123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> General >> View Article

Multifactor Authentication Market Expected To Reach $18.5 Billion By 2025

Profile Picture
By Author: MarketsandMarkets
Total Articles: 113
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

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.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=877

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.

Request Sample @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=877

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).

Total Views: 47Word Count: 533See All articles From Author

Add Comment

General Articles

1. A More Impactful Presence Through Web Development In 2020
Author: Mario F. Davis

2. Professional Home Buyers
Author: Professional home buyers

3. How To Sleep In Animal Crossing: New Horizons
Author: karen minton

4. Top Inspirational Women In India
Author: Tanya Sharma

5. How To Find Bfg 9000 In Rage 2
Author: karen minton

6. Industrial Nitrogen Market Research By Type, Application And Manufacturers Till 2023
Author: MRFR

7. Selenium Technolgy
Author: Ritika Singh

8. Ten Points You Should Try To Remember When Visiting Norway
Author: Anu Sawant

9. Virtual Office In Bangalore
Author: Aman Gupta

10. How To Increase Muscular Strength: A Brief Guide
Author: LivAyur

11. Un-answered Problems With Building Details Modeling (bim) Revealed
Author: Jack Abrams

12. How Netsuite Integration Capabilities Help Your Existing It Investment
Author: Sapna Gupta

13. The Latest Coronavirus Developments For Insurance Attorneys
Author: Devin Herz

14. A Complete Guide On Blockchain Architect Certification Programme
Author: Block chain council

15. How To Fight Back With Trading Loss?
Author: Rahul rai

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: