Albany, NY -- (SBWIRE) -- 11/30/2016 -- The superiority of multi-factor authentication (MFA) over traditional one-factor username and PINS/passwords in terms of security, convenience, and interface has helped the global MFA market in gaining significant traction over the past few years. A new research report by Transparency Market Research (TMR), titled "Multi-Factor Authentication Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019," presents a detailed evaluation of the market.
With the growing national and network security threats, the increasing demand for reliable and sophisticated authentication systems is fuelling the growth of the global MFA market. Moreover, rapid globalization and the growth of e-commerce have given a significant boost to the trend of online transactions, which in turn is driving the demand for MFA. Other factors such as legislative compliances, increasing security concerns, and rising number of smartphones integrated with MFA technology are propelling the growth of the market. On the flip side, high initial investments, complex maintenance, and high usage service time are restraining the growth of the market. However, with the introduction of cloud computing in MFA and increasing adoption in the gaming industry, the market is estimated to flourish in the near future.
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By model type, the global multi-factor authentication market is segmented into two-factor authentication, three-factor authentication, and four-factor authentication. Two-factor authentication is one of the most commonly used models in various applications including consumer electronics, government-based applications, and the finance sector. Three-factor authentication is widely used in private access areas such as secret data access, bank lockers, and travel and immigration. Four-factor authentication models are primarily used in research and defense.
Based on application, the market is segmented into banking and finance, healthcare, travel and immigration, consumer electronics, government, commercial security, defense, transportation, and others. Governments and defense forces of different countries are investing a significant amount in MFA projects because of security needs, enterprise data security, inter border security requirements, and legislative compliances. Due to the growing incidence of counterfeiting and increasing online transactions, the demand from the banking and finance sector is likely to remain high throughout the forecast period.
Geographically, North America and Europe will continue to be the leading segments until 2019. The growth of these regions can be attributed to the presence of large financial institutions and developed IT infrastructure, growing need for reliable authentication techniques for mobile-based transactions, and high acceptance of advanced technologies. With improving economic conditions and flourishing end-user industries, Asia Pacific is anticipated to rise at a noteworthy CAGR during the forecast period.
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Some of the key players mentioned in the report are 3M, ActivIdentity Inc., Confident Technologies, Cross Match Technologies, Deepnet Security Ltd., Entrust Inc., Fujitsu, Gemalto, Identive Group, Lumidigm, Nec Corp., Passfaces, RCG Holding, RSA Security, SafeTIC, Sagem Morpho, SecuGen, Securenvoy Ltd., SMS Passcode A/S, Suprema, Inc., Technology Nexus AB, Watchdata Technologies, and ZK Software.