Phones, especially mobile phones are becoming multipurpose devices as they have more processing power and are available at an affordable cost. The usage of smartphones is growing and it is being used for various business and personal activities, thereby increasing efficiency, reliability, and effectiveness of each tool. However, the growing usage of phones have made them vulnerable, leading to the increase in cyber-attacks. Even the best known security software has failed to produce concrete results. Thus, organizations are introducing various factors of authentication such as including text message as well as voice notifications. Vendors are introducing different authentication factors including two factor, three factor, three factor, and other multifactor authentication tools. Phone based authentication continues to be the popular choice of authentication among customers within enterprises. In a phone based authentication solution uses smart phones and tablets for authentication. According to Cisco Visual Networking Index: Forecast and Methodology, 2016 –2021, smartphones are expected to account for 33% of total IP traffic by 2024, up from 13% in 2016, thereby leading to greater demand for phone based authentication solutions.
As the number of smart connected devices continues to rise drastically, organizations focus on managing, maintaining, and monitoring data. This will lead to the growing need for network communication solutions. Moreover, as the adoption of internet of things (IoT) continues to increase exponentially with its increasing implementation in the retail sector, educational institutions, and BFSI, organizations are focusing on enhancing their processes. This, combined with the usage of smartphones to access enterprise data is expected to drive the need for the adoption and development of suitable information security services and products in real-time, such as phone-based authentication solutions.
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Key drivers helping in the growth of the global phone based authentication market include the growing mobile workforce within enterprises. Businesses are becoming fast paced in order to support partners, customers, and suppliers distributed across the globe, and the workforce has become more mobile, thereby leading to demand for phone based authentication solutions. Also, the growth of online data sharing and high profile cyber-attacks has also led to the need for phone based authentication systems. As security tends to be of utmost importance to organizations globally, the phone based authentication market demand is likely to continue in future and is expected to grow during the forecast period.
The global phone based authentication market can be categorized based on phone type, enterprise size, end-use industry, and region. Based on phone type, the phone based authentication market can be classified into landline and mobile. Based on enterprise size, the phone based authentication market can be segregated into large enterprises, and small and medium size enterprises (SMEs). Based on end-user, the global phone based authentication market can be segregated into education, banking, financial services and insurance (BFSI), retail and ecommerce, energy and power, government, aerospace and defense, healthcare, life science, telecom and IT, and manufacturing. Based on region, the global phone based authentication market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Major players operating in the global phone based authentication market include CA Technologies, Gemalto NV, Shearwater Group, Symantec Corporation, VASCO Data Security International Inc., Dell EMC, SecureAuth Corporation, Deepnet Security Ltd., Cisco Systems Inc., TeleSign Corporation, and Microsoft Corporation. These companies are investing considerably in research and development so as to incorporate new technologies in their solutions and develop new products to gain market share in the near future. Also, these major vendors are entering into partnerships with local players in order to expand their presence and gain market share in the regional markets.
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