Market Trends of Security Assertion Markup Language Authentication Industry
This section covers the major market trends shaping the Security Assertion Markup Language Authentication Market according to our research experts:
Adoption by BFSI to grow Significantly
- The banking and financial Industry (BFSI) has witnessed significant technology penetration over the decade, owing to the increase in the number of digital and online channels, internet banking and mobile banking, online payments portals, etc. With the increasing adoption of technology in the industry, the instances of data breaches in the BFSI industry have also increased significantly, due to the vulnerability of the data stored.
- According to the Identity Theft Resource center, the number of US data breaches in the BFSI industry amounted to 35 in 2013, and has grown significantly to 135 in 2019, depicting a massive growth in the number of data breaches in five years. Hence, the need for enhanced security systems as well systems to manage all the access details, security assertion markup language authentication (SAML), is increasing due to the increased instances of identity thefts in the recent years.
- The contact centers have also been one of the emerging sector adopting SAML solutions in the BFSI sector. For instance, in May 2020, UJET Inc, a provider of cloub-based contact center has announced to integrate identity manager in partnership with Microsoft, Okta, and OneLogin.
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North America is Expected to Hold Largest Market Share
- The North American region is expected to hold a significant share, owing to the high adoption of advanced technologies. There is an increasing need for advanced security systems in the regional banking sector, which boosts the market’s growth positively.
- Payment Card Industry Data Security Standard (PCI DSS) compliance originally drove the adoption of cloud security solutions in large enterprises. Data breaches related to payment and banking sectors have been prominent in the United States, which, in turn, is set to boost the adoption of advanced cloud security solutions.
- For instance, In July 2019, hackers stole the personal information of more than 106 million people from financial corporation Capital One - the third-largest issuer of credit cards in the US. Additionally, In August 2018, attackers stole USD 13.5 million from India's Cosmos bank by compromising their financial systems.
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