Two Factor Authentication Market Size - Statistics, Regional and Global Forecast to 2024

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Two Factor Authentication also referred as 2FA or two-step verification process provides an added layer of security, wherein the user is asked to pass through two authentication dynamics like ID and password.  2FA makes it difficult for attackers to get the access to a person’s online accounts, related applications, and other similar devices.

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2FA is predominantly used in many burgeoning sectors such as Banking and Finance, Government, Military and Defense, Commercial Security and most importantly eCommerce. Wherein it is integral to control access to sensitive systems & data, or online transactions and services.  These industries introduce 2FA to secure their users’ data from being breached by intruders who have already obtained user’s password. Implementation of a Two Factor Authentication process ensures lowering the number of cases of authentication/identity theft using phishing, internet, and others. 

Over the past couple of years, owing to the technological advancements coupled with some of the emerging and fast-growing industries such as crypto-currency, eCommerce and others, Two Factor Authentication technology is perceiving a huge uptake and demand across the world. These factors are substantiating the market to grow, accelerating on a global platform.

Considering the rapid expansions the market perceives currently and the potential of the market to grow further, Market Research Future (MRFR) recently published a study report, giving out market forecast up to 2023. In its analysis, MRFR asserts that the global Two Factor Authentication market will reach USD ~8.78 Billion, registering a staggering double digit CAGR of ~19.6% between 2017 and 2023.

Factors such as the proliferation of Internet coupled with the increased online transactions, the consecutive threats of the security breach are predominantly contributing to the market growth.  Advent 3G/4G/5G devices are expected to foster the online transactions further, leading to the increased adoption of 2FA Technology.  Implementation of cloud-based 2FA is the latest trend observed during the analysis.

On the other hand, high initial investment, and maintenance cost of hardware & software based 2FA technology are some of the factors impeding Two Factor Authentication Market Size growth.

Competitive Analysis

The Market is highly competitive and diversified with the presence of players having the global presence.

These players make substantial investments in R&D, global expansion, advanced technologies and product Launch to gain competitive advantage and thus to sustain in the market.

Agreement & Partnership, Product Launch, Acquisition, and expansion are the strategies of the key players, traced from the recent proceedings.

Substantial investments have been made in the R&D to develop a technology that is entirely on a different level and unrivaled. Manufacturers strive to deliver power-efficient & lightweight cameras capable of producing pristine imagery in a variety of demanding situations.

Key Players:

The Global Two-Factor Authentication Market is led by some of the fervent players including VASCO Data Security International Inc. (US), `HID Global Corporation/ASSA ABLOY AB (Sweden), Gemalto NV (the Netherlands), NEC Corporation (Japan), RSA Security LLC (US), CA Technologies (US), Suprema HQ Inc. (South Korea), 3M Company (US), and Crossmatch Technologies Inc. (US). Profiling them in its analysis, MRFR finds out their strategies keeping them at the forefront of competition

Browse More Details on Report at: https://www.marketresearchfuture.com/reports/two-factor-authentication-market-3772

About Market Research Future: 

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

Contact:

+1 646 845 9312

Email: sales@marketresearchfuture.com

Blog: http://mrfrblog.com/

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