MarketsandMarkets expects the global risk-based authentication market size to grow from USD 2.19 billion in 2018 to USD 5.41 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period.
Risk-based authentication refers to the process of analyzing risk levels and applying stringent authentication methods. The risk scores are based on numerous factors, such as login devices, IP reputation, user identity details and characteristics, geolocation, data sensitivity, and authentication attempts.
Major vendors offering risk-based authentication solutions across the globe include IBM (US), CA Technologies (US), Micro Focus (UK), Okta (US), Gemalto (Netherlands), OneSpan (VASCO Data Security; US), SecureAuth (US), RSA Security (US), ForgeRock (US), Entrust Datacard (US), Ping Identity (US), LexisNexis (US), OneLogin (US), GURUCUL (US), Centrify (US), Equifax (US), Crossmatch (US), BioCatch (Israel), Oracle (US), Evidian (France), Identity Automation (US), NoPassword (US), Silverfort (Israel), iovation (US), and EZMCOM (US). These players have adopted various growth strategies, such as partnerships, agreements, mergers and acquisitions, and new product developments, to achieve the growth in the global risk-based authentication market. The key market players have executed many partnerships, agreements, and collaborations with others in the global risk-based authentication market. For instance, in January 2018, Micro Focus signed a reseller agreement with VerifyMe to deliver Micro Focus’s Global Product Authentication Service (GPAS). In February 2018, Okta partnered with SailPoint to offer an end-to-end identity management solution for simple, secure user access, better compliance management, and improved security.
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IBM is a leading player in the global risk-based authentication market. The company’s major is to meet its clients’ requirements and provide new advancements in the risk-based authentication market. IBM caters to its clients across industry verticals, including healthcare, education, wealth management, customer analytics, performance management, government, aerospace and defense, communications, media and entertainment, energy, BFSI, and retail. The company has its presence in more than 175 countries across North America, Europe, APAC, MEA, and Latin America. IBM entered the risk-based authentication market with the acquisition of Trusteer in 2013, merging it with IBM’s Single Sign-On (SSO) to provide risk-based authentication solutions. The company also has a strategic partnership program to provide solutions and services to various industry verticals with multiple and advanced layers of security solutions. The partnership with Crossmatch in April 2018 has helped IBM provide secure and simplified access to web, mobile, and cloud technologies through a single, integrated platform. The partnership with Entrust Datacard in June 2018 has helped IBM expand its integration with IBM MaaS360 with Watson, an industry-leading AI-enabled UEM solution.
Okta is another leading vendor of risk-based authentication solutions and services to enterprises across the globe. The company offers adaptive multi-factor authentication in the risk-based authentication market. Okta provides its solutions to enterprises in government sector, BFSI, IT, education, life sciences, manufacturing, media and entertainment, retail, and transportation industry verticals. The company has a broad customer base in North America, Europe, APAC, MEA, and Latin America. Okta’s long-term strategy is to embed advancements in its risk-based authentication solution and enhance its capabilities through new product launches. For instance, in May 2018, the company launched Sign In with Okta, a secure authentication system for application providers and developers. In August 2017, Okta enhanced its adaptive authentication platform by releasing a new Developer Edition, expanded APIs, and new developer product capabilities for both customer and employee identities. The enhancement has helped Okta make a leading identity resource for software development and expand the company’s presence in the customer identity space.
Risk-based Authentication Market by Component, Technology Type (MFA, Behavioral Biometrics, Web Access Management), Application Area (Fraud Prevention, IoT Security), Deployment Mode, Industry Vertical, and Region - Global Forecast to 2023
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