This report discusses in detail the major drivers and the key trends that are emerging in this market. It summarizes the market shares for EMEA, APAC, and the Americas. Major end-user segmentation includes the BFSI and the PCI sectors, government organizations, and other sectors. It also includes a section on the key vendors in this market like CA Technologies, EMC, Gemalto, Microsoft, Symantec, Technology Nexus, and VASCO Data Security.
Technavio has released updated information on the phone-based authentication market, with the publication of its new report, phone-based authentication: global market outlook and forecast 2015-2019. The global phone-based authentication market is expected to surpass $US 5,500 million by 2019, and will grow at a rate of close to 50% during the forecast period.
The Americas dominate the market and presently accounts for more than 48% of the total market share. The APAC region is expected to post the highest growth rate of close to 55% by 2019. Increasing vendor reliance on two-factor authentication in the APAC region facilitates rapid growth in this geography.
“Two-factor authentication includes the usage of authentication cards and hardware tokens, which are not cost-efficient. As a result, many financial organizations in the APAC region are now adopting SMS one-time-password (OTP). SMS OTP is preferred mostly by end-users due to its benefits such as ease of use, inexpensiveness, data breach control, and high accuracy. It is also being adopted in other sectors such as social networking and online gaming,” says Navin Rajendra, Lead Analyst, IT Hardware, Software, Services, Technavio research.
Phone-based authentication solutions help to control data breaches as they follow strict data privacy regulations, especially in the BFSI and the PCI sector. Due to data breaches in the past, the value chain of mobile payments has evolved drastically to ensure safe and secure transactions. As a result, financial organizations have to comply with regulations such as Sarbanes-Oxley for the BFSI sector and PCI-DSS for the PCI sector. These regulations guarantee that the end-users are authenticated before accessing any confidential data.
Top vendors in this market include CA Technologies, EMC, Gemalto, Microsoft, Symantec, Technology Nexus, and VASCO Data Security. These companies are covered in detail in related technavio reports, such as multi-factor authentication market, OOB authentication market, and hardware OTP token authentication market.
Global Phone-based Authentication Market by Geographical Segmentation
Source: Technavio Research
This report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. There are many key drivers, challenges, and opportunities that are discussed in detail.
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