A recent market analysis by Future Market Insights predicts that the cloud authentication market is worth US$ 11,279.2 million in 2022. Over the projection period, a CAGR of 14.4% is expected to be achieved in the market.
The BFSI industry is among those with the highest information sensitivity. Cloud authentication is being aggressively adopted by the sector to safeguard client data and guard against fraud and data breaches.
Most telecom and IT organizations are embracing the Bring Your Own Device (BYOD) trend, which is anticipated to accelerate the market for cloud authentication as a service. E-commerce is also among the most cost-conscious industries and one of the companies that hackers target the most owing to the possibility for payments and the vast amount of financial transactions made using credit and debit cards.