Multi-factor authentication can be considered to be an emerging sector of the identity access management and may utilize many-fold methods of authentication to verify a user’s identity. Authenticating user identity ensures security during online transactions, while logging into online services, and accessing corporate resources. Credentials that have been compromised are the key cause resulting breach of data. Multi-factor authentication is thus utilized by enterprises in order to administer an extra security layer that makes users to authenticate via knowledge, possession, and inherence factors to gain access to corporate and social networks.
There has been as surge in concern regarding data privacy across the globe. A large number of countries have introduced countermeasures be implementing regulations such as HIPAA, Gramm-Leach-Bliley Act (GLBA), Basel II, PCI DSS, and SOX. The rise in regulatory demands for large banks and PCI companies is providing impetus to the adoption of multi-factor authentication in across the globe. Furthermore, technological progress in authentication solutions such as phone-based authentication and SMS tokens, integrated with biometric authentication is also boost the growth of the global multifactor authentication market.
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The global multifactor authentication market is expected to rise to US$20,444.9 mn by 2025 from US$ 4,829.2 mn in 2016. Over the forecast duration of 2017 and 2025, the global multifactor authentication market is prognosticated to expand at 17.7% CAGR.
Cost Effectiveness of Two-Factor Authentication Segment to Push it to Top
On the basis of the authentication models the multifactor-authentication market has been further segmented into three categories which are, two-factor authentication, three-factor authentication, and four-factor authentication. Two-factor authentication is a two-step verification process of combining any two of the four possible authentication parameters including possession, knowledge, genetics and location. Among all the models, two-factor authentication model could see a significant market share for the forecast period-2017-2025, as it is a cost-effective method for multi-factor authentication.
On the basis of the end-user industry segment, the multi-factor authentication market has been divided into BFSI, government, healthcare, retail, defense, telecom & IT, and others. Among all the sectors, BFSI is expected to show a significant market revenue share for the forecast period. This higher market revenue share is attributed to the increasing number of cyber-attacks on financial institutions.
Presence of Key Vendors to Propel North American Market
North America is expected to have the highest market revenue share. The growth in the North American region is majorly due to the countries such as United States and Canada. Furthermore, many companies from the multi-factor authentication market are significantly focusing on strategic mergers and acquisitions for deeper geographical penetration.
Some of the major players in the multi-factor authentication market are RSA Security, SecureAuth Coproration, Microsoft Corporation, CA Technologies, Symantec Corporation, Vasco Data Security International Inc., Okta Inc., Ping Identity, Gemalto, Entrust Datacard Corporation and HID Global Corporation.
Need to Protect Confidential Data to Propel Multifactor Authentication Market
The increasing need for identity authentication has become a vital part of security in almost all industrial and commercial sector. Multifactor authentication is currently emerging and is likely to come up with more innovations in the field of identity access management. Such services are now considered an essential process for verifying the identity of the user especially during online services or online transactions or for accessing the resources in a corporate environment. Accreditations that have been undermined are the key reason required to gain access to information. Multifaceted authentication is hence used by undertakings to manage an additional security layer that makes clients to confirm through information, ownership, and inherence components to access corporate and interpersonal organizations.
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There has been as flood in concern in regards to information protection across the globe. The ascent in administrative requests for huge banks and PCI organizations is giving force to the reception of multifaceted authentication in across the globe. Moreover, mechanical advancement in authentication arrangements, for example, telephone based authentication and SMS tokens, coordinated with biometric authentication is likewise support the development of the worldwide multifactor authentication market.
North America is anticipated to have the most noteworthy market income share. The development in the North American area is significantly because of the nations like United States and Canada. Moreover, numerous organizations from the multifaceted authentication market are fundamentally zeroing in on essential consolidations and acquisitions for more profound topographical entrance.
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Regardless of the heavenly utility of two-factor authentication, it has bombed numerous security stages and has been under fire from a few examiners. Hence, multifaceted authentication administrations are relied upon to accumulate the consideration of various players. The utilization of multifaceted authentication isn’t limited to a specific industry. The monetary area has become a vital shopper of these administrations, significantly because of the need to secure information and scholarly resources in this industry. In addition, the importance of multifaceted authentication for banks and monetary establishments has likewise built up speed. Versatile banking applications and stages use multifaceted authentication to guarantee security installments and exchanges.
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