Passive Authentication Market Overview
Passive Authentication Market size is estimated to reach 3.03 billion by 2026 and is projected to grow at a CAGR of 25.5% during the forecast period 2021-2026. Increasing penetration of IoTs and related digital age technologies such as Artificial intelligence, Big Data, Machine Learning is estimated to fuel the market. With the increasing transition towards digitalization in BFSI, the retail sector the growing demand for protecting digital data from cyber breaches to optimize compliance management and risk management is set to drive the market. The increasing adoption of online transactions has significantly triggered the demand for real-time passive authentication platforms. Adoption of passive authentication eliminating the need for password-based security models enables the organizations to verify and validate users analyzing precisely the behavioral authentication pattern to prevent forgery and such seamless, frictionless authentication techniques are analyzed to boost the market during 2021-2026. In October 2020, big banks such as Barclays, Citi, HSBC, National Australia Bank invested $20 Million in BioCatch to expand its behavioral biometric business and thus accelerating the market growth.
