Dallas,Texas, Sept. 12, 2022 (GLOBE NEWSWIRE) -- At a CAGR of 20.4% during the ensuing years, from 2021 to 2031, global authentication services will surpass USD 6,209.8 million from USD 970.1 million.
Owing to concerns over data security, this is projected to be an increase in demand for cloud-based security services and solutions, which will lead to the growth of the global Authentication as a Service market.
Organizations require identity and access management systems in order to offer access to workers who work remotely while upholding security compliance. Due to strict legal requirements and data protection laws, these solutions are very popular. The global Authentication as a Service market will rise as the Bring Your Own Device (BYOD) trend gains traction in most telecom and IT firms. When outside devices access a company's network, the IT departments of those companies fight to safeguard their informational assets. Multi-cloud computing systems are also becoming more and more prevalent in today's organizational ecology, notably in the communications and IT industries. As multi-cloud computing systems gain popularity, they emphasize the necessity for significantly more robust identity management services to protect their public cloud infrastructures.
The e-commerce industry is anticipated to grow at the fastest rate during the course of the forecasted period. Through a number of channels, the vertical sells consumer goods, and services to its clients. E-commerce is one of the most cost-conscious verticals and one of the most targeted industries by cybercriminals because of the possible payments and the high volume of financial transactions made using credit and debit cards. Additionally, it is anticipated that as the supply chain, workforce, distribution partners, and customers get more complicated; retailers will be compelled to employ authentication services.
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Global Authentication as a Service Market Scope:
| Study Period | 2021-2031 |
| Market Size in 2031 | USD 6,209.8 million |
| Segment Covered | Type, Application, and Region |
| by Types Covered | on-cloud, on-premises |
| Applications Covered | healthcare, telecommunication, BFSI, media & entertainment, travel & hospitality |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | Entrust Datacard, Trustwave, Verizon, GCX, Tata Communications, Interoute, and Wipro |
Multi-factor authentication had a higher global Authentication as a Service share of 56% in 2021 and is predicted to grow faster during the forecast period. Using the multi-factor service, many passwords can be replaced with alternatives. This may also provide a chance to boost production while decreasing operational expenses.
The global Authentication as a Service market is expected to be led by North America, with the United States being the major contributor. Businesses in the area are becoming more and more reliant on electronic data and computer networks to carry out their daily operations. Online transfers and storage of personal and financial data are also on the rise.
Some aspects of the Authentication as a Service are supplied to other companies via a remote connection from a third party due to the as-a-service approach. It is the antithesis of a function that is managed on-site and by internal staff. The fundamental objective of AaaS is to give authorized individuals the proper kinds of access to documents, software programmes, or other resources at the proper times. AaaS is easier to adopt because it is a centralized cloud-based solution developed by identification specialists.
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The global Authentication as a Service market is being driven by the increasing incidence of security breaches and cyber-attacks in a number of industries. This, paired with a significant increase in internet purchasing, has benefited industry growth. Despite numerous instances of online fraud and unauthorized access, the increasing volume of virtual transactions has generated an urgent need for enhanced authentication solutions.
Major Points from Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Authentication as a Service (AaaS) Market by Type, 2022-2029 (USD Billion)
5. Authentication as a Service (AaaS) Market by Application, 2022-2029 (USD Billion)
6. Authentication as a Service (AaaS) Market by Region, 2022-2029 (USD Billion)
7. Competitive Landscape
8. Company Profile
9. Appendix
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