Multi-factor authentication is vital to any organization to secure access to corporate networks and to maintain and protect user identity. Evolving business requirements for cloud based applications, mobile devices, new threats and security issues require better access control.
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The Applications areas include defense, government data security, banking and finance, consumer electronics travel and immigration, Data Protection for Cloud Service Providers, retail data security healthcare and commercial security.
Rise in security threats and risks over networks and internet, increasing use of MFA technology in banking and financial sectors will serve as a key driver for market growth.
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Besides, increase in use of Smartphone with MFA technology and legal compliance is expected to drive the market. High Scalability, easy implementation and no requirement of carrying extra hardware further attribute to the market growth for mobile based authentication solutions as against traditional hardware token
With the growing national and network security threats, the demand for reliable and sophisticated authentication systems is increasing tremendously, which in turn is fuelling the global multi-factor authentication market. Moreover, rapid globalization and the growth of e-commerce have given a significant boost to the trend of online transactions, thereby working in favor of the growth of the market.
Moreover, factors such as legislative compliances and proliferation of smartphones integrated with multi-factor technology are augmenting the market.
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The Global Multi-Factor Authentication (MFA) Market is accounted for $4.05 billion in 2015 and is expected to reach $13.59 billion by 2022 growing at a CAGR of 18.8% from 2015 to 2022. MFA technology plays a significant role as it helps to meet legislative compliances, security needs, inter border security requirements.
Some of the major drivers in this market include rise of E-commerce sector, growing number of online transactions, network security threats and legislative compliances. However, data security and MFA usage service time are some restraints anticipated to decrease the market growth.
- To define, describe, and forecast the multifactor authentication market based on model, application, and geography
- To provide the market statistics with detailed classifications along with the respective market size
- To strategically analyze the micromarkets with regard to individual growth trends, prospects, and contribution to the total market
- To provide a detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To forecast the size of the market segments with regard to 4 main geographies (along with countries): the Americas, Europe, Asia Pacific, and Rest of the World
- To analyze the opportunities in the market for stakeholders and detail the competitive landscape of the market leaders
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Banking, financial services and insurance (BFSI) segment contributed a largest market share during the forecast period owing to growing need for secure identification and verification techniques. By geography, North America commanded the largest market share due to plenty IT infrastructures and more financial institutions & companies in this region.
Some of the key players profiled in this market include Hid Global Corporation, Vasco Data Security International, Inc., Fujitsu Ltd., RSA Security Llc., 3M Company, Safran SA, Cross Match Technologies, Inc, Suprema, Inc., CA Technologies, Gemalto NV, NEC Corporation, SecurStar, MitoKen Solutions Pvt Ltd, Swivel Secure and Deepnet Security.
? Two-Factor Authentication Model
o One Time Password With Pin
o Two-Factor Biometric Technology
o Smart Card With Biometric Technology
Table of Content:-
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
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