Dublin, June 22, 2021 (GLOBE NEWSWIRE) -- The "Passive Authentication Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The passive authentication market is expected to grow at a compound annual growth rate of 25.53% over the analyzed period to reach a market size of US$3,089.319 million in 2026 from US$628.831 million in 2019.
A passive authentication is an advanced form of authentication under which the identification of the user is confirmed without the requirement of any additional specific actions for authentication. Passive authentication is an advancement over the traditional password system.
The prime reasons driving the market growth are rising cyber threats and cybercrime, along with growing technology penetration around the world. However, validation of passive authentication systems has been checked only on simple devices, which remains a challenge to the widespread adoption of these systems.
Passive authentication is an alternative to the password protection system
A passive authentication system is a technologically enhanced substitute to password protection systems. The problem with the latter system is that having to create and then remember a long, strong, and complex password for greater security at times gets in way of the work, especially in case of emergency.
On the other hand, a short and simple password is weak and insecure as it is easier to crack. Hence, the overall password protection system is inefficient. There are additional layers of authentication for greater security, for example, a passcode in addition to the password or a one-time password sent to the user's mobile number, however, these layers extend the time of operation.
Passive authentication, on the other hand, is stronger and does not require extra security layers. Passive biometric authentications are harder to crack and keep the user credential safe. Hence, passive authentication systems will grow at a faster rate than password protection systems.
Rising cybercrime is supporting the market growth of passive authentication
One of the prime reasons surging the market growth of the passive authentication market is a surge in cyber and related crime. In this digital era, the majority of operations have turned to the online channel for better performance. From grocery, cloth, and accessories shopping, to banking and financial services, every industry has paved the way in online channels for a greater customer base.
However, along with these businesses, data is been transferred to online channels. These consumer data are sensitive and on the radar of hackers and criminal-minded people intending to gain financial benefits. Data such as name, phone number, bank details, and others are robbed by hackers and used to their advantage. A report by McAfee, published in 2014, states that in the US alone in the year, US $1.5 billion were robed using stolen debit and credit card numbers. Hence, to decrease the cases of fraud and robbery, companies are adopting modern authentication methods, such as the passive authentication system.
The BFSI sector is anticipated to dominate the passive authentication market during the forecasted period
Based on the end-user industry, the passive authentication market is segmented into government, BFSI, media and entertainment, education, communication and technology, and others. the BFSI sector is anticipated to dominate the passive authentication market during the forecasted period owing to surging online banking and financial operations which are prone to bleach and robbery.
In February 2018, for instance, an unidentified group of hackers successfully pilfered into accounts at the Russian Central Bank, stealing the US $6 million, with the help of the SWIFT international payment messaging system. Increasing cases of robbery and theft are creating a demand for securer authentication systems and hence driving the market for the passive authentication industry.
Small and Medium Firms will provide huge market growth prospects during the studied period
Based on enterprise size, the market for passive authentication is divided into small firms, medium firms, and large firms. Mushrooming growth of small and medium enterprises will significantly boost the demand for passive authentication systems for securer business operations. Further, the market is divided, based on development mode, as on-premise and cloud. The Cloud model of passive authentication will show a robust growth prospectus due to the rising adoption of the cloud model, especially in small and medium enterprises. A report by the World Bank states that globally, 11% of SMEs use private cloud services, while 17% of SMEs use some public cloud services.
Based on offering, the passive authentication market offers authentication software and authentication services. Authentication software is expected to grow at an exponential rate owing to the increasing installation of this software in BFSI, government, and educational sectors.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Passive Authentication Market, by Offering
6. Passive Authentication Market, by Development Model
7. Passive Authentication Market, by Enterprise Size
8. Passive Authentication Market, by End-users Industry
8.4. Media and Entertainment
8.6. Communication and Technology
9. Passive Authentication Market, by Geography
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrative
10.3. Mergers, Acquisition, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/owm76c
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