Market Trends of Mobile Devices User Authentication Services Industry
This section covers the major market trends shaping the Mobile Devices User Authentication Services Market according to our research experts:
Biometrics / Multi-Factor Authentication is Expected to Have Significant Share
- According to a study by ManpowerGroup, the millennials are more likely to enable multi-factor authentication in the wake of a breach (32 % versus 28 % of the general population). And, 75 % of millennials were comfortable using biometrics today, compared to 58 % of those over age 55. This could be an indication that younger adults are putting less care into traditional password but are more likely to layer access with multifactor authentication, use biometrics for speed and convenience.
- Further, according to IBM the average cost for each lost or stolen record containing sensitive and confidential information also increased by 4.8 % year over year to USD148 in 2018. When risk levels rise, the additional authentication checkpoints are triggered, such as letting users toggle between a mobile push notification that invokes fingerprint readers on their phone and a one-time passcode.
- Moreover, North American and Europe are the regions that adopt the latest technology faster and the adoption of BYOD is also growing with the increasing threat of high profile cyber-attacks among business enterprises in these regions. Additionally increasing usage of mobile devices across BFSI, media & entertainment and government sectors in these regions create a huge market opportunity for the biometrics authentication services market. Thus, it can be inferred that since these two regions are adopting biometrics authentication, other regions will also adopt this technology in the timeframe studied.
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Asia- Pacific to Witness Fastest Growth
- In Asia-pacific, great strides are being made in the digital economy. But it is also causing more threat-related opportunities. According to Cisco, companies receive 6 threats every minute in APAC and 51% of all cyber attacks resulted in a loss of more than USD 1 million. Thus the need for user authentications is growing which in result will create a market for mobile devices user authentication services market because of the increasing trend of BYOD and the increasing penetration of smartphones in the region.
- The growing penetration of the internet and shift toward digitization of the internal processes have been instrumental in driving the adoption of cloud-based services. Alongside the digital transformation in the region, owing to ineffective cyber laws and lack of cybersecurity awareness, companies in Asia-Pacific have been found to be 80% more likely to be targeted by hackers as compared to other regions.
- Owing to this, governments across countries in the region have taken several measures to promote data security. For instance, in India, the need for data masking is strongly supported by the government. In July 2018, "Personal Data Protection Bill, 2018" was released that notes that the right to privacy is a fundamental right.
- Therefore, all the above factors are expected to help the mobile devices user authentication services market to grow in this region during the forecast period.
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