Albany, New York, Nov. 26, 2018 (GLOBE NEWSWIRE) -- According to the recent study by Transparency Market Research, the global multifactor authentication market is likely to expand at a robust CAGR of 17.7% during the tenure period. The market which was valued at US$4829.2 mn by the end of 2016 is foreseen to rise and reach a valuation of US$20444.9 Mn by the end of assessed period. On the basis of models, the market is segmented into three-factor authentication, four-factor authentication, and two-factor authentication. Of these two-factor authentication market is predicted to witness a stellar demand as consumers have started preferring two-step verification process. On the basis of region, the multifactor authentication market is likely to be dominated by North America, as the region experiences surge in adoption of multifactor authentication models due to increasing security concerns.
The global multifactor authentication market is predicted to witness a strong growth during the forecast period 2017 – 2025, owing to rise in demand for a better security solutions. Transparency Market Research notices that the market is highly fragmented in nature owing to the presence of several players. Senior analysts expects that the strategic partnerships such as mergers and acquisitions taken up by key players are likely to help them give them a strong foothold in untapped market. Players are spending hefty amount in research and development activities to innovate and introduce more efficient and enhanced products for consumers. This is likely to drive the multifactor authentication market in forward direction. It is anticipated that as the number of player increases, the competition will become more intense. Some of the major players in the multifactor authentication market are Vasco, EMC, Entrust, and Gemalto.
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Need For High Initial Investment Dissuades User to Adopt Multifactor Authentication System
It has been noted that although the market is riding on several driving factors, it is also confronted by several restraints which are likely to deter the multifactor authentication market growth during the tenure period. Need for a high initial cost to invest in setting up these authentication model is likely to dissuade a good chunk of consumers. The world is dominated by the middle class sector, thus dissuasion from their end due to high investment is likely to impact the multifactor authentication market in an adversarial way. Apart from these, intricacies associated with these systems such as need for experts for simple maintenance and high usage service time are anticipated to deter the market growth. Although, the market is expected to see a lucrative growth opportunities in the developing countries.
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Surge in Cyber Attacks Favors Market Growth
The global multifactor authentication market is prognosticated to witness a surge in demand in the coming years due to rise in high demand for an enhanced security solutions. Multifactor authentication models are generally used for protecting sensitive or secret information from outsiders. This models are predominately adopted by governments, banking and finance sectors, and defense sectors to protect their top classified data, files, information from theft or any other kinds of breach. Generally, this authentication system is based on various parameters such as possession, location to access the system, knowledge, and genetics. Possession requirements also need to have hardware and software tokens which consists of OTP, keyfob and others. It is anticipated that the security like this will revolutionize the financial transactions, making it more secured and safe. Increase in adoption of these models are likely to provide a security for upcoming projects. Furthermore, rise in number of cyber-attacks which consists of hacking and data breach is favoring the adoption of multifactor authentication models even in developing countries. Strict rules imposed by government to protect national secrets will further boosts the multifactor authentication market growth.
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This review is based on Transparency Market Research’s report, titled “Multifactor Authentication Market (Authentication Model (Two-factor, Three-factor, and Four-factor); End-user Industry – BFSI, Government, Healthcare, Retail, and Telecom & IT) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025”.
Market Segmentation:
Multi-factor Authentication Market Analysis, by Authentication Models
- Two-factor Authentication
- Three-factor Authentication
- Four-factor Authentication
Multi-factor Authentication Market Analysis, by End-user Industry
- BFSI
- Government
- Telecom & IT
- Defense
- Healthcare
- Retail
- Others
Multifactor Authentication market with respect to the following geographical segments:
- North America
- The U.S.
- Canada
- Rest of North America
- Europe
- The U.K.
- Germany
- France
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
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