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Digital Identity, Security & Online Fraud

Global authentication market to reach USD 1,619.5 million by 2022

Tuesday 9 January 2018 | 01:24 PM CET

The authentication services market size is expected to grow from USD 622.9 million in 2017 to USD 1,619.5 million by 2022, according to a Research and Markets report.

The Compound Annual Growth Rate (CAGR) during the forecast period is of 21.1% and it is sustained by the growing number of digital identities and stringent data security regulations, such as PCI DSS and HIPAA.

The Multi-Factor Authentication (MFA) segment is expected to hold the largest market share during the forecast period. Due to the increasing number of cyber-attacks and identity theft, organizations are implementing the two-factor authentication solution. Additionally, various regulations and compliances, such as PCI DSS and GDPR, would drive the multifactor authentication segment's growth.

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 large managed security services providers, and stringent data security regulations and compliance in the region.

The APAC region is expected to witness the fastest growth in the authentication services market, due to increasing number of digital identities, online transactions, and mobile computing devices. Additionally, India, Japan, and Singapore have all updated or introduced new national cybersecurity policies that would ramp up the market.

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