Mobile Devices User Authentication Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The mobile devices user authentication services market is expected to reach USD 4.7 billion in 2026 from USD 1.36 billion in 2020, witnessing a CAGR of 23%, during the forecast period (2021 - 2026). According to an IBM study, users are three times more likely to respond to a phishing attack on a mobile device than a desktop, simply because a phone is where people are most likely to first see a message.

• According to the IBM Data Breach study (2018), the global average cost of a data breach is up by 6.4 % in 2018 over the USD 3.86 million in2017. To prevent any loss of sensitive data, awareness about user authentication is increasing. This creates a positive outlook for mobile devices user authentication services market because the penetration of smartphones is growing exponentially.
• Moreover, the enhancement in IT infrastructure, increasing cyber-attacks, which is a serious concern for the enterprises, and surge in the expenditure for safety and security for private and confidential data have further increased the demand for mobile devices user authentication services market.
• However, due to a lack of awareness when it comes to authentication and security of their devices among the user and high cost involved with matured authentication methods acting as key impediments to the growth of the market.

Scope of the Report

Mobile user authentication is a system that is used for the verification as well as the identification of end users. This identification process is done through several methods such as biometrics, passwords, and soft tokens. Mobile user authentication not only provides secure access to sensitive content, but it is also instrumental in framing and enforcing different security control policies, procedures, process controls, technologies and access control in the organizations.

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Key Market Trends

Biometrics / Multi-Factor Authentication is Expected to Have Significant Share

• According to a study by ManpowerGroup, the millennials are more likely to enable multi-factor authentication in the wake of a breach (32 % versus 28 % of the general population). And, 75 % of millennials were comfortable using biometrics today, compared to 58 % of those over age 55. This could be an indication that younger adults are putting less care into traditional password but are more likely to layer access with multifactor authentication, use biometrics for speed and convenience.
• Further, according to IBM the average cost for each lost or stolen record containing sensitive and confidential information also increased by 4.8 % year over year to USD148 in 2018. When risk levels rise, the additional authentication checkpoints are triggered, such as letting users toggle between a mobile push notification that invokes fingerprint readers on their phone and a one-time passcode. 
• Moreover, North American and Europe are the regions that adopt the latest technology faster and the adoption of BYOD is also growing with the increasing threat of high profile cyber-attacks among business enterprises in these regions. Additionally increasing usage of mobile devices across BFSI, media & entertainment and government sectors in these regions create a huge market opportunity for the biometrics authentication services market. Thus, it can be inferred that since these two regions are adopting biometrics authentication, other regions will also adopt this technology in the timeframe studied.

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