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Phone-based Authentication Solutions Market Segmentation by Top Players, Type, and Application
19 June 2019, The global phone-based authentication solutions market is expected to grow at a significant CAGR of 23.8% over the forecast period due to the higher market penetration of smartphones and increasing incidences related to theft. Stringent laws & regulations by regional governments to mandate the adoption of identification technologies for citizens, employees and foreign nationals in order to enhance national security are expected to favor market growth over the forecast period.
The growing demand for advanced security solutions and rising incidences of burglary and terrorist attacks are propelling the growth of the market over the forecast period. Additionally, numerous collaborative efforts are undertaken various government to improve security in response to the threat of terrorism over public safety, thereby fostering the market demand for advanced security solutions in the past few years. Globally, the market is predicted to generate massive revenue over next five years, providing numerous opportunities for market players to invest for research and development in the phone-based authentication solutions market.
Introduction of remote service management and varied wireless technologies are anticipated to boost market growth over the coming years. Increasing adoption of biometric security services such as fingerprint recognition and face recognition systems to provide secured financial transactions are anticipated fuel the growth of phone-based authentication solutions market over the next seven years. Increase in the number of connected devices across the globe is predicted to stimulate industry expansion in the upcoming years.
In addition, increasing adoption of IoT technology in number of educational institutions, the retail organizations and BFSI (banking, finance and insurance) sector is expected to favor market growth over the coming years. Increasing use of smartphones to operate and access critical business information is driving the need for deployment and incorporation of effective information security solutions. Phone-based authentication systems offer real time solution for organizational processes, thus bolstering market growth over the forecast period.
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Additionally, mobile phone-based authentication solutions along with software-based multi-factor authentication products allows businesses to minimize their hardware and deployment costs. Mobile phone-based authentication solutions provide users with several benefits. Secured mobile devices perform authentication operation effectively, thus leveraging as a virtual employee identity in order to access important information including computers, applications and cloud services and residential areas.
The market is broadly categorized into three major segments based on the application type such as BFSI (banking, finance and insurance) sector, payment card industry and government sector. The BFSI (banking, finance and insurance) sector is considered as one of the rapidly growing segment in the market with substantial revenue generation in the last few years. Growing popularity of this market in the BFSI (banking, finance and insurance) segment is attributed to the rising demand for financial transactions.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in telecommunication sector, presence of large number of smart connected devices, increase in the number of research & development activities in the region and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the phone-based authentication solutions market with massive growth in forecast period. Countries such as India, China, Japan and Singapore are leading the Asia-Pacific market with increasing security concerns due to theft activities, strong economic growth, growing implementation of BYOD (bring your own device) in large-scale enterprises and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the phone-based authentication solutions market are CA Technologies, Inc., Gemalto Co., Shearwater Group, Symantec Co., and Vasco Data Security International, Inc.
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