The Multi-Factor Authentication Market is expected to reach USD 17.76 billion at a CAGR as the scope and its applications are rising enormously across the globe. To confirm the user’s identity for a login or other transaction, Multi-Factor Authentication (MFA) is a security system that needs more than one technique of verification from independent groups of credentials. The aim of MFA is to create a layered defense that helps to protect personal and official data from an unauthorized person. It is built from a grouping of biometric validation techniques, physical techniques, and logical techniques to protect product or service and a facility. The multi-factor authentication market is expected to grow at a CAGR of 15.07% by 2025.
It allows administrations to use enhanced safety choices and used in various applications as high security guarantee and welfares provided for data security are documented as major factors of Multi-Factor Authentication Market that are estimated to enhance the growth in the years to come. However, requires more time for higher order authentication models and technical complexity and cost in implementing Multi-Factor Authentication are the factors that restrain overall market growth in coming years. Multi-Factor Authentication industry is segmented based on model, applications, and region.
Five factor authentication, four factor authentication, three-factor authentication and two-factor authentication are the models that could be explored in Multi-Factor Authentication in the future period. The three-factor authentication includes three-factor biometric technology, smart card with pin and biometric technology, pin with two-factor biometric technology and smart card with two-factor biometric technology.
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The two-factor authentication sector accounted for the largest market share of Multi-Factor Authentication and is estimated to lead the overall market in the coming years. This may be because of secure online transaction, enhanced security, lower security management cost, and raising flexibility and productivity. Moreover, it includes onetime password with pin, smart card with pin, two-factor biometric technology, smart card with biometric technology and biometric technology with pin.
The market may be categorized based on applications like retail & e-commerce, banking and finance, travel & immigration, healthcare, government, commercial security, military and defense, and others could be explored in Multi-Factor Authentication in forecast period. The healthcare segment accounted for the largest market share of Multi-Factor Authentication and is estimated to lead the overall market in the coming years. This may be because of strict government and industry policy and needs a highly secure infrastructure. Industries depends on MFA solutions for securing sensitive data and information. Moreover, safety of patient data is an authorized directive for healthcare.
Globally, North America accounts for the largest market share of Multi-Factor Authentication and is estimated to lead the overall market in the upcoming years. The reason behind the overall market growth could be rising adoption of digital services, rising use of enhanced technology, advanced network connectivity and propagation of smartphones. In addition, raising cases of cyber-attacks and presence of key manufacturers in the region will boost the overall market growth. The United States is major consumer of Multi-Factor Authentication in this region.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR of about 19.0% in the foremost period. The aspects that may be ascribed to the growth comprise high demand for digital services and rising investments in numerous IoT technologies and security.
The key players of Multi-Factor Authentication Market are Vasco Data Security International, RSA Security, Safran, Symantec Corporation, Gemalto, and CA Technologies. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions and joint ventures are the need of the hour.
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