The Magic Quadrant provides a qualitative analysis of a large number of technology industries. According to Gartner, the authentication market represents a $2.2 billion industry for 2013. Gartner also predicts that, by the end of 2016, about 30% of enterprises will have chosen cloud-based services as the delivery option for new or refreshed user authentication implementations, a 10% increase over current figures.
"We believe being listed as an honourable mention in the 2013 Gartner Magic Quadrant is a testament to Entersekt's proven products and services, and solidifies our position as a viable alternative within the user authentication industry," said Christiaan Brand, chief technology officer of Entersekt. "We are honoured to be included in the report, along with, in our view, some of today's most prestigious technology providers. It spurs us as we plan for accelerated growth in the coming year."
The User Authentication category is one of the more mature markets Gartner studies, boasting several vendors with longstanding product offerings. New authentication technologies, however, continue to emerge. As part of its 2013 industry study with Harris Interactive, Entersekt noted that almost six in 10 (58%) of US adults polled would be at least somewhat willing to take an active role in securing their accounts, if it meant using their mobile phones to safely verify their actions online, such as logins, purchases, transfers or bill payments.
Entersekt utilises out-of-band communication and two-factor authentication to provide banks and banking customers with greater protection against a wide range of fraudulent schemes. Leveraging the customer's mobile phone to enable one-touch approval or rejection of potential transactions, Entersekt removes the need for expensive hardware tokens and cumbersome one-time passwords. It has fully eliminated online banking fraud at institutions deploying the company's Transakt product.