Article posted: Dec 12, 2017
By Joakim Thorén, CEO
In its recent report, "Advanced Authentication Market Research Report - Global Forecast to 2023," technology research firm Market Research Future provided insight into why the advanced authentication market will grow significantly, topping $7B USD by 2023.
Among the report highlights, Market Research Future noted that new identity and access technologies are driving sales and market growth. Advanced authentication adds an additional layer of security to standard username and password authentication method. Identity and access management companies recognize that hackers are stealing identity badges and numeric PINs. In response, they have developed different authentication techniques such as one-time passwords (OTPs), biometrics and virtual smart cards.
The research firm also cited continually growing concerns around data security among enterprises, government organization and individuals as a trend driver. They said that hackers are becoming bolder in their attempts to steal sensitive information from organizations of every size.
One such breach occurred earlier this year, when Equifax announced more than 150 million US citizens' data records were breached due to a malicious attack that might have been prevented if Equifax had adhered to stricter security practices. As more breaches are publicized - and more citizens and businesses become victims, Market Research Future suggests organizations will install advanced authentication solutions, including identity and access management solutions, to better secure their highly sensitive data.
As IAM companies combat increasing security threats, they also must contend with securing BYOD (Bring Your Own Device) and IoT devices, which are vulnerable to hackers unless secured. The IAM industry continues to develop better products and is aided with supportive government regulations, including the European Union's General Data Protection Regulation (GDPR), which will be enforced in May 2018.
The report also highlights global acceptance for IAM solutions. Market Research Future identifies the Asia-Pacific market as a growing advanced authentication market and is rapidly moving towards digitalization, but recognizes North America as the leader in the global advanced authentication market. Versasec is committed to delivering easy-to-deploy, cost-effective access and identity management products on a global scale and recently announced the opening of its first Asia-Pacific office in Singapore.
The report lists Versasec, along with industry giants Gemalto, IBM and Oracle as key players in the IAM industry. There were more breaches in 2017 than in any prior years, and the trend continues. Global companies will look to IAM solutions, along with threat detection and virus protection to combat this troubling trend.