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Multifactor Authentication Market Expected To Reach $18.5 Billion By 2025
The report "Multifactor Authentication Market by Model (Two, Three, Four, and Five Factor), By Application (Banking & Finance, Government, Military & Defense, Commercial Security, Consumer Electronics, Healthcare), and Geography - Global Forecast to 2025", is expected to grow from USD 5.2 billion in 2016 to USD 18.5 billion by 2025, at a CAGR of 14.9% during the forecast period. Factors such as increase in data breaches and cyber–attacks, stringent regulations and the growing pressure of data security compliances, and the growing adoption of BYOD concept among enterprises are driving the growth of the MFA market.
Two Factor Authentication to hold the largest share of the MFA market during the forecast period
Two-factor authentication (2FA), often referred to as two-step verification, is a security process in which the user provides two authentication factors. Two-factor authentication provides an additional layer of security and makes it harder for attackers to gain access to a persons devices and online accounts. Two-factor authentication can be achieved using any two of smart cards, PIN, SMS application, tokens, biometrics (iris, face, palm, fingerprint, and so on), passwords, and so on. Smart card with PIN being the most commonly used for two-factor authentication model, which is most commonly used in banking and finance, attendance systems, online transactions, and access control systems.
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Banking & Finance sector to dominate the MFA market during the forecast period
Banking and finance is one of the most demanding industries when it comes to MFA. Smartcard and PIN combination is the most commonly used MFA in the form of credit cards, debit cards, and ATM cards. One-time password (OTP) is also gaining reputation in the banking and online payment industry. OTP uses SMS/e-mail/smartphone applications to send a one-time password to the authorized persons mobile/smartphone. The major factors for the growth of this market are increasing online traction and the growth of e-Commerce for which secure transactions are required. Many regulatory bodies have passed regulation for use of MFA technology in this application. For the security of banking and financial applications such as core banking, online banking, banking cards personalization systems, trade finance, international payments, foreign exchange, bank guarantee, and other banking and financial services.
Demand from Americas expected to be highest for MFA during the forecast period
The Americas uses different MFA models from the most basic to the most advanced model. Countries such as the US and Canada use MFA in almost all the applications. As security issues have become vital in the government sector, local, regional, and national government organizations are deploying biometric systems owing to advantages such as high accuracy, convenience, and time efficiency. The need for solid security to tackle fraudulence, illegal immigration, and criminal activities has made it necessary for government enterprises to resort security solutions. a large industrial base, and a high regulatory compliance in the Americas are expected to propel the growth of the American MFA market.
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Some of the major players in the multifactor authentication market are Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), 3M (US), CA Technologies (US), Fujitsu (Japan), VASCO Data Security International Inc. (US), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (US), Suprema HQ Inc. (South Korea), and Crossmatch (US).
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