The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Mobile User Authentication Market Size. The growth sectors of the Mobile User Authentication Market Size are identified with precision for a better growth perspective.
According to Market Research Future, the global mobile user authentication market has been segmented based on component, organization size, end user, and region.
Mobile user authentication is a technological process for securing the data by offering secured services to the end user. It is an authentication method which sends a one-time password (OTP), on the user’s smartphone for validating and authenticating the data to the user. There are various enterprises which are adopting bring your own device (BYOD) and are sharing their data online allowing the user to access data from anywhere which raises the concerns for security, which is an essential factor driving the market globally. Some of the benefits of using mobile user authentication are that there is multi-level security and low data redundancy, among others; this also fuels the market growth.
The global mobile user authentication market has been segmented based on component, organization size, and end user.
By component, the mobile user authentication market has been segmented into solutions and services. The solution segment accounts the largest market share due to increasing cyber-attacks, data breaches, ransomware, and others. Moreover, the increasing sharing of data online requires a secure path to reach to end users. Various companies are adopting these software solutions to increase security and offer a secured service to the end user. Moreover, mobile user authentication software solutions validate the end user by sending an OTP or other methods for confirming the authorization.
The market has been segmented, by organization size, into large enterprises and SMEs. The large enterprises dominate the segment as these generate large volumes of data, which are shared through emails to various in-house departments and consultancy agencies, users and other end users. The encrypted data can only be opened or used by a certain password or authentication methods. The companies also share confidential information through emails, which need to be protected from cyberattacks, therefore are adopting mobile user authentication to offer a secure service to the users.
By vertical, the market has been segmented into BFSI, government, IT & telecom, healthcare, media and entertainment, retail, and others. The BFSI vertical was the dominating segment in 2018 and is expected to be the fastest-growing segment during the forecast period 2019–2024. The BFSI industry vertical generates a large volume of financial and private data, which requires a high secured path for sharing it with the end user. Additionally, the demand for mobile user authentication in the BFSI is higher due to increasing security requirements.
Mobile User Authentication Market is assessed to reach USD 3.45 billion by 2024, registering a CAGR …
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