Digital Security Control Market Size Estimated to Reach $19.6 Billion by 2026

(IT-NEWSWIRE.COM, October 04, 2021 ) 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.

Digital Security Control Market Segment Analysis – By Offering

By offering, Digital Security Control Market has been segmented Hardware, Software and Services. Hardware Segment held the major market acquiring a share of 60.2% in 2020 and is estimated to dominate the market with a CAGR of 9.9% during the forecast period 2021-2026. Hardware is sub-segmented under Smart Card, Biometric, Subscriber Identity Module (SIM), Security Token, Graphic Annunciator Panel, Intrusion Alarm System and others. Smart card is estimated to be the account for the largest market share of XX% between 2021 and 2026 due to rising demand for enhanced security solutions in online transactions. Biometric Solution is analyzed to be the fastest growing market with a CAGR 16.3% owing to massive and quick adoption of biological characteristics globally to prevent forgery. For instance, in January 2021, PTC Inc. and Cybellum Technologies Ltd. Announced partnership to deliver digital security solution ensuring compliance and safety regulations in production process are analyzed to augment the market from 2021 to 2026.

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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 owing to high investment towards advanced information and early adoption of biometrics and behavioural analysis. In December 2020, Mexico passed a new law to enable creating a database with the personal data including biometrics for the entire population of the country. 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.

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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. The banking sector holds large volume of sensitive and confidential financial data which must be protected to avoid data breaches and cyber-attacks. Combining Behavioral Biometrics with Machine Learning and Risk Assessment, the Digital Security Control platforms enable connected customers to experience a robust and convenient digital banking operation. The rising demand for correlative authentication has contributed to the growth of the market. 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. For instance, In February 2020, Mastercard announced to work with transport organizations to develop gait authentication system for developing digital transit fares as an alternative to physical transit fares.

Digital Security Control Market Challenges

Biometric data security concerns

Enterprises that adopt biometric authentication lead into data breaches owing to misconfigured databases and services and thus hampering the adoption. Collection or storage of biometrics should be under strict and stringent regulations as databases of biometric information have become targets for cyber-terrorists or hackers. Various incidents of unauthorized access or identity thefts such as fingerprint cloning are analyzed to impede the market growth during the forecast period 2021-2026. However, significant investments on cyber security is set to offset this challenge and promote healthy growth during the later stages of the forecast period 2021-2026.

Digital Security Control Market Landscape

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Digital Security Control market. In 2020, the market of Digital Security Control industry outlook has been fragmented by several companies. 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.

Acquisitions/Technology Launches

In December 2020, NEC completed the acquisition of Avaloq to expand digital business solutions and wealth management platforms.

In February 2020, BioCatch announced the completion of acquisition Aimbrain’s multi modal biometric authentication platform.

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Digital Security Control Market Size Estimated to Reach $19.6 Billion by 2026