NEW YORK, July 1, 2021 /PRNewswire/ —
The IT consulting industry is expected to have a mixed impact due to the spread of the COVID-19 pandemic. The imposition of lockdowns changed the work scenario across various industries, especially in the IT sector. As many people started to work from home, the demand for cybersecurity and advanced authentication solutions increased significantly.
The increasing number of online transactions is identified as one of the major factors driving the growth of the advanced authentication market. Online transactions provide convenience as they are instant and easy. However, they are more vulnerable to cyberattacks. With the increasing frequency of cyberattacks, organizations have started adopting advanced authentication methods such as phone-based authentication, software OTP tokens, hardware OTP tokens, and email verifications to ensure secure online transactions. With the increase in the number of online transactions, the demand for advanced authentication solutions will increase during the forecast period.
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As per Technavio, the growing adoption of bring-your-own-device (BYOD) among enterprises will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Advanced Authentication Market: Growing adoption of bring-your-own-device (BYOD) among enterprises
Several companies across the world are adopting BYOD policies to offer convenience to their employees. However, such policies increase the risk of cyberattacks. Hence, organizations are implementing advanced authentication to manage employee access to enterprise applications. This is helping them seal the cracks between employee authentication and enterprise security. Thus, the increasing adoption of BYOD policy among organizations is expected to have a positive impact on the growth of the global advanced authentication market during the forecast period.
«The introduction of out-of-band (OOB) authentication and the high-level security provided by hardware OTP tokens will further boost market growth during the forecast period», says a senior analyst at Technavio.
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Advanced Authentication Market: Segmentation Analysis
This market research report segments the advanced authentication market by Technology (Biometrics and Multi-factor authentication) and Geography (North America, Europe, APAC, South America, and MEA).
The North American region led the advanced authentication market in 2021, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the presence of stringent regulations that compel organizations to adopt multi-factor authentication.
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Related Reports on Information Technology Include:
Global Multi-factor Authentication Market – Global multifactor authentication market is segmented by component (services and products) and geography (North America, Europe, APAC, South America, and MEA).
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Global Biometrics Market – Global biometrics market is segmented by end-user (government, healthcare, BFSI, and others), authentication (single-factor authentication and multi-factor authentication), and geography (North America, APAC, Europe, MEA, and South America).
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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