According to a new report, published by KBV research, The Global Passive Authentication Market size is expected to reach $3.9 billion by 2028, rising at a market growth of 20.4% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 21.5% during (2022 - 2028). Additionally, it is projected that in the near future, a gradual increase in demand for swift and secure online transactions will fuel market expansion for passive authentication. Additionally, businesses all over the world are using passive authentication in an effort to provide their clients with dependable, secure, and fast services.
The Compliance Management segment acquired maximum revenue share in the Global Passive Authentication Market by Function in 2021 thereby, achieving a market value of $1.7 billion by 2028. The centralized coordination of multiple resources, projects, actions, and individuals is necessary for ongoing compliance. The need for information security and privacy compliance is crucial because it is anticipated that these requirements will affect the acquirer's business goals, regulatory profile, and valuation model, particularly if the new acquisition increases the risk of information security- or privacy-related liability. These elements fuel the market's expansion.
The Cloud segment has shown the growth rate of 22.8% during (2022 - 2028). Software applications have made a substantial contribution to the cloud's adoption. Software-as-a-service (SaaS) solutions are being embraced by IT organizations around the world. Cost savings, ease of access, and quick boarding are the key justifications for this change. In order to manage cloud data protection, passive authentication techniques must be adopted.
The Large Enterprises segment is generating high revenue share in the Global Passive Authentication Market by Organization Size in 2021 thereby, achieving a market value of $2.8 billion by 2028. It comprises businesses with a staff size of more than 1,000. These businesses handle enormous amounts of data with the utmost discretion. As a result of the rising threat of assaults on these large organizations, there is a surge in the requirement for efficient passive authentication.
The Healthcare segment is anticipated to grow at a CAGR of 22% during (2022 - 2028). The factors driving the adoption for the passive authentication market in the healthcare industry are an increase in security data breaches across the industry and an increase in customer enhancement. Additionally, there are several potentials for market expansion due to technological developments in passive authentication solutions and their widespread industry acceptance.
The North America market dominated the Global Passive Authentication Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.4 billion by 2028.The Europe market is exhibiting a CAGR of 20.2% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 21.4% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/passive-authentication-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Cisco Systems, Inc., IBM Corporation, NEC Corporation, Fair Isaac Corporation (FICO), Experian PLC, Nuance Communications, Inc. (Microsoft Corporation), Equifax Inc., RSA Security LLC (Symphony Technology Group), and BioCatch Ltd.
By Component
By Function
By Deployment
By Organization Size
By Vertical
By Geography
Companies Profiled
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