[FURL=https://www.industryarc.com/Research/Passive-Authentication-Market-Research-500610?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Passive Authentication Market[/FURL] Passive Authentication Market size is estimated to reach 3.03 billion by 2026 and is projected to grow at a CAGR of 25.5% during the forecast period 2021-2026. Increasing penetration of IoTs and related digital age technologies such as Artificial intelligence, Big Data, Machine Learning is estimated to fuel the market. With the increasing transition towards digitalization in BFSI, the retail sector the growing demand for protecting digital data from cyber breaches to optimize compliance management and risk management is set to drive the market. The increasing adoption of online transactions has significantly triggered the demand for real-time passive authentication platforms.Key Takeaways
Cloud the segment is analyzed to be the fastest-growing market during 2021-2026 due to reduced operational costs and hassle-free systems to fulfill digital business strategies.
BFSI the sector is estimated to hold the largest market share during the forecast period 2021-2026 due to the rapid penetration of digitalization in this sector.
North America is estimated to dominate the market during 2021-2026 owing to high investments towards advanced security platforms.
Increasing penetration of digital banking and rising demand for preventing forgery are estimated to drive the market between 2021 and 2026.
Biometric data security issues are one of the challenges impeding the growth of the market.
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Passive Authentication Market Segment Analysis – By Geography
By geography, Passive Authentication Market has been segmented under North America, Europe, APAC, South America and RoW. North America dominated the market acquiring a share of 36% in 2020 and is estimated to hold the major market share with a CAGR 14.67% during 2021-2026 owing to high investment towards advanced security techniques and early adoption of biometrics and behavioral analysis. In December 2020, Mexico passed a new law to enable creating a database with the personal data including biometrics for the entire population of the country. APAC is estimated to be the fastest growing market during the forecast period 2021-2026 with a CAGR 16.3% owing to the shift towards digitalization and growing demand for the prevention of digital forgery and cyber-crime.
Passive Authentication Market Drivers
Growing demand for quick and secure digital transaction
Increasing adoption of Biometric System for forgery prevention
Passive Authentication Market Landscape
Passive Authentication top 10 companies include Cisco Systems Inc., BioCatch Ltd., NEC Corporation, IBM Corporation, Aware Inc., Equifax Inc., Truststamp Inc., Jumio, RSA Security LLC, Typing DNA among others.
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