Two-factor authentication Market, By Types (One-time passwords, Public key infrastructure), By Model (Smart Card with Pin, Biometric Technology with Pin, One Time Password with Pin), By Technology (Physical and Logical Access Control, Out-of-Band Authenticators, PKI Authenticators)
The study reveals that Two-factor authentication is trending in North America region. The global Two-Factor Authentication Market is expected to witness a high growth in the coming years.
However, the application segment including BFSI, PCI, healthcare, government and among others are major contributors in the market. The BFSI segment is expected to occupy the market share of 43%, in 2016.
The study indicates that the introduction of OOB authentication, emergence of cloud-based 2FA, Growing adoption of unified platforms for authentication purposes are the trending factor of this market growth of Two-factor authentication. However, in BFSI sector, the volume of online financial transactions has increased significantly due to their swiftness and ease of use and to ensure safety and avoid cyber-attacks, vendors in the 2FA market are providing software one-time password (OTP) tokens, hardware OTP tokens, e-mail, and phone-based authentication options.
The growth in the e-commerce market is also significantly impacting the volume of online financial transactions, leading to increased adoption of 2FA solutions.
The Two-factor authentication Market is growing rapidly over 19.6% of CAGR and is expected to reach at USD $~8.78 Billion by the end of forecast period.
Two-Factor Authentication Market Players:
- Fujitsu Ltd. (Japan)
- VASCO Data Security International Inc. (US)
- HID Global Corporation/ASSA ABLOY AB (Sweden)
- Safran S.A (France)
- Gemalto NV (the Netherlands)
- NEC Corporation (Japan)
- CA Technologies (US)
- RSA Security LLC (US)
- Suprema HQ Inc. (South Korea)
- Crossmatch Technologies Inc. (US)
- 3M Company (US)
Two-factor authentication Market Segmentation
The Two-factor authentication Market has been segmented on the basis of types, model, technology, end -users and region. The Two-factor authentication market is highly centralized by owing to the presence of many small regional suppliers and large multinational vendors.
The government and defense sector has accounted for the largest market share in the two-factor authentication market in 2016. The banking and financial sector also prompted by the two-factor authentication for the security purpose including core banking, online banking, banking cards personalization systems, trade finance, international payments, foreign exchange, bank guarantee, and other banking and financial services.
Market Research Analysis:
On geographic basis, Two-factor authentication market is studied in different regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region is leading with largest market share growth in the Two-factor authentication market.
In this market, Europe is to be estimated to be second largest market for Two-factor authentication during the forecast period. The growth in these regions is due to the presence of large financial institutes, develop IT infrastructure, growing need for reliable authentication techniques for mobile-based transactions, and high acceptance of advanced technologies such as cloud solutions.
In 2016, the APAC region were owing to major Two-factor authentication manufacturing companies based in that region and is expected to grow further in the coming years of the Two-factor authentication market.
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- Raw material providers
- Companies in the MFA technology market
- Authentication applications and software designing companies
- Electronics and semiconductor companies
- Investment community interested in the MFA technology market
- Research institutes and organizations
- Market research and consulting firms
- Government and financial institutions
- Research institutes and organizations
- Technology standards organizations
- Technology investors
- System Integrators
- Research/Consultancy firms
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