Market Research Future (MRFR) projects that the global mobile user authentic market will demonstrate a 25.9% CAGR between 2019 and 2024. Additionally, the market is likely to surpass a valuation of USD 3 Bn by the end of the forecast period. Mobil phones are a staple in the modern world. Rapid mobile phone proliferation coupled with digitization has created new dimensions of application. Modern consumers heavily rely on mobile phones running day-to-day errands.
Mobile user authentication facilitates validation, authentication and verification with element such as biometrics, geographical positioning, timestamps and biometrics. On the back of rapid virtualization and digitization, data volumes continue to grow which is also reflecting favourably for the market. Digitization has been rampant in industrial verticals due to the host benefits it bring along. However, new treats are appearing which mostly pertain to data theft, privacy breach, digital espionage, etc. In order to prevent such risks, businesses are adopting mobile user authentication.
The global mobile authentication market in benefiting from emerging technology trends such as online data sharing, increase used of portable devices and robust mobile penetration worldwide. Increased phishing activities are resulting in a higher demand for reliable authentication barriers. Moreover, growth of cloud technology and its adoption by individuals, organization, and industries is viewed as a major market driver.
According to Market Research Future, the global mobile user authentication market has been segmented based on component, organization size, end user, and region.
Mobile user authentication is a technological process for securing the data by offering secured services to the end user. It is an authentication method which sends a one-time password (OTP), on the user’s smartphone for validating and authenticating the data to the user. There are various enterprises which are adopting bring your own device (BYOD) and are sharing their data online allowing the user to access data from anywhere which raises the concerns for security, which is an essential factor driving the market globally. Some of the benefits of using mobile user authentication are that there is multi-level security and low data redundancy, among others; this also fuels the market growth.
The global mobile user authentication market has been segmented based on component, organization size, and end user.
By component, the mobile user authentication market has been segmented into solutions and services. The solution segment accounts the largest market share due to increasing cyber-attacks, data breaches, ransomware, and others. Moreover, the increasing sharing of data online requires a secure path to reach to end users. Various companies are adopting these software solutions to increase security and offer a secured service to the end user. Moreover, mobile user authentication software solutions validate the end user by sending an OTP or other methods for confirming the authorization.
The market has been segmented, by organization size, into large enterprises and SMEs. The large enterprises dominate the segment as these generate large volumes of data, which are shared through emails to various in-house departments and consultancy agencies, users and other end users. The encrypted data can only be opened or used by a certain password or authentication methods. The companies also share confidential information through emails, which need to be protected from cyberattacks, therefore are adopting mobile user authentication to offer a secure service to the users.
By vertical, the market has been segmented into BFSI, government, IT & telecom, healthcare, media and entertainment, retail, and others. The BFSI vertical was the dominating segment in 2018 and is expected to be the fastest-growing segment during the forecast period 2019–2024. The BFSI industry vertical generates a large volume of financial and private data, which requires a high secured path for sharing it with the end user. Additionally, the demand for mobile user authentication in the BFSI is higher due to increasing security requirements.
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