Global Multi-Factor Authentication Market 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 industry. Multi-Factor Authentication Market report will help you take expert decisions, recognize opportunities, plan effective professional tactics, plan new schemes, analyse drivers and restraints and give you a vision on the Multi-Factor Authentication Market forecast.
The Multi-Factor Authentication Market report discusses the primary
industry growth drivers and challenges that the vendors and the market as a
whole face and provides an overview of the key trends emerging in the market.
It also talks about the market size of different segments and their growth
aspects along with key leading countries in Americas, Asia-Pacific, Europe, the
Middle East, and Africa regions.
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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.
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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