The Global Authentication as a Service (AaaS) Market Research Report offers an in-depth analysis of industry progress prospects, market scope and value estimations, and an examination of current commercial leanings.
Covid 19 Impact & Market Status
The impact of the COVID-19 pandemic on the worldwide authentication as a service (AaaS) market is discussed in the current authentication as a service (AaaS) study in response to the recent unique COVID-19 pandemic. The research analyses and illustrates the impact of the new coronavirus pandemic on the expansion of the authentication as a service (AaaS) market.
Cybercriminals have intensified their efforts because of the COVID-19 epidemic, with a 350% spike in phishing websites since the beginning of the year and losses from shopping fraud of £12.6 million ($20.8 million US) since the start of lockdown. Phishing is still the most popular.
Authentication as a Service technologies
AaaS solutions should protect the anonymity of cloud users as well as the privacy of private and sensitive data. Diverse cryptographical methods, encoding and decoding techniques, credentials, hashing, digital signatures, and key exchange management are all used to provide discretion in the cloud. In a cloud context, secrecy can only be guaranteed by all of these safeguards used together. The authentication and authorisation mechanisms and encryption techniques used in AaaS are covered here. LDAP authentication — The most popular directory services protocol for cloud and online applications is LDAP, or the Lightweight Directory Access Protocol. This protocol offers the mechanism required for establishing connections with, looking through, and editing online directories. Based on a client-server architecture, the LDAP directory facility. AaaS providers envoy authentication to a prevailing directory to facilitate the maintenance of a company and regulations over users, whereas most businesses store sensitive data on LDAP networks.
SSH authentication – Organizations have the ability to manage authentication on Linux-based servers thanks to the SSH protocol. It's crucial for enterprises to have control over user access to company devices when using AWS and Google Compute Engine as their infrastructure.
FinTech Distributes Cloud Validation
Here, a Norwegian fintech corporation provides Norwegian banks with a safe and affordable resolution for identity and automated signature validation. Users had to utilise hardware authenticators to authenticate, which gave the end user the requisite security. Customers expressed a need for a software system verification solution that permitted them to utilise their mobile phones and other portable devices, according to consumer feedback. The company made the decision to roll out a new mobile app for user authentication in order to enhance customer service and use biometrics. All Norwegian banks utilise this service, and they all own a portion of the organisation. Because each Norwegian bank would have to build a fresh verification network on-premises, the company was unable to explore an on-premises authentication solution. Banks might quickly deploy the authentication app for user verification by leveraging cloud-based validation. After the app was released, users had access to push notifications and multi-factor authentication (MFA) using fingerprint biometrics. Customers found the new experience to be much simpler, and those that downloaded the authentication app were able to securely stop using their hardware authenticators.
North American region is likely to grow at a faster pace
North America is anticipated to hold the greatest market share during the projection period, according to the geography analysis. Large managed security service providers are there, and the area has strict data security laws and compliance requirements, which are to blame for this. Due to an increase in digital identities, online transactions, and mobile computing devices, the APAC region is predicted to experience the highest growth in the market for authentication services. In addition, new or updated national cybersecurity policies have been established in Singapore, Japan, and India, which will boost the market.
Many of the factors that contributed to the growth of the worldwide Authentication as a Service (AaaS) markets are included in the Authentication as a Service (AaaS) Research scrutiny.
Studies on authentication as a service (AaaS) can provide light on several aspects of market demand. An in-depth evaluation of international technology advancements and trends is part of the authentication as a service (AaaS) market analysis. Accurate market share is determined by trade study on authentication as a service (AaaS) based on size, performance, and estimation. worldwide emotion recognition and detection Both bottom-up and top-down technologies are used to estimate and calculate market size.
The authentication as a service (AaaS) market is expected to upsurge from USD 650 Million in 2022 to USD 3.1 Billion by the end of the year 2029 at an estimated CAGR of 22.6%.
The rise in the online scams, hacks, and data breaches of even the biggest MNCs has brought in market the undivided need of authentication services and also impacted the revenue and market value of the same. The industry is eyeing key growth post the covid-19 pandemic as these breaches and other fraudulent activities saw a sudden upsurge during the numerous lockdowns imposed by the government. The current CAGR is above 20% that simply means the growth rate is going more than the expected average growth.
AaaS allow companies/ clients to have access to safe and secure cloud storage services; to name a few, password management, access control, and identity management are a few of the services that fall under authentication as a service. These services are provided in compliance with securities such as single/ one factor authentication and two-factor authentication. Two-factor authentication is used by every major company/ platform to ensure the safety of its users remains uncompromised.
Financial organisations may eliminate network infrastructure maintenance and replacement expenses as well as reduce fraud by using authentication as a service. To fulfil client demand, they might scale up or scale down. In addition to supporting a variety of hardware and software authentication techniques, authentication as a service can be upgraded to support more in-depth authentication solutions like adaptive authentication or risk-based authentication. It correspondingly toughens and rationalizes authentication across applications and networks.
The companies that play a very vital role in the advancement and development of the authentication as a service market are Entrust Datacard, Trustwave, Verizon, GCX, Tata Communications, Interoute, and Wipro. These key market players not only promote the industry in terms of revenue and market value but also make way for the newcomers to enter the market and compete in a healthy competition that includes betterment of the services while generating greater revenue. The primary motive of these companies stands at providing unrelented security to their clients and protect the same from any and every negative impact.
Latest Innovation in the Authentication as a Service (AaaS) Market: A Snapshot
- In November 2019, this Japanese bank launched its mobile banking app. The app's functionality was first restricted to just checking users' balances. Additionally, the outdated login method utilised in the web channel did not offer a positive mobile experience. One-time passwords (OTPs) were sent to customers through email, which they would then enter in the online portal. The portable form of the encounter was subpar. To enable money transfers through the app securely, the bank chose to integrate cloud-based authentication and transaction data signing. The bank had to provide the upgraded version of the app three months after the project started, therefore the project's timeframe had to be extremely condensed.
Authentication as a Service (AaaS) Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 3.1 Billion|
|Growth Rate||CAGR of 22.6 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||healthcare, telecommunication, BFSI, media & entertainment, travel & hospitality & others.|
Key Segments of the Authentication as a Service (AaaS) Market
Type Overview, 2022-2029 (USD Billion)
Application Overview, 2022-2029 (USD Billion)
- Media & Entertainment
- Travel & Hospitality
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa