According to the recent report by IMARC Group, titled “Passive Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.’ the global passive authentication market size reached US$ 1.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.0 Billion by 2028, exhibiting a growth rate (CAGR) of 23.8% during 2023-2028.
What is Passive Authentication?
Passive authentication is the process of identifying a user and confirming it without requiring multiple actions. It is commonly used for compliance, marketing, risk, operation and information technology (IT) management. Passive authentication involves recording the voice of the speaker during the interaction with a voice agent or a bot for conducting high-security verification checks.
The authentication system gathers insights regarding the activity of the user or other observable data that is further analyzed for identity proof. As a result, passive authentication is widely used across healthcare, entertainment, telecommunication and banking, financial services and insurance (BFSI) industries.
What are the growth prospects and trends in the Passive Authentication industry?
The global passive authentication market is primarily being driven by significant growth in the BFSI industry. Passive authentication solutions are widely used for minimizing the interaction between agents and customers and streamlining banking operations. In line with this, they are also used for registering customers through an automated archive of previous calls.
Moreover, various technological advancements, such as the launch of mobile banking (m-banking) applications and the integration of artificial intelligence (AI) and biometric solutions, are favoring the market growth. Other factors, including the increasing demand for passive authentication solutions in small and medium-scale enterprises (SMEs), along with the widespread adoption of cloud-based services, are creating a positive outlook for the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Based On Component:
- Solution
- Services
Based On Deployment Mode:
- On-premises
- Cloud-based
Based On Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Based On Function:
- Compliance Management
- Marketing Management
- Risk Management
- Others
Based On End Use Industry:
- BFSI
- Government
- IT and Telecom
- Retail and Consumer Goods
- Healthcare
- Media and Entertainment
- Others
Based On Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
Who are the key players operating in the industry?
The report covers the major market players including:
- Aware Inc.
- BioCatch Ltd.
- Cisco Systems Inc.
- Equifax Inc.
- Experian plc
- Fair Isaac Corporation
- International Business Machines Corporation
- NEC Corporation
- Nuance Communications Inc.
- Microsoft Corporation
- RSA Security LLC
- Thales Group
- Verint Systems Inc.
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