This Risk-based Authentication (RBA) market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Risk-based Authentication (RBA) market.
Risk-based Authentication (RBA) Market: - An Overview
Risk-based Authentication (RBA) is also known as adaptive authentication is an emerging identity and access technology that calculates a risk score for any given access attempt in real time, based on a predefined set of rules. The factors considered while authenticating users includes the user behavior, devices the user using to connect, and other variables, and requests additional authentication factors if a certain risk level is detected.
The increasing trend of remote working has also increased the risk of data losses and data breaches, which in results increased the adoption of RBA tools to ensure the multifactor authentication throughout the user network to make it harder for an attacker to gains access over someone’s system.
Impact of COVID-19 Pandemic Outbreak on Authentication Service Market
The rapid spread of COVID-19 pandemic has disrupted the world’s economy in the first quarter. The IT service companies has also shown significant slowdown in growth during this financial year.
However, the demand for RBA solutions is on rise, as organizations will need to address the heightened security demands caused by the increased risk of cyber-attacks that results from remote workforce. The RBA market has shown rapid development in the past few years, the market has grown significant growth rate of around 20% CAGR in the past 5 years.
The outbreak of COVID-19 and the lockdowns caused by outbreak has increased the market growth by nearly 8%-10% in Q1-Q2 2020 and is projected to show rapid growth in the coming quarters of 2020.
To ensure the health and safety of employees, organizations has reduce the number of people who need to be in the office, and implemented a "work from home" policies for employees to manage their duties remotely.
To ensure high security within the network, organizations has implemented Multifactor Authentication (MFA) technologies that offers endpoint protection, logging, and monitoring of systems across the network.
Increasing attempts of Cyber-Attacks and Data Breaches is spurring the growth of Risk-based Authentication (RBA) Market
The Cyber-attacks and data breaches on individuals, groups, organizations, and governments is on rise. Companies are experiencing crippling security breaches and cyber threats. There is tremendous increasing in number of data breaches in the year of 2019.
As per Risk Based Security, more than 3,800 data breaches have hit organizations in 2019, around 50% increase over the last four years. Due to increasing frequency of data breaches, companies are continuously working on different ways to better secure their data. RBA and behavioral analytics helps companies to prevent external, as well as internal threats. Behavioral analytics is one of the major component of RBA that helps in tracking user activity and identifying suspicious activities.
Increasing Smartphone Penetration and Trend of BYOD
The smartphone penetration across the world is still growing at a steady rate and it is also expected that the trend will continue in the coming years as well.
Smartphone penetration has almost doubled in the past five years. Also the Bring Your Own Device (BYOD) trend is gaining momentum in the recent years, wherein employees are encouraged to bring their own devices like laptops and smartphones to access the company’s enterprise system and data.
In today's evolving threat landscape companies with password-only protection are operating at risk. Hence, the RBA provides and additional layer of security to protect enterprise assets, which would fuel the market growth.
Risk-based Authentication (RBA) Market: - Key Players
Key players in the Risk-based Authentication (RBA) market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced RBA solution and services to mitigate potential threats. The major players offering Risk-based Authentication (RBA) solutions include -
- IBM Corporation
- CA Technologies
- Micro Focus
- RSA Security
- LexisNexis and among others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global Risk-based Authentication (RBA) market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with Risk-based Authentication (RBA) market attractiveness as per segments. The report on Risk-based Authentication (RBA) market also maps the qualitative impact of various factors on Risk-based Authentication (RBA) market segments and geographies.
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Risk-based Authentication (RBA) Market: - Segmentation
By Component, Risk-based Authentication (RBA) Market is segmented into-
- Risk-based Authentication (RBA) Solution
- Professional Services
- Training and Education
- Audit and Reporting
- Managed Services
By Technology, Risk-based Authentication (RBA) Market is segmented into-
- Multi-Factor Authentication
- Push Notifications
- One-Time Passwords
- Smart Card Authentication
- Single Sign-On
- Behavioral Biometrics
- Web Access Management
- A detailed overview of parent market of Risk-based Authentication (RBA) market
- Changing Risk-based Authentication (RBA) market dynamics in the industry
- In-depth segmentation of the Risk-based Authentication (RBA) market
- Historical, current, and projected Risk-based Authentication (RBA) market size by value
- Recent industry trends and developments in Risk-based Authentication (RBA) market
- Competitive landscape of the Risk-based Authentication (RBA) market
- Strategies for key players in Risk-based Authentication (RBA) and solutions and services offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on Risk-based Authentication (RBA) market performance
- Must-have information for Risk-based Authentication (RBA) market players to sustain and enhance their market footprint
Frequently Asked Questions
What research methodology is used to develop the Risk-based Authentication (RBA) Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Risk-based Authentication (RBA) Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
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How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.