Global Authentication Services Market was valued US$ 682.79 Mn in 2018 and is estimated to reach US$ XX Mn by 2026 at a CAGR of about XX % during a forecast period.
The global authentication services market has been segmented on the basis of services, managed authentication type, managed tokenization type, verticals, and regions. Based on the services, global authentication services market is divided into compliance management, subscription keys management, managed public key infrastructure and reporting. By Managed Authentication type, global authentication services market is categorized into single-factor authentication and multi-factor authentication. Based on the managed tokenization type, global authentication services market is classified into token-based authentication and tokenless authentication. A vertical segment is encompassed Banking, Financial Services, and Insurance, Telecommunication and IT, Government and Defense, E-commerce, Health Care and Energy and Power.
Geographically, global Authentication Services market is spread by North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
The growing number of digital characteristics and stringent data security compliance, such as PCI DSS and HIPAA are the driving the growth in the global authentication services market. Furthermore, the rising number of data breaches in virtual servers is hampering the growth in the global authentication services market.
E-commerce vertical is projected to grow at a high rate of CAGR during the forecast period. The E-commerce vertical compacts with selling consumer products and services to its clients through multiple channels. Furthermore, e-commerce is one of the cost-conscious verticals and the top targeted vertical by cybercriminals because of the prospective payouts and a huge number of economic transactions via credit and debit cards.
The multi-factor authentication segment is estimated to hold the largest market share during the forecast period. Growing incidents of cyber-attacks, organizations are focusing to implement two-factor authentication. Multi-factor authentication provides a high degree of security, which confirms the secrecy of personal information. The traditional one-factor username and password can easily hack by cyber-attackers.
North America is expected to dominate the large market share owing to the presence of the huge number of managed security services providers, compliance and strict data security regulations. Canada and U.S. are expressively advanced in terms of cyber security technology in the world. Asia Pacific region is estimated to witness the fast growth in the authentication services market, due to an increasing number of digital identities and online transactions.
Some of the key players in the global authentication services market include Verizon, Gemalto, Wipro Trustwave, Tata Communications, Bell Canada, Entrust Data card, GCI Channel Solutions GCX, and Interoute.
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