Future Market Insights (FMI) predicts that from 2022 to 2032, the market for authentication solutions will have significant CAGR growth of 14.4%. By 2022 and 2032, the market’s demand is anticipated to be worth US$ 14.7 billion and US$ 56.3 billion, respectively.
According to Future Market Insights, the market for authentication solutions will expand over the forecast period due to the rising demand to safeguard access management and shield corporate networks from sophisticated cyber-attacks.
A security mechanism that raises the data and system security is authentication. It guards against security lapses and data loss. With the use of a user ID and password, this method identifies the user and grants access to the system.
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This also depends on the type of authentication solution implemented in the system like single factor authentication solution or multi-factor authentication solution. It offers layers of security for preventing data and network from cyber-attackers.
Key Takeaways: Authentication Solution Market
- By authentication type, the single factor authentication solution market is growing dominantly with a CAGR of around 12.9% between 2022 & 2032.
- By enterprise size, demand for authentication solution from small & mid-sized enterprises (SMEs) is estimated to be growing at a higher rate than large enterprises.
- By industry, BFSI industry is will hold the highest market share by 2032. However, the healthcare industry is projected to showcase a significant growth of around 18.1% between 2022 & 2032.
- By region, North America authentication solution market in 2021 was holding the highest market share of around 32.2%
- South Asia & Pacific region is estimated to grow at a CAGR of around 18.1% in the forecast period.
Increasing number of sophisticated cyber-attacks across industries and data breaches will create conducive environment for authentication solutions market players. This service downtime and data breach severely affects the customer base and network security of these enterprises. To avoid downtime and data breach and to prevent the enterprise network from cyber-attacks, companies are implementing the authentication solution says FMI analyst.
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Global Authentication Solution Market Outlook by Category
By Authentication Type:
- Single Factor Authentication
- Multi Factor Authentication
By Enterprise Size:
- Large Enterprises
- Small and Mid-Sized Enterprises (SMEs)
By Industry:
- IT & Telecom
- BFSI
- Healthcare
- Manufacturing
- Retail
- Government
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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