Multi Factor Authentication Market share, applications, segmentations & Forecast by 2024
- a href="https://www.gminsights.com/industry-analysis/multi-factor-authentication-market">Multi Factor Authentication Industry
Multi Factor Authentication Market size is anticipated to grow substantially over the future owing to the increase in network security threats coupled with the growing demand for advanced and reliable authentication systems. Rising usage of smartphones with in-built verification technology and the emergence of e-commerce is propelling the multi factor authentication market growth.
With the increasing number of cyber-attacks and data breaches, organizations are increasing their expenditure on cyber security to protect the businesses from rising attacks. Legacy network defenses are being replaced with the upcoming technologies to restrict hackers from gaining access to networks. Other factors such as growing pressure of data security compliances and stringent regulations, with increasing adoption of BYOD concept among businesses are anticipated to help gain a noteworthy traction for the multi factor authentication market over the coming years.
High maintenance costs and investments are restraining the multi factor authentication market growth. However, the incorporation of cloud computing in the solution is aiding in reducing the maintenance costs related with hardware and software based models. Several companies are preferring solution based on cloud computing owing to their ease of installation & upgrades, enhanced reliability & scalability and pay per use concept which are more cost effective and are anticipated to display positive effects on the multi factor authentication market growth.
The multi factor authentication market is segmented based on the technology models such as five factor, four factor, three factor and two factor, authentication models. These models are mainly being implemented for identifying an individual through one’s information or physical traits. One time password (OTP) and smart cards with PINs are the commonly used two factor authentication techniques. The OTP authentication is widely gaining approval in the developed countries. Biometric based multi factor models are growing at a speedy pace as they are providing high convenience and security which are gaining popularity, thereby boosting the multi factor authentication market demand.
The technology is being implemented across several industries such as commercial security, consumer electronics, BFSI, aerospace & defense, healthcare, government, transportation and travel & immigration. The BFSI industry is a key segment which is anticipated to lead the multi factor authentication market growth. Three factor models are being commonly used in BFSI segment owing to its usage in restricted access areas such as bank lockers. The four and five factor models have been implemented in defense, and government applications and are anticipated to play a vital role owing to the stringent government regulations, border security and data security needs. Several government administrations are developing rules & regulations for diverse sectors to protect their data and are capitalizing a substantial sum for solution developments, thereby contributing the multi factor authentication market growth.
The multi factor authentication market in the U.S. accounts for the major revenue share. The growth is credited to the presence of developed IT infrastructure, financial institutes, and the rising requirement for dependable authentication models. In the region, several banks have prompted the adoption for these models. In 2016, the U.S. Homeland Security launched an airport biometric scanning system which is helping track the immigration in the country through iris and facial recognitions and is aiding the government identify non-U.S. citizens.
The Asia Pacific multi factor authentication market is anticipated to witnesses robust growth owing to the improving economic conditions in developing countries such as China, India and Japan. Increasing usage of smartphones and demonetization effect in India has shown a growing usage for e-wallets and mobile payment applications, which in turn demands for added security.
Key players involved in the multi factor authentication market are 3M, Cross Match Technologies, ACTivIdentity Inc., CA Technologies, Confident Technologies, Deepnet Security Ltd., Dell Technologies, Entrust Inc., Fujitsu Ltd., Gemalto NV., HID Global, Lumidigm, NEC Corporation, Passfaces, RCG Holding, RSA Security LLC, Safran SA, Sagem Morpho, SMS Passcode A/S, Safe TLC, SecuGen, Securenvoy Ltd., Suprema Inc., Technology Nexus AB, Vasco Data Security, Watchdata Technologies and ZK Software.
Numerous companies are adopting these solutions for several applications and are investing in R&D to pay distinct attention to their product development. The multi factor authentication market is characterized by small and large multinationals with large multinationals acquiring the small businesses to develop and expand their product range and make their market presence stronger.
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