Albany, NY -- (SBWIRE) -- 03/02/2019 -- Single-factor authentication spearheaded by the ubiquity of passwords has increasingly lost steam over the past several years. Several shortcomings and the tenacity of growing breaches by bots and malwares have imparted marked momentum to multifactor authentication for a better security system. Combining multiple independent credentials, multifactor authentication mechanism has doubtless risen in popularity. It adds layers of security to networks, physical location, and computing devices.
The considerable and constant drive for multifactor authentication with the likes of one-time-password (OTP) has made identity verification more secure and reliable. Especially among enterprises, this serves to meet the specific authentication needs, bringing a balance between user convenience and better authentication. The adoption of multifactor authentication in virtual private network is a case in point.
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Considerable advances made in multifactor authentication technologies such as in security tokens, mobile authentication, and soft tokens are expected to create exciting avenues in the market. Furthermore, recent efforts to integrate biometric authentication into the multifactor authentication have expanded the potential. The prospects are vast as a recent report by Transparency Market Research projects. By the end of 2025, the global opportunities are forecast to touch US$20,444.9 Mn.
Regulated Industries find Multifactor Authentication as Key Enabler of Compliance
The global market for multifactor authentication has been witnessing rapid impetus from the growing needs for better data security in industries. The need is immense in regulated industries such as the banking, financial services and insurance industry (BFSI) and healthcare sectors across the world. In particular, rising demand for such measures in the BFSI industry will contribute prominent shares to the global demand for multifactor authentication. As another example, healthcare organizations find multifactor authentication (essentially two-factor) as a key enabler for increasing compliance with Health Insurance Portability and Accountability Act (HIPPA).
In recent years, knowledge factors in multifactor authentication have gained traction in data protection, especially those related to financial transactions, such as in online banking transactions.
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