17th July 2019 – Multi-Factor
Authentication Market 2014-2025 report delivers future development strategies,
key companies, Possibility of competition, major challenges analysis. The
reports elaborate the expansion rate of the Multi-Factor Authentication market
supported the highest company profile analysis. This report providing an
in-depth analysis, market size, and evaluation for the developing segment among
the Multi-Factor Authentication market. Multi-Factor Authentication Market
report will help you take expert decisions, recognize opportunities, plan
effective professional tactics, plan new schemes, analyze drivers and
restraints and give you a vision on the Multi-Factor Authentication Market
forecast.
Global Multi-Factor Authentication
Market is expected to reach USD 17.76 billion at a CAGR as the scope and its
applications are rising enormously across the globe. To confirm the user’s identity for a login or other transaction,
Multi-Factor Authentication (MFA) is a security system that needs more than one
technique of verification from independent groups of credentials. The aim of
MFA is to create a layered defense that helps to protect personal and official
data from an unauthorized person. It is built from a grouping of biometric
validation techniques, physical techniques, and logical techniques to protect
product or service and a facility. The multi-factor authentication market is
expected to grow at a CAGR of 15.07% by 2025.
It allows administrations to use
enhanced safety choices and used in various applications as high security
guarantee and welfares provided for data security are documented as major
factors of Multi-Factor Authentication Market that are estimated to enhance the
growth in the years to come. However, requires more time for higher order
authentication models and technical complexity and cost in implementing
Multi-Factor Authentication are the factors that restrain overall market growth
in coming years. Multi-Factor Authentication industry is segmented based on
model, applications, and region.
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Five factor authentication, four factor
authentication, three-factor authentication and two-factor authentication are
the models that could be explored in Multi-Factor Authentication in the future
period. The three-factor authentication includes three-factor biometric
technology, smart card with pin and biometric technology, pin with two-factor
biometric technology and smart card with two-factor biometric technology.
The two-factor authentication sector
accounted for the largest market share of Multi-Factor Authentication and is
estimated to lead the overall market in the coming years. This may be because
of secure online transaction, enhanced security, lower security management
cost, and raising flexibility and productivity. Moreover, it includes onetime
password with pin, smart card with pin, two-factor biometric technology, smart
card with biometric technology and biometric technology with pin.
The market may be categorized based on
applications like retail & e-commerce, banking and finance, travel &
immigration, healthcare, government, commercial security, military and defense,
and others could be explored in Multi-Factor Authentication in forecast period.
The healthcare segment accounted for the largest market share of Multi-Factor
Authentication and is estimated to lead the overall market in the coming years.
This may be because of strict government and industry policy and needs a highly
secure infrastructure. Industries depends on MFA solutions for securing
sensitive data and information. Moreover, safety of patient data is an
authorized directive for healthcare.
Globally, North America accounts for the
largest market share of Multi-Factor Authentication and is estimated to lead
the overall market in the upcoming years. The reason behind the overall market
growth could be rising adoption of digital services, rising use of enhanced
technology, advanced network connectivity and propagation of smartphones. In
addition, raising cases of cyber-attacks and presence of key manufacturers in
the region will boost the overall market growth. The United States is major
consumer of Multi-Factor Authentication in this region.
Instead, Europe and the Asia Pacific are
also estimated to have a positive influence on the future growth. Europe is the
second largest region with significant market share. However, Asia Pacific is
estimated to grow at fastest pace with the highest CAGR of about 19.0% in the
foremost period. The aspects that may be ascribed to the growth comprise high
demand for digital services and rising investments in numerous IoT technologies
and security.
The key players of Multi-Factor
Authentication Market are Vasco Data Security International, RSA Security,
Safran, Symantec Corporation, Gemalto, and CA Technologies. These players are
concentrating on inorganic growth to sustain themselves amongst fierce
competition. As such, mergers, acquisitions and joint ventures are the need of
the hour.
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