Authentication services market categorizes the global market by service as compliance management, subscription keys management, managed public key infrastructure, and reporting, by managed authentication type, by managed tokenization type, by vertical, and by region.
The report "Authentication Services Market by Service (Compliance Management, Subscription Keys Management, Managed Public Key Infrastructure, and Reporting), Managed Authentication Type, Managed Tokenization Type, Vertical, and Region - Global Forecast to 2022", The scope of this research study covers the managed authentication services only. The authentication services market size is expected to grow from USD 622.9 Million in 2017 to USD 1,619.5 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period. The major driver for the authentication services market is the growing number of digital identities and stringent data security compliance, such as PCI DSS, and HIPAA across the globe.
Multi-factor authentication is expected to hold the largest market share during the forecast period
The multi-factor authentication (MFA) segment is expected to hold the largest market share during the forecast period.
Due to the increasing incidents of cyber-attacks and identity theft, organizations are implementing two-factor authentication. MFA provides a high degree of security, which ensures confidentiality of personal information.
This is superior to the traditional one-factor username and passwords/PINs, as these are easily hacked by cyber-attackers. Organizations are implementing MFA to meet regulatory compliances, and strengthening their data and endpoint security.
BFSI vertical is expected to hold the largest market size during the forecast period
The BFSI vertical is expected to hold the largest market size during the forecast period, owing to the rapid increase in online transactions and trading, which makes this vertical a prime target for cyber-attackers. This vertical is vulnerable to various risks, such as phishing, identity thefts, card skimming, vishing, SMSishing, viruses and Trojans, spyware and adware, social engineering, website cloning, and cyber stalking.
Hence, strong authentication is required to address these cyber risks and securing enterprise data.
North America is expected to hold the largest market share during the forecast period
As per the geographic analysis, North America is expected to hold the largest market share during the forecast period. This is due to the presence of most of the large managed security services providers, stringent data security regulations and compliance.
The US and Canada are significantly advanced in terms of cyber security technology and most vulnerable to cyber threats in the world.
Major vendors covered in the authentication services market include as Verizon (US), Trustwave (US), Gemalto (the Netherlands), Wipro (India), Tata Communications (India), Bell Canada (Canada), GCI Channel Solutions (UK), Entrust Datacard (US), GCX (India), and Interoute (UK).
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