According to a new market research report „Multifactor Authentication Market by Model (Two-, Three-, Four-, and Five-Factor), Application (Banking and Finance, Government, Military and Defense, Commercial Security, Consumer Electronics, Healthcare), and Geography – Global Forecast to 2022″, is expected to grow at a CAGR of 15.52% to reach USD 12.51 Billion by 2022. Factors such as an 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 multifactor authentication market.
The main objectives of this study are as follows:
- To define, describe, and forecast the multifactor authentication market based on model, application, and geography
- To provide the market statistics with detailed classifications along with the respective market size
- To strategically analyze the micromarkets with regard to individual growth trends, prospects, and contribution to the total market
- To provide a detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To forecast the size of the market segments with regard to 4 main geographies (along with countries): the Americas, Europe, Asia Pacific, and Rest of the World
- To analyze the opportunities in the market for stakeholders and detail the competitive landscape of the market leaders
- To analyze the competitive developments such as joint ventures, mergers and acquisitions, product launches, and R&D activities in the multifactor authentication market
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- To map the competitive intelligence based on company profiles, key player strategies, and game-changing developments such as product developments, collaborations, and acquisitions
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Scope of the Report:
The multifactor authentication market, in this report, has been segmented on the basis of model, application, and geography.
Multifactor Authentication Market, by Model
- Two-Factor Authentication
- Smart Card with Pin
- Smart Card with Biometric Technology
- Biometric Technology with Pin
- Two-Factor Biometric Technology
- One Time Password with Pin
- Multifactor with Three-Factor Authentication
- Smart Card with Pin and Biometric Technology
- Smart Card with Two-Factor Biometric Technology
- Pin with Two-Factor Biometric Technology
- Three-Factor Biometric Technology
- Multifactor with Four-Factor Authentication
- Multifactor with Five-Factor Authentication
Multifactor Authentication Market, by Application
- Banking and Finance
- Government
- Travel and Immigration
- Military and Defense
- Commercial Security
- Consumer Electronics
- Healthcare
- Others
Multifactor Authentication Market, by Geography
- The America
- US
- Canada
- Rest of the Americas
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- APAC
- Australia
- China
- Japan
- South Korea
- India
- Rest of APAC
- RoW
- The market for five-factor authentication models is expected to grow at the highest rate during the forecast period
The market for five-factor authentication model is expected to grow at the highest rate during the forecast period. Five-factor authentication model provides a high level of security to top secret information, which is of high importance. Also, it has a good potential in the near future, as it is a good solution for government applications such as homeland security services, access to top secret national data/files, safeguarding data, and technology in national research centers. These are the main reasons behind the adoption of five-factor authentication model.
- The market for the banking and finance application holds the largest market share during the forecast period
The banking and finance application accounted for the largest share in the multifactor authentication market in 2016. 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 a regulation for the use of multifactor authentication 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, multifactor authentication plays an important role in the authentication, resulting in the highest market share in the multifactor authentication market.
- The market in the Americas is dominating the multifactor authentication market during the forecast period
The market in the Americas holds the largest market share in the multifactor authentication market during the forecast period. The presence of key companies such as 3M (US), CA Technologies (US), VASCO Data Security
International Inc. (US), RSA Security LLC (US), and Crossmatch (US); a large industrial base; and a high regulatory compliance in the Americas are expected to propel the growth of the American multifactor authentication market.
Company Profile
(Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, MnM View)*
1 Introduction
2 Safran
3 NEC Corporation
4 Gemalto NV
5 Rsa Security LLC
6 Hid Global Corporation/Assa Abloy Ab
7 3M
8 CA Technologies
9 Fujitsu
10 Vasco Data Security International, Inc.
11 Suprema HQ Inc.
12 Crossmatch
Biometric leaders dominate the Multi-Factor Authentication Industry
Multi-factor authentication (MFA) implies user and employee authentication by verifying, two or more authentication techniques (Hardware token, One Time Password, Password/PIN, and Biometric traits) provided by them. The use of more than one authentication factor significantly increases the security, thus reducing the chances of fake identity, fraud, and so on. Application areas of biometric technology have been categorized into government, travel and immigration, defense, banking and finance, healthcare, consumer electronics and commercial security.
RSA Security LLC, the Security Division of EMC, is the premier provider of security, risk and compliance management solutions primarily in the United States. RSA serves banking, insurance, technology, professional services, hardware, software companies, manufacturing, transportation, distribution, telecommunications, government, healthcare, and pharmaceutical companies. The company provides RSA Authentication Manager which is central two-factor authentication software that has the capabilities to manage security tokens, users, multiple applications, agents, and resources across physical sites. The company also provides various hardware base authenticators like RSA SecurID 200 Authenticator, SA SecurID 700 Authenticator, RSA SecurID Select and many more. The company also provides RSA SecurID Software for smartphones, laptops, desktops and web browsers. The company has a diverse range of MFA products from software to hardware to web browsers. Hence, RSA security is considered as one of the market leaders of the biometric market.
Safran SA is the leader in the biometrics and a leading provider of biometric based multifactor authentication device. It engages in the design, manufacture, and sale of aircraft, defense, and communication equipment and technologies. It operates through the following segments: aerospace propulsion, aircraft equipment, defense, and security. Safran offers a complete range of security solutions covering three main market segments: identification, secure documents, and detection. Safran is the world leader in multi biometric identification technologies (fingerprint, iris, facial, and vein recognition) and the major player in explosive detection systems and smart cards, which means that it can address emerging security requirements for individuals, businesses, and countries. Deployed in more than 100 countries worldwide, these integrated systems ensure the security of transport and high-value facilities, secure identification, and protection of citizens, along with outstanding homeland security. The company ranks first worldwide in automated fingerprint identification systems (AFIS), iris, and face recognition solutions. Hence, Safran SA is considered as one of the market leaders of the MFA market.
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