Introduction of remote service management and varied wireless technologies are anticipated to boost market growth
over the coming years. Increasing adoption of biometric security services such as fingerprint recognition and face
recognition systems to provide secured financial transactions are anticipated fuel the growth of phone-based
authentication solutions market over the next seven years. Increase in the number of connected devices across the
globe is predicted to stimulate industry expansion in the upcoming years.
In addition, increasing adoption of IoT technology in number of educational institutions, the retail organizations and
BFSI (banking, finance and insurance) sector is expected to favor market growth over the coming years. Increasing
use of smartphones to operate and access critical business information is driving the need for deployment and
incorporation of effective information security solutions. Phone-based authentication systems offer real time solution
for organizational processes, thus bolstering market growth over the forecast period.
Additionally, mobile phone-based authentication solutions along with software-based multi-factor authentication
products allows businesses to minimize their hardware and deployment costs. Mobile phone-based authentication
solutions provide users with several benefits. Secured mobile devices perform authentication operation effectively,
thus leveraging as a virtual employee identity in order to access important information including computers,
applications and cloud services and residential areas.
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The market is broadly categorized into three major segments based on the application type such as BFSI (banking,
finance and insurance) sector, payment card industry and government sector. The BFSI (banking, finance and
insurance) sector is considered as one of the rapidly growing segment in the market with substantial revenue
generation in the last few years. Growing popularity of this market in the BFSI (banking, finance and insurance)
segment is attributed to the rising demand for financial transactions.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has
shown major growth in recent years owing to the rise in the implementation of latest technologies in
telecommunication sector, presence of large number of smart connected devices, increase in the number of research
& development activities in the region and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the phone-based authentication solutions market with
massive growth in forecast period. Countries such as India, China, Japan and Singapore are leading the Asia-Pacific
market with increasing security concerns due to theft activities, strong economic growth, growing implementation of
BYOD (bring your own device) in large-scale enterprises and significant investment by leading industry players
considering potential growth opportunities in the region.
The key players in the phone-based authentication solutions market are CA Technologies, Inc., Gemalto Co.,
Shearwater Group, Symantec Co., and Vasco Data Security International, Inc.