Global Mobile User Authentication Market
Report Highlights
Global Mobile User Authentication Market By Vertical, By Organization Size, By Geographic Scope And Forecast
According to Verified Market Research, The Global Mobile User Authentication Market was valued at USD 1,223.03 Million in 2018 and is projected to reach USD 7,450.77 Million by 2026, growing at a CAGR of 26.07% from 2019 to 2026. The North American Market is expected to participate heavily in the Mobile User Authentication market due to the number of mobile banking consumers in the region
Mobile user authentication can be defined as a security service in which the end-user or device is authenticated or verified. Mobile user authentication can be carried out through multiple factors such as biometrics, geographical positioning coordinates, and passcodes. The concept of mobile user authentication is based on the authentication of the end-user through something a user knows and/or possess. The mobile user authentication can be termed as a viable mode of authentication as smartphones are increasingly becoming a crucial part of society in today’s increasingly connected world.
The use of biometrics for mobile user authentication is growing at a fast pace due to the increasing penetration of mobile devices; biometrics include voice, face, iris, and fingerprint authentication. Authentication mechanisms, in general, have enabled online transactions through accurate remote verification. The increasing implementation of biometric capabilities in smartphones, coupled with increasingly prevalent authentication standards such as FIDO are expected to contribute to the rapid and widespread adoption of mobile biometrics authentication technologies.
Factors that are driving the growth of this market include the growth of online data sharing and the rising traction among enterprises to manage and assess a wide range of vulnerabilities. Mobile user authentication services manage cross-platform integration using various authentication platforms and most enterprises across various industries are actively establishing security and access control policies and procedures in order to ensure content confidentiality, consistency, and integrity of the end-user.
With the growing prevalence of technology in all economies, data privacy concerns have increased over the years. As a result, governments of countries across the world have formulated regulations as countermeasures. These regulations usually provide detailed guidelines on end-user authentication, which is essential before granting access to confidential data. Many countries have made it mandatory for organizations to comply with these specific regulations in order to curb data security threats.
Following an upsurge in online financial transactions, especially concerning e-commerce activities, the scope of online business transactions are increasing exponentially. Online payment gateways are being used extensively to enable fast and easy transactions. However, online transactions and payments come with high-security risks; there is a growing tendency for hackers to target websites with high traffic and huge customer base. With cases such as data theft and phishing on the rise, and new forms of attacks emerging, the need for verification methods is growing. In order to make online transactions secure, enterprises have started using security solutions such as mobile user authentication methods.
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