Press Release / Technology / Passive Authentication Market to Touch New Height 1,535.0 Million By 2023

Passive Authentication Market to Touch New Height 1,535.0 Million By 2023

Passive authentication solutions have been adopted by several companies across the globe to counter the growing need for the frictionless authentication among organizations. The increasing adoption of passive authentication solutions helps organizations adhere to the increasing government compliance and deliver enhanced user experience, which drives the passive authentication market growth. The strategic partnership, collaborations, and agreements is an important growth strategy adopted by the key market players to develop new services and gain traction in the passive authentication market. MarketsandMarkets expects the passive authentication market to grow from USD 492.8 Million in 2018 to USD 1,535.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 25.5% during the forecast period.

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The major vendors of the passive authentication market include Aware (US), BehavioSec (US), BioCatch (Israel), Cisco (US), Early Warning (US), Equifax (US), Experian (Ireland), FacePhi (Spain), FICO (US), Gemalto (Netherlands), IDology (US), IBM (US), Jumio(US), LexisNexis (US), NEC (Japan), Nuance Communications (US), NuData Security (Canada), Pindrop (US), RSA Security (US), SecuredTouch (Israel), Trust Stamp (US), TypingDNA (Romania), VASCO (US), Veridium (US), and Verint (US). These players have adopted various growth strategies, such as partnerships, collaborations, and agreements; mergers and acquisitions; and new product developments, to grow in the passive authentication market.

NEC has a significant presence in the market and aspires to become the top market provider of passive authentication solutions by constant investments in R&D capabilities. In February 2018, NEC enhanced NeoFace Access Control, a facial recognition product that helps organizations authenticate users at entry and exit points. In April 2017, NEC launched NC7000-3A, a user data utilization platform software that uses the facial recognition software. Moreover, this platform ensures the security of data on mobile devices, and complies with the Fast Identity Online (FIDO) industry standards for authentication.

Gemalto is another top player in the passive authentication market. The company delivers software and other technologies to businesses and governments that help them authenticate identities and protect data. In May 2017, Gemalto partnered with Enfuce, a Finland-based financial services provider, to offer cost-effective, convenient, and strong customer authentication using mobile devices. This partnership helped Gemalto leverage its Authentication-as-a-Service (AaaS) in the Nordic region.

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