Phone-based Authentication Solutions Market Key Players Analysis and Competitive Strategies
19 June 2019, The global
phone-based authentication solutions market is expected to grow at a significant CAGR of 23.8% over
the forecast period due to the higher market penetration of smartphones and
increasing incidences related to theft. Stringent laws & regulations by
regional governments to mandate the adoption of identification technologies for
citizens, employees and foreign nationals in order to enhance national security
are expected to favor market growth over the forecast period.
The growing demand for
advanced security solutions and rising incidences of burglary and terrorist
attacks are propelling the growth of the market over the forecast period.
Additionally, numerous collaborative efforts are undertaken various government
to improve security in response to the threat of terrorism over public safety,
thereby fostering the market demand for advanced security solutions in the past
few years. Globally, the market is predicted to generate massive revenue over
next five years, providing numerous opportunities for market players to invest
for research and development in the phone-based authentication solutions
market.
Introduction of remote
service management and varied wireless technologies are anticipated to boost
market growth over the coming years. Increasing adoption of biometric security
services such as fingerprint recognition and face recognition systems to
provide secured financial transactions are anticipated fuel the growth of
phone-based authentication solutions market over the next seven years. Increase
in the number of connected devices across the globe is predicted to stimulate
industry expansion in the upcoming years.
In addition, increasing
adoption of IoT technology in number of educational institutions, the retail
organizations and BFSI (banking, finance and insurance) sector is expected to
favor market growth over the coming years. Increasing use of smartphones to
operate and access critical business information is driving the need for
deployment and incorporation of effective information security solutions.
Phone-based authentication systems offer real time solution for organizational
processes, thus bolstering market growth over the forecast period.
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Additionally, mobile phone-based
authentication solutions along with software-based multi-factor authentication
products allows businesses to minimize their hardware and deployment costs.
Mobile phone-based authentication solutions provide users with several
benefits. Secured mobile devices perform authentication operation effectively,
thus leveraging as a virtual employee identity in order to access important
information including computers, applications and cloud services and
residential areas.
The market is broadly categorized into
three major segments based on the application type such as BFSI (banking,
finance and insurance) sector, payment card industry and government sector. The
BFSI (banking, finance and insurance) sector is considered as one of the
rapidly growing segment in the market with substantial revenue generation in
the last few years. Growing popularity of this market in the BFSI (banking,
finance and insurance) segment is attributed to the rising demand for financial
transactions.
The market is divided by region as
North America, Europe, Asia-Pacific, Latin America and Africa. North America
has shown major growth in recent years owing to the rise in the implementation
of latest technologies in telecommunication sector, presence of large number of
smart connected devices, increase in the number of research & development
activities in the region and existence of well-established industrial
infrastructure.
Asia-Pacific region is predicted to
hold major market share in the phone-based authentication solutions market with
massive growth in forecast period. Countries such as India, China, Japan and
Singapore are leading the Asia-Pacific market with increasing security concerns
due to theft activities, strong economic growth, growing implementation of BYOD
(bring your own device) in large-scale enterprises and significant investment
by leading industry players considering potential growth opportunities in the
region.
The key players in the phone-based authentication
solutions market are CA Technologies, Inc., Gemalto Co., Shearwater Group,
Symantec Co., and Vasco Data Security International, Inc.
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