Multifactor Authentication Market

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MarketsandMarkets Research Private Ltd.
Presents
Multifactor Authentication Market worth 18.5
billion by 2025
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The report "Multifactor Authentication Market by
Model (Two, Three, Four, and Five Factor), By
Application (Banking Finance, Government,
Military Defense, Commercial Security, Consumer
Electronics, Healthcare), and Geography - Global
Forecast to 2025", is expected to grow from USD
5.2 billion in 2016 to USD 18.5 billion by 2025,
at a CAGR of 14.9 during the forecast period.
Factors such as increase in data breaches and
cyberattacks, stringent regulations and the
growing pressure of data security compliances,
and the growing adoption of BYOD concept among
enterprises are driving the growth of the MFA
market. Browse gtgt 66
Market data tables 53
figures 173 pages and
in-depth TOC on Multifactor Authentication
Market https//www.marketsandmarkets.com/Market
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Two Factor Authentication to hold the largest
share of the MFA market during the forecast
period Two-factor authentication (2FA), often
referred to as two-step verification, is a
security process in which the user provides two
authentication factors. Two-factor authentication
provides an additional layer of security and
makes it harder for attackers to gain access to a
persons devices and online accounts. Two-factor
authentication can be achieved using any two of
smart cards, PIN, SMS application, tokens,
biometrics (iris, face, palm, fingerprint, and so
on), passwords, and so on. Smart card with PIN
being the most commonly used for two-factor
authentication model, which is most commonly used
in banking and finance, attendance systems,
online transactions, and access control systems.
Banking Finance sector to dominate the MFA
market during the forecast period Banking and
finance is one of the most demanding industries
when it comes to MFA. Smartcard and PIN
combination is the most commonly used MFA in the
form of credit cards, debit cards, and ATM cards.
One-time password (OTP) is also gaining
reputation in the banking and online payment
industry. OTP uses SMS/e-mail/smartphone
applications to send a one-time password to the
authorized persons mobile/smartphone. The major
factors for the growth of this market are
increasing online traction and the growth of
e-Commerce for which secure transactions are
required. Many regulatory bodies have passed
regulation for use of MFA technology in this
application. For the security of banking and
financial applications such as core banking,
online banking, banking cards personalization
systems, trade finance, international payments,
foreign exchange, bank guarantee, and other
banking and financial services.
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Demand from Americas expected to be highest for
MFA during the forecast period The Americas uses
different MFA models from the most basic to the
most advanced model. Countries such as the US and
Canada use MFA in almost all the applications. As
security issues have become vital in the
government sector, local, regional, and national
government organizations are deploying biometric
systems owing to advantages such as high
accuracy, convenience, and time efficiency. The
need for solid security to tackle fraudulence,
illegal immigration, and criminal activities has
made it necessary for government enterprises to
resort security solutions. a large industrial
base, and a high regulatory compliance in the
Americas are expected to propel the growth of the
American MFA market. Some of the major players
in the multifactor authentication market are
Safran (France), Gemalto NV (the Netherlands),
NEC Corporation (Japan), 3M (US), CA Technologies
(US), Fujitsu (Japan), VASCO Data Security
International Inc. (US), HID Global
Corporation/ASSA ABLOY AB (Sweden), RSA Security
LLC (US), Suprema HQ Inc. (South Korea), and
Crossmatch (US).
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ulti-factor-authentication.asp
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