Multi-Factor Authentication Market - Global Industry Analysis, Size, Share, Trends, Growth and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 02/09/2017 -- Global Multi-Factor Authentication Market: Overview
The superiority of multi-factor authentication over traditional one-factor username and PINS/passwords in terms of security, convenience, and interface has helped the global multi-factor authentication market in gaining significant traction over the past few years. Technologies used for multi-factor authentication work on the principal of identifying an individual through his/her physical traits and/or information provided. These technologies are being increasingly used across various end-user industries such as banking and finance, commercial security, consumer electronics, defense, government, healthcare, travel and immigration, and transportation. The commonly available models are four-factor authentication, three-factor authentication, and two-factor authentication.
This research report estimates the market size and trends in the near future, by meticulously analyzing the current scenario and historic data pertaining to the global multi-factor authentication market. For a lucid analysis, the report segments the market on the basis of various criteria including geography, models, and applications. The statistics for each segment are presented in terms of volume as well as value. The report also includes a detailed description of the drivers, restraints, and opportunities for the market and analysis of the extent of their impact on the growth. It includes tools such as market attractiveness analysis and Porter's five force analysis to derive the competitive landscape of the market.
Global Multi-Factor Authentication Market: Drivers and Restraints
With the growing national and network security threats, the demand for reliable and sophisticated authentication systems is increasing tremendously, which in turn is fuelling the global multi-factor authentication market. Moreover, rapid globalization and the growth of e-commerce have given a significant boost to the trend of online transactions, thereby working in favor of the growth of the market. Moreover, factors such as legislative compliances and proliferation of smartphones integrated with multi-factor technology are augmenting the market.
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On the flip side, high initial investments, complex maintenance, and high usage service time are limiting the market from realizing its utmost potential. Nevertheless, the introduction of cloud computing in MFA is effectively reducing the maintenance costs, which in turn is likely to bode well for the growth of the market.
Global Multi-Factor Authentication Market: Geographical Segmentation
The key regional markets methodically examined in the report are Asia Pacific, Europe, North America, and Rest of the World. North America and Europe will account for a substantial combined share throughout the forecast period. The growth of these regions can be attributed to the presence of large financial institutes, develop IT infrastructure, growing need for reliable authentication techniques for mobile-based transactions, and high acceptance of advanced technologies such as cloud solutions. With improving economic conditions and the robust growth of end-user industries, Asia Pacific is likely to exhibit at a phenomenal CAGR during the forecast period.
Global Multi-Factor Authentication Market: Competitive Landscape
The global multi-factor authentication market is characterized by high competitive rivalry among large multinationals and small regional players. Large players are acquiring small companies as a part of their key strategy to expand their product portfolio and consolidate their presence in the market. Several participants are paying special attention to product innovation to stay relevant in the market.
Some of the prominent players in the global multi-factor authentication market are Identive Group,
Confident Technologies, NEC Corp., Fujitsu, SMS PASSCODE A/S, Sagem Morpho, Deepnet Security Ltd., Entrust Inc., Watchdata Technologies, Suprema Inc., SecuGen, Cross Match Technologies, ZK Software, Entrust Inc., Technology Nexus AB, Passfaces, Securenvoy Ltd., Gemalto, SafeTIC, ActivIdentity Inc., Lumidigm, RSA Security, RCG Holding, and 3M.