The multi-factor authentication market 2020 is supposed to earn high revenues. Rising popularity of multi-factor authentication solutions over conventional authentication solutions is supposed to boost the growth of the market in the forthcoming years. Increasing demand for multiple layered protection for authentication and verification is presumed to augment the multi-factor authentication market in the nearby future. A report offered by Market Research Future (MRFR) presents that the global multi-factor authentication market is expected to strike 13% CAGR over the assessment period. It has also been assessed in this analysis that the valuation of the global multi factor authentication market size can reach USD 11.24 Bn by 2023, increasing from USD 4.85 Bn in 2016.
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The availability of the solution with desired levels of authentication is expected to impact the multi-factor authentication market favorably. In addition, the rising awareness about the benefits of the technology is supposed to lead the expansion of the multi-factor authentication market in the upcoming years. Innovations in technology are also supposed to have a favorable impact on the growth of the multi-factor authentication market. With the advent of advanced technologies, the market is presumed to grow substantially in the foreseeable future.
The technology is being used extensively across different industries. Increasing digitization of the BFSI industry is likely to motivate the growth pattern of the multi factor authentication (MFA) market in the upcoming years. The demand for effective authentication solutions is likely to grow rapidly over the next few years. It is prognosticated to influence the multi-factor authentication market positively in the coming years. On the other hand, high requirement of capital investments can challenge the market players during the review period.
Based on model, the multi-factor authentication market has been segmented into two-factor authentication, multi-factor with four-factor authentication, multi-factor with three-factor authentication, and multi-factor with five-factor authentication. The sub-segmentation of the two-factor authentication segment covers smartcard with pin, biometric technology with pin, smart card with biometric technology, and smart-card with pin. The three-factor authentication segment has been sub-segmented into three-factor biometric technology, pin with two-factor biometric technologies, smart card with two-factor biometric technologies, and smart card with pin & biometric technology.
On the basis of deployment, the segments of the multi-factor authentication market are on cloud and on premise.
The segments of the Multi-Factor Authentication Market Size based on application are banking & finance, travel & immigration, government institutions, military & defense, consumer electronics, commercial security, and healthcare.
The geographical evaluation of the global multi-factor authentication market is covered in the report for the following regions – North America, Asia-Pacific, Europe, and the Rest of the world (RoW). These regions are narrowed down for offering a country-level assessment. North America, in its efforts to enhance security deployment, is expected to lead the multi-factor authentication market. Increasing demand across the U.S. and Canada is supposed to have a major impact on the augmentation of the regional market. Also, increasing adoption of the technology in financial organizations is also anticipated to drive the growth of the multi-factor authentication market. Europe is also projected to witness catalyzed growth rate over the next few years. Asia Pacific is presumed to become the fastest growing region. Also, rising penetration of defense sector is projected to work in favor of the multi-factor authentication market in the near future.
Safran (France), NEC Corporation (Japan), Gemalto NV (the Netherlands), 3M (U.S.), Fujitsu (Japan), CA Technologies (U.S.), VASCO Data Security International Inc. (U.S), RSA Security LLC (U.S.), HID Global Corporation/ASSA ABLOY AB (Sweden), Securenvoy Ltd (U.K), Suprema HQ Inc. (South Korea), IBM Corporation (U.S.), Crossmatch (U.S.), Microsoft Corporation (U.S.), and Watchdata Technologies (China) are few of the prominent players with key multi factor authentication market share
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