Multifactor Authentication Market was valued US$6.93 Bn by 2017 and is estimated to reach US$24.82 Bn by 2026 at a CAGR of about 15.23% during a forecast period.
Multi-factor authentication utilizes many-fold methods of authentication to verify a user’s identity. Authenticating user identity ensures security during online transactions and accessing corporate resources. Multi-factor authentication utilized for Credentials breach of data that enterprise in order to administer an extra security layer that makes users authenticate via knowledge, possession, and inherence factors to gain access to corporate and social networks. A large number of countries have introduced countermeasures to implement the regulations such as HIPAA, Basel II, Gramm-Leach-Bliley Act (GLBA), PCI DSS, and SOX.
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Multifactor Authentication Market
Based on the Model type, Multifactor Authentication market can be fragmented into Two-factor, Three-factor, Four-factor and Five factor. Authentication model of five-factor is expected to grow at the highest rate during the forecast period. As five-factor authentication model provides a high level of security to top secret information, which is of high importance. Provide many good solutions for government applications such as security services, homeland access to top-secret national data/files, safeguarding data, and technology in national research centers.
Based on application Multifactor Authentication market is sectionized into BFSI, Government, Healthcare, Retail, and Telecom & IT. Increasing online traction and the growth of e-commerce are the major factors for growth. Many regulatory bodies have moved to regulation for the use of multifactor authentication technology in this application. Thus BFSI is accounted for the largest share in multifactor authentication market.
In terms of geography Multifactor Authentication market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to dominate the Multifactor Authentication market over the forecast period. Many companies of this market are significantly focusing on strategic mergers and acquisitions for deeper geographical penetration. The growth of the North American region is majorly followed by countries such as the United States and Canada. According to 2017, multi-factor authentication market revenue in North America is around 2327.5 Mn.
Key Players Profiled and Analyzed in the Report
CA Technologies, RSA Security, SecureAuth Corporation, Gemalto, Microsoft Corporation, HID Global Corporation/ASSA ABLOY AB, Symantec Corporation, Vasco Data Security International Inc., Safran, Okta Inc., NEC Corporation, Ping Identity, Fujits, Entrust Datacard Corporation and HID Global Corporation, 3M, VASCO Data Security International Inc., RSA Security LLC , Suprema HQ Inc. , and Crossmatch
Scope of the Multifactor Authentication Market
Multifactor Authentication Market by Model Type:
Multifactor Authentication Market by Application Type:
• Telecom & IT
Multifactor Authentication Market by Region:
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• Asia Pacific
• North America
• Middle East & Africa
• Latin America
Key Players in the Multifactor Authentication Market:
1. CA Technologies
2. RSA Security
3. SecureAuth Corporation
5. Microsoft Corporation
6. HID Global Corporation/ASSA ABLOY AB
7. Symantec Corporation
8. Vasco Data Security International Inc.
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10. Okta Inc.
11. NEC Corporation
12. Ping Identity
14. Entrust Datacard Corporation
15. HID Global Corporation
17. VASCO Data Security International Inc.
18. RSA Security LLC
19. Suprema HQ Inc.