Global Multifactor Authentication Market: Snapshot
The growing need for security across digital platforms has
generated humongous demand within the global multi-factor authentication market.
However, digital platforms alone do not account for expansion within this
market. Several physical security systems also deploy multi-factor
authentication nodes to protect key assets, people, and equipment. Therefore, the
growing relevance of multi-factor authentication within various industries
shall fetch key revenues for the market vendors. The essence of physical and
cyber security lies in creating multiple layers to protect the concerned
assets. Therefore, multi-factor authentication has emerged as a launch pad for
fostering greater security across various industries. The total volume of
revenues within the global multi-factor authentication market is set to touch
new heights in the coming times.
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Transparency Market Research (TMR), in one of its reports,
finds that the global multi-factor authentication market would accumulate
revenues worth US$20,444.9 mn by 2025, growing from a value of US$ 4,829.2 mn
in 2016. The global multi-factor authentication market is set to expand at a
boisterous CAGR of 17.7% over the period between 2017 and 2025. Use of
multi-factor authentication across corporate offices and government systems has
given a thrust to market growth. Moreover, need for launching mass security
drives across a range of industries has shifted the focus toward multi-factor
authentication models. Growth of e-commerce platforms has played a direct role
in the growth of this market.
Supremacy of Multi-Factor Authentication over Two-Factor
Authentication
Despite the stellar utility of two-factor authentication, it
has failed multiple security platforms and has been under flak from several
analysts. For this reason, multi-factor authentication services are expected to
garner the attention of multiple players. The use of multi-factor
authentication is not restricted to a particular industry. The financial sector
has become a key consumer of these services, majorly due to the need to protect
data and intellectual assets in this industry. Besides, the relevance of
multi-factor authentication for banks and financial institutions has also
gathered momentum. Mobile banking apps and platforms use multi-factor
authentication to ensure security payments and transactions.
Rapid Pace of Digital Transformation
The flux of digital services in the market has helped the
vendors to capitalise on new areas. Furthermore, use of multi-factor
authentication has become an important part of the retail industry. The IT and
telecom industry uses this mode of authentication to foster security in
existing networks, and build new networks with greater resilience. Governments
units are also required to tighten security of transfers across multiple units
and domains. The relevance of multi-factor authentication in both, physical and
abstract protection of assets, has given a thrust to market growth.
Some of the leading vendors in the global multi-factor
authentication market are SecureAuth Coproration, RSA Security, Microsoft
Corporation, Symantec Corporation, CA Technologies, and Vasco Data Security
International Inc.
The global multi-factor authentication market is segmented
by:
Authentication Models
- Two-factor
Authentication
- Three-factor
Authentication
- Four-factor
Authentication
By End-user Industry
- BFSI
- Government
- Telecom
& IT
- Defense
- Healthcare
- Retail
- Others
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