The "Passive Authentication Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Passive Authentication Market is expected to register a CAGR of 23.65% in the forecast period from 2021 to 2026.
Voice biometrics replace traditional and outdated security methods such as PINs, passwords, and answers to security questions, offering a more secure and friction-free way to verify identity in telephone calls and digital transactions.
Passive verification involves listening to the speaker's voice while talking with an agent or a voice bot. This process usually requires a more extended period of speech to achieve a high-security verification score. Passive verification means a caller doesn't need to remember their account number or phone number, which is beneficial for some customers.
However, some customers may have some security concerns if they think the call center agent hasn't asked for any proof of identity and completes their transaction without considering the security of the account holder. Passive Authentication even provides seamless Authentication to a user for network resources and internet access without entering user credentials multiple times.
Key Market Trends
BFSI is Expected Hold Significant Share
Passive authentication methods are capable of identifying a person without their active participation. The banking sector could utilize this feature when a customer calls a bank instead of asking for account numbers or passwords, the agent merely interacts. In the background, the system listens to the customer and compares the voice to the voiceprint on file.
Also, a mobile banking application can quietly track user behavior like typing cadence, swiping patterns, and even geographic location to provide continuous authentication if the user's session has been hijacked.
For financial services companies that require a more discrete enrollment process, passive voice biometric technologies are also readily available to enroll customers using archives of previous calls automatically. Then, customers are quietly authenticated during the initial seconds of every call, without being prompted for a passphrase.
Increasing the data breaches in the banks is also increasing the need for robust authentication technologies with passive authentication being one of them.
Most modern smartphones are also equipped with a wealth of sophisticated technology like accelerometers, gyroscopes, touch screens, and GPS. In behavioral authentication, a user is authenticated by the unique way they interact with the phone, such as how they type or swipe, or the angle at which they hold the device. It's not just limited to smartphones and tablets, either.
Top behavioral solutions can extract and analyze over 500 unique parameters from mouse and trackpad patterns to typing cadence and browser events. They track how users interact with Web and mobile applications identifying fraudulent behavior and providing a risk score for banking and financial companies for each transaction.
Competitive Landscape
The Passive Authentication Market is moderately fragmented, which consists of significant players such as IBM Corporation, NEC Corporation, Cisco Systems, Inc., Thales Group, & OneSpan, Inc.. The companies in the market are increasing their market share by launching innovative products and also by forming multiple partnerships and mergers.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.3 Assessment of the impact due to COVID-19
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing incidents related of fraud, scams, and data breach attacks
5.1.2 Rising need for better authentication systems to enhance the user experience
5.2 Market Restraints
5.2.1 Concerns related to privacy regarding actions running in the background
6 MARKET SEGMENTATION
6.1 By Component
6.1.1 Software
6.1.2 Services
6.2 By Deployment Type
6.2.1 On-premises
6.2.2 Cloud
6.3 By End-User Industry
6.3.1 BFSI
6.3.2 Retail
6.3.3 IT and Telecom
6.3.4 Healthcare
6.3.5 Government
6.3.6 Other End-User Industries
6.4 Geography
6.4.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 IBM Corporation
7.1.2 Cisco Systems, Inc.
7.1.3 Thales Group (Gemalto N.V.)
7.1.4 NEC Corporation
7.1.5 OneSpan, Inc.
7.1.6 Verint Systems, Inc.
7.1.7 Aware, Inc.
7.1.8 Pindrop Security, Inc.
7.1.9 Equifax, Inc.
7.1.10 Nuance Communications, Inc.
7.1.11 BioCatch Ltd
7.1.12 ID R&D Inc.
7.1.13 Fortress Identity
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
Companies Mentioned
- IBM Corporation
- Cisco Systems, Inc.
- Thales Group (Gemalto N.V.)
- NEC Corporation
- OneSpan, Inc.
- Verint Systems, Inc.
- Aware, Inc.
- Pindrop Security, Inc.
- Equifax, Inc.
- Nuance Communications, Inc.
- BioCatch Ltd
- ID R&D Inc.
- Fortress Identity
For more information about this report visit https://www.researchandmarkets.com/r/14jq6w
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