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.
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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.
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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.
Major players operating in the multifactor authentication market include
Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), 3M (US), CA Technologies (US), Fujitsu (Japan), VASCO Data Security International Inc. (US), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (US), Suprema HQ Inc. (South Korea), and Crossmatch (US).
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