The two-factor authentication market 2020 is on track to procure a strong growth rate of 17.28% between 2019 and 2024 (assessment period), says Market Research Future (MRFR). MRFR predicts considerable market growth as it is set to reach the size of USD 8,984.7 million by 2024.
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Primary Drivers and Main Challenges
The surge in security breaches as well as cyber-attacks, paired with the considerable rise in online frauds has been instrumental in market growth for two-factor authentication. These cyber-attacks have risen mostly in small and medium enterprises via ransom ware to seize their financial and online accounts. The situation can be handled with the use of MFA systems in employees’ computer devices and smartphones that help verify the user’s identity. Given the mounting awareness regarding this technology, more and more organizations are now demanding advanced forms of two-factor MFA systems that can help them prevent data loss as well as save them money.
The fast expansion of sectors including retail, banking, financial services and insurance (BFSI) and healthcare has been crucial for the growth of authentication systems, since enterprises need to ensure not only their but also their customers’ security. For example, banks are entities that conduct countless functions, such as trade finance, core banking, online banking and international payments that require safe connections for smooth user experience. Hence, the demand for two-factor authentication systems is quite high in this industry and can benefit the global market to a large extent.
Furthermore, the rising trend of cloud-based services and the Internet of Things (IoT) can be a noteworthy growth-booster in the market. Cloud-backed MFA solutions facilitate facial recognition, document verification and remote fingerprint scanning. Innovations in biometrics, hardware and software technologies along with the increasing government support in enhancing national security can also induce market expansion. The market growth can also be warranted by the rising use of digital payment techniques as well as the high deployment rate of smartphones as well as wireless devices.
For better understanding of the two-factor authentication market, 4 main segments have been listed in the report, namely type, model, technology and end-user.
The types of two-factor MFA are public key infrastructure, one key password, and others. Between these, the leading segment identified in 2018 was one-time password; which also exhibits the capacity to retain its dominance in the years ahead.
The types of models available in the market are smart card with biometric technology, one time password with pin, smart card with pin, two-factor biometric technology, biometric technology with pin, and more. The market is expected to be dominated by the segment of smart card with PIN over the appraisal period.
Technology-wise, the main segments are SafeNet OTP authenticators, PKI authenticators, physical and logical access control, MobilePKI office suite, out-of-band authenticators, and others.
End users who extensively deploy Two Factor Authentication Market Leaders are travel and immigration, healthcare, banking and finance, government, commercial security, consumer electronics, military and defense, and others.
North America, Asia Pacific or APAC, Europe, and Rest of the World or RoW are the top markets for two-factor authentication solutions.
In 2018, studies identified North America as the most lucrative market with the value of USD 1,327.7 million. MRFR also reveals that the regional market can advance at an incredible growth rate of 16.59% between 2019 and 2024. Most of the region’s market will most likely be concentrated in Canada and the U.S, thanks to the humungous pool of celebrated players like Amazon Web Services Inc., EMC Corporation, The 3M Company and Entrust Inc., and more. These companies are continuously coming up with different strategies to draw in more consumers and expand their business in the region. To illustrate, in April 2019, Google developed a security solution called 2SV, which is a two-factor authentication process. It offers the users the ability to activate the built-in security option in Chrome of Android smartphones.
The market for two-factor authentication in APAC can procure a significant growth rate, because of the surge in the IT technology and the uptake in bring your own devices across enterprises. China seems to be the highest expanding market in the region, in line with the advancements in the electronic information technology and the continuously rising cyber-attacks, especially in the banking sector.
Renowned Market Contenders
The renowned market contenders profiled in the report include HID Global Corporation (US), Google LLC (US), RSA Security LLC (US), Symantec Corporation (US), Suprema Inc. (South Korea), Fujitsu Ltd (Japan), IDEMIA (France), CA Inc. (US), OneSpan Inc. (US), NEC CORPORATION (Japan), Gemalto NV (Netherlands), to list a few.
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