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Technavio reports online transactions to fuel authentication market

Thursday, May 26, 2016 — 11:53:13 (EDT)

London, May 26, 2016 -- According to the latest research report released by Technavio, the global advanced authentication market is expected to record a CAGR of close to 17% until 2020.

This report titled ‘Global Advanced Authentication Market 2016-2020‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. To calculate the market size, the report considers revenue generated from the sales of multi-factor authentication solutions (two-factor authentication solutions and three-factor authentication solutions) and biometrics technologies. The revenue includes hardware tokens, biometrics scanners and cameras, software solutions, and services.

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“As more customers start using smartphones and other mobile devices to make online transactions, they will face cyber-attacks emerging from sectors such as the BFSI, healthcare, and retail. To secure online transactions and to avoid risks, organizations are moving toward multi-modal biometrics, and this trend will likely gain widespread acceptance over the next four years,” said Amrita Choudhury, one of Technavio’s lead industry analysts for IT security.

Some of the other driving forces behind the growth of the global advanced authentication market are as follows:

• Increase in mobile workforce
• Implementation of BYOD policies
• Increase in compliance requirements

Increase in mobile workforce

A mobile workforce that constitutes traveling executives, sales representatives, and field workers necessitates the need for on demand access to company data irrespective of time and place. The global mobile workforce in 2015 was close to 1.34 billion strong due to high penetration of mobile devices. The increased use of mobile devices enables employees to access confidential data from remote locations. Although mobile devices ensure higher productivity, they also increase the security threat to an organization's confidential data. As a result, the demand for advanced authentication solutions to safeguard sensitive enterprise information against malware attacks and other security threats will increase during the forecast period.

Implementation of BYOD policies

A BYOD policy allows employees to use their personal devices for work purposes. It allows employees to work without any time or locational constraints, thereby increasing their productivity and reducing their operational cost. SMEs are increasingly adopting BYOD policies to reduce their operational costs. This trend warrants authentication of employee credentials before allowing access to critical business data, application, and services.

Many authentication methods have emerged after 1980, including multi-factor authentication and biometrics. Deployment of phone-based authentication and biometrics technologies have been immensely helpful to enterprises, as these eliminate the need for additional hardware tokens. In addition, the risks of losing the hardware token are also perceived to be high, which is not the case with phone-based authentication and biometrics. The evolution of these technologies and further advances are anticipated to drive the growth of the market during the forecast period.

Increase in compliance requirements

After 9/11, concerns about data privacy have increased considerably. Countries worldwide, have formulated regulations such as the Health Insurance Portability and Accountability Act for the healthcare sector and the Gramm-Leach-Bliley Act, BASEL II, Payment Card Industry-Data Security Standard, and the Sarbanes-Oxley Act for the BFSI sector as countermeasures.

Organizations are required to comply with regulations specific to their regions and any non-compliance can invite heavy penalties. As BYOD policy gain more popularity, Technavio researchers expect more companies to adopt multi-factor authentication solutions and biometrics technologies to control data breaches and ensure compliance with data privacy regulations. Tightening the regulatory framework related to data security will therefore support the growth of the market.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Source: Company press release.