Passive Authentication Market worth 1,535.0 Million USD by 2023
The report "Passive Authentication Market by Component (Solution and Services), Business Function (Compliance
Management, Risk Management, Marketing Management), Deployment Type, Organization Size, Industry Vertical,
and Region - Global Forecast to 2023", The passive authentication market size is expected 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. The growing need for the frictionless authentication among organizations is expected to drive the
growth of the passive authentication market. Moreover, the increasing demand among enterprises to deliver
enhanced user experience is expected to drive the passive authentication market growth.
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The BFSI industry vertical is expected to account for the largest market size during the forecast period.
The development of the BFSI industry vertical is dependent on the efficient utilization of advanced technologies
that help maintain strong customer relationships, identify legitimate customers, and reduce risks. The digital
technology has enabled banking customers to access real-time banking and financial information services on any
device. As passwords are the least secure form of authentication when used alone, hence they are easy to hack.
Passive authentication solutions enable BFSI organizations to optimize their customer experience and revenues by
leveraging the machine learning technology. Moreover, passive authentication solutions help BFSI organizations to
identify their customers by taking advantages of behavioural analytics that prevent new account frauds and enable
legitimate customers to access their information.
The Small and Medium-sized Enterprises segment is expected to grow at a higher CAGR during the forecast
Organizations with less than 1,000 employees are categorized under th