The global multi-factor market 2020 was estimated at USD 4.85 billion in 2016 and can attain an approx. valuation of USD 11.24 billion by 2023, says Market Research Future (MRFR). MRFR also believes that the market can record a robust growth rate of 13% between 2017 and 2023 (forecast timeframe).
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Top Drivers and Main Barriers
Blockchain as well as decentralized authentication systems are emerging as exciting trends, and are touted to replace centralized data servers with a computer network soon that store data, stay in sync with each other and encrypt. The basic concept of multi-factor authentication is representing user identities with encryption key-pairs that are generally connected to additional parameters, like the user’s biometric data to make a high authentication.
The alarming surge in the number of cyberattacks across enterprises boosts the market expansion rate since close to half of all the cyberattacks mainly target small businesses. Most of these cyberattacks involve ransomware attacks or hijacking of corporate online as well as financial accounts. To cite a reference for an advanced multi-factor authentication system, OneLogin launched OneLogin Protect that helps users verify their identities using their smartphones. The system also helps integrate with third-party authentication factors, such as Yubico’s YubiKeys and Google Authenticator, offering a single sign-on option for the organization’s desktops.
Cloud-based multi-factor authentication has gained high traction in the market over the years. Mobile is a significant focus for Cloud MFA solutions in today’s time, with mobile options like facial recognition and fingerprint scan are offering ease of use. This factor makes the overall authentication experience as smooth as possible for the users.
The multi-factor authentication market has been differentiated with respect to model, deployment, and application.
The model segment includes multi-factor with three-factor authentication, two-factor authentication, multi-factor with five-factor authentication and multi-factor with four-factor authentication. The two-factor authentication market comprises smart card with biometric technology, smartcard with pin, smart-card with pin and biometric technology with pin. The three-factor authentication can be considered for smart card with two-factor biometric technologies, three-factor biometric technology, smart card with pin & biometric technology as well as pin with two-factor biometric technologies.
The deployment-wise segments analyzed in the report are on premises and on cloud, out of which the on cloud segment has taken the lead in the global market.
The main applications of Multi-Factor Authentication Market Size are military & defense, travel & immigration, commercial security, banking & finance, healthcare, consumer electronics, government institutions, and others.
The multi-factor authentication market share is increasing at a robust pace across regions like Asia Pacific (APAC) along with North America, Europe, and the Rest of the world (RoW).
North America can gain the highest share in the global market for multi-factor authentication, with the United States (U.S.) and Canada touted to be the leading countries. The prominent market growth in the region is the result of the highly advanced IT infrastructure, a vast pool of financial organizations, soaring demand for trustworthy methods for mobile-based transactions, and a high adoption rate of cloud technologies.
Europe is another strong contender in the global market and can gain significant traction in the coming years. The regional market’s considerable growth is in response to the increasing data breaches as well as cyber-attacks and the increasing adoption of bring-your-own-device (BYOD) policies among enterprises.
The APAC market can achieve the fastest growth rate during the appraisal period. The multifactor authentication market size in the region is mushrooming quite rapidly as a result of rising implementation of bring your own device (BYOD) as well as choose your own device (CYOD) policies among enterprises. The increasing prevalence of mobility services and the subsequent rise in cyber-attacks and data breaches also enhances the market growth in the region. The market in China is experiencing the highest growth out of all the countries in the region, thanks to the fast-paced progression of electronic information technology and the high number of cyberattacks in banking in the country.
NEC Corporation (Japan), 3M (U.S.), CA Technologies (U.S.), Fujitsu (Japan), Suprema HQ Inc. (South Korea), Securenvoy Ltd (U.K), VASCO Data Security International Inc. (U.S), Gemalto NV (the Netherlands), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (U.S.), Crossmatch (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), and Watchdata Technologies (China) are the top contributors in the market growth for multi-factor authentication.
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