Multi-factor Authentication is a technological tool which enables the organization to safeguard their confidential data against unwanted access and theft. The technique includes username, personal identification number, password, biometric, and One-time password (OTP).
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Increased number of cyber theft cases and surging demand for secured online transactions of banking and other financial services are expected to foster the multi-factor authentication market over the forecast period.
According to Market Research Future Analysis, multi factor authentication market has been valued at 4 billion in 2016 and presumed to reach approx. USD 11 billion with 13% of CAGR during the forecast period, 2017-2023
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 based on application are banking & finance, travel & immigration, government institutions, military & defense, consumer electronics, commercial security, and healthcare.
Geographically, multi factor authentication market has been bifurcated into North America, Europe, Asia Pacific, and Rest of the World.
North America is expected to be the prominent region in multi factor authentication market over the forecast period. This is attributed to the advancement of technology associated with large number of technical expertise and growing requirement of security and surveillance. In North American region, the U.S. and Canada are the prominent countries. Large number of market players in this region are presumed to drive the growth of the multi-factor authentication market.
However, Asia Pacific is expected to foresee a promising growth over the forecast period owing to rising demand from IT & business infrastructure and growing number of solution providers. China, India, and Japan are the leading countries of the Asia-Pacific region. Europe region is expected to have a substantial growth over the forecast period due increasing number of data breaches.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors
Market Research Future (MRFR) identifies the following companies as the key in multi factor authentication market – Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), 3M (U.S.), CA Technologies (U.S.), Fujitsu (Japan), VASCO Data Security International Inc. (U.S), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (U.S.), Suprema HQ Inc. (South Korea), Crossmatch (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Securenvoy Ltd (U.K) and Watchdata Technologies (China).
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