Growing Demand for Quick and Secure Digital Transaction Driving the Growth of Digital Security Control Market.
Hyderabad, India - July 24, 2021 /MarketersMedia/ —
Digital Security Control Market size is estimated to reach $19.6 billion by 2026 at a CAGR of 11.5% during the forecast period 2021-2026. Digital Security Control Market growth is majorly attributed to the rising demand for electronic security management solutions among enterprises to protect their digital or physical identification and assets by offering control panel, intrusion alarm system, anti-phishing software graphic annunciator panel or biometric technology in the world of digitalization. The alarming growth in number of multi-vector DDoS attacks such as network time protocol (NTP) amplification attack, memcached DDoS attack overwhelming the victim’s server or network surveillance with flood of traffic to exhaust the target’s resources to create a denial of service is steering the Digital Security Control Market. Increasing penetration of IoTs, embedded electronics, and related digital age technologies such as Artificial intelligence, Big Data, Machine Learning is accelerating the need for enterprise security and access control to provide secured access to digital assets. The increasing adoption of online transactions and transition from magnetic strips to Europay, Mastercard and Visa (EMV) have significantly triggered the demand for real-time Digital Security Control platforms.
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Digital Security Control Market Segment Analysis – By End User
Industrial sector is anticipated to account for the largest market share of 15.8% during 2021-2026 due to rising demand for verifying users to protect against sophisticated cyber-attacks. Among industrial sectors, BFSI sector is estimated to hold the major market share with a CAGR of 12.5% during the forecast period 2021-2026 owing to increasing demand for validating and verifying users to facilitate digital banking solutions. Increasing number of data breaches and sophisticated cyber-attacks have contributed to the growth of the market. Increasing penetration of remote workforce and BYOD trend are anticipated to boost the market. Retail and e-commerce is analyzed to be the fastest growing market with a CAGR 14.0% owing to growing demand for authenticating users to protect their financial information by leveraging biometric solutions to enhance consumer experience. For instance, in January 2021, South Korean bank Daegu bank announced to open checking and saving accounts through fully digital process by leveraging Facephi’s facial recognition software. Such developments are anticipated to propel the market growth during 2021-2026.
Digital Security Control Market Segment Analysis – By Geography
By geography, Digital Security Control Market has been segmented under North America, Europe, APAC, South America and RoW. North America dominated the market acquiring a share of 41.6% in 2020 and is estimated to hold the major market share with a CAGR of 8.8% during 2021-2026 APAC is estimated to be the fastest growing market during the forecast period with a CAGR 12.1% owing to the shift towards digitalization and growing demand for prevention of digital forgery and cyber-crime. For instance, from December 2020 onwards, Singapore citizens can use facial recognition authentication to access online Government services. In December 2020, Malaysia based eKYC firm Wise AI announced to raise a fund of undisclosed amount to expand the digital identity solution based on face recognition technology in South-East Asia. Such developments and investments are analysed to drive the market during 2021-2026 in this region.
Digital Security Control Market Drivers
Growing demand for quick and secure digital transaction
Increasing convergence of BFSI sector with digitalization to deliver reliable, secure and seamless services to achieve enhanced customer experience is estimated to drive the market during the forecast period 2021-2026. Increasing security concern among the banks and the consumers regarding information leakage or false data injection has significantly triggered the growth of the market. In October, 2020 Elco Federal Credit Union announced to deploy Enacomm passive biometric voice recognition technology for a personalized and intelligent customer interaction to verify and validate their users. Such developments are set to drive the market during 2021-2026.
Increasing adoption of Biometric System for forgery prevention
Increasing penetration of biometric authentication using biological characteristics including face recognition, fingerprint authentication to verify and validate users’ identity to prevent cyber-crimes such as identity theft, data breaches are set to drive the market during the forecast period 2021-2026. Growing demand for behavioral biometric pattern analysis in online baking, e-commerce sector has contributed to the growth of Digital Security Control market. With the advancements in biometric authentication such as development of gait recognition, mouse biometrics, keystroke dynamics the demand for Digital Security Control is analyzed to gain a huge traction during 2021-2026.
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Digital Security Control Market Landscape
Digital Security Control top 10 companies include Safenet Inc., BioCatch Ltd., NEC Corporation, Gemalto NV, Aware Inc., Equifax Inc., Truststamp Inc., Fireeye Inc., RSA Security LLC, Oberthur Technologies among others.
Smart cards are analyzed to dominate the market during 2021-2026 due to increasing adoption of digital transaction.
BFSI sector is estimated to hold the largest growth rate with a CAGR of 12.5% during the forecast period 2021-2026 due to rapid penetration of digitalization in this sector and massive adoption of digital payment techniques.
North America is estimated to dominate the market with a share of 41.6% during 2021-2026 owing to high investments towards advanced security platforms.
Increasing penetration of digital banking and rising penetration of biometric system globally to prevent forgery are estimated to drive the market between 2021 and 2026.
Biometric data security issues is one of the challenges impeding the growth of the market.
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Release ID: 89038347