthcare, as it enhances convenience and user satisfaction, is providing a thrust to the market growth.
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Passive Authentication Market Report Segmentation:
By Component:
Solutions represented the largest segment as they offer comprehensive, integrated security capabilities that are essential for effective passive authentication.
By Deployment Mode:
On-premises accounted for the largest market share as it is preferred by organizations that are seeking greater control over their security infrastructure and sensitive data management.
By Organization Size:
Small and medium-sized enterprises (SME) represented the largest segment as they strive to enhance security without the need for extensive information technology (IT) resources and infrastructure investments.
By Function:
On the basis of function, the market has been divided into compliance management, marketing management, risk management, and others.
By End Use Industry:
BFSI accounted for the largest market share due to its high-security requirements for protecting sensitive financial data and ensuring compliance with stringent regulations.
Regional Insights:
North America's dominance in the passive authentication market is attributed to its advanced technological infrastructure, high adoption rates of innovative security solutions, and strong regulatory environment.
Global Passive Authentication Market Trends:
The burgeoning integration of artificial intelligence (AI) and machine learning (ML) as it enables systems to learn and adapt to user behavior over time, is anticipated to drive the market growth. Furthermore, the growing adoption of Internet of Things (IoT) devices to provide continuous and unobtrusive identity verification, thereby enhancing the overall security of connected devices, is acting as a growth-inducing factor. Besides this, the expanding utilization of biometric data, such as facial recognition and voice patterns, which can be incorporated into passive authentication systems to enhance accuracy and security further, is creating growth opportunities for the market.
Top Companies Operated in Passive Authentication Industry:
Key Highlights of the Report:
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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