DUBLIN, Dec. 8, 2018 /PRNewswire/ --

The "Authentication Services Market by Service (Compliance Management, Subscription Keys Management, Managed Public Key Infrastructure, and Reporting), Managed Authentication Type, Managed Tokenization Type, Vertical, and Region - Global Forecast to 2022" report has been added to Research and Markets' offering.

The scope of this research study covers the managed authentication services only. It is expected that the authentication services market size is expected to grow from USD 622.9 Million in 2017 to USD 1,619.5 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period.

Major drivers for the authentication services market is the growing number of digital identities and stringent data security regulations, such as PCI DSS and HIPAA.

The authentication services market segmented by service, managed authentication type, managed tokenization type, vertical, and region. The managed PKI services is expected to hold the largest market share by growing at the highest CAGR during the forecast period. It is mainly due to an increasing need for managing and controlling large numbers of digital certificates for SSL, authentication, document signing, S/MIME, and other usages. Additionally, managed PKI services helps organization reduce the cost and burden of managing digital certificates.

The eCommerce segment is expected to grow at the highest CAGR during the forecast period. The eCommerce vertical deals with selling consumer products and services to its clients through multiple channels. eCommerce is one of the top cost-conscious verticals and the most targeted by cyber-attackers, because of the potential payouts and a large number of monetary transactions via credit and debit cards. In addition, the increasing complexities of supply chain, employees, channel partners, and customers are expected to be forcing etailers to adopt authentication services.

The Multi-Factor Authentication (MFA) segment is expected to hold the largest market share during the forecast period. Due to the increasing number of cyber-attacks and identity theft, organizations are implementing the two-factor authentication solution. The MFA adds an extra security layer and makes it more difficult for cyber criminals to breach an organization's IT infrastructure. Additionally, various regulations and compliances, such as PCI DSS and GDPR, would drive the multifactor authentication segment's growth.

As per the geographic analysis, North America is expected to hold the largest market share during the forecast period. This is due to the presence of large managed security services providers, and stringent data security regulations and compliance in the region. The APAC region is expected to witness the fastest growth in the authentication services market, due to increaseing number of digital identities, online transactions, and mobile computing devices. Additinally, India, Japan, and Singapore have all updated or introduced new national cybersecurity policies that would ramp up the market.

Major vendors profiled in the report include Verizon (US), Trustwave (US), Gemalto (the Netherlands), Wipro (India), Tata Communications (India), Bell Canada (Canada), GCI Channel Solutions (UK), Entrust Datacard (US), GCX (India), and Interoute (UK).

Market Dynamics

Drivers

• Increasing Number of Digital Identities
• Mobile Soft Token Outpacing Hard Tokens
• Government Agencies Pushing for Standardization of Data Security Protocols
• Companies Increasingly Appear Willing to Outsource Security
• Enterprises are Heavily Relying on Mobile Computing Application

Restraints

• Management of Virtual Server Increasing the Risk of Data Breach

Opportunity

• Growing Integration of Biometric Sensor in Security-Based Application and in Mobility Devices
• Wide Adoption of Authentication in Emerging Markets

Challenges

• Limited Certified Security Experts
• Uncertainty and Pushback From End-User
• Access Points

Endpoint Access

• Local Access
• Remote Access

Companies Mentioned

• Bell Canada
• Entrust Datacard
• GCI Channel Solutions
• GCX
• Gemalto
• Interoute
• Tata Communications
• Trustwave
• Verizon
• Wipro

For more information about this report visit https://www.researchandmarkets.com/research/nmps6d/global?w=5

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SOURCE Research and Markets