The adoption of Multi-Factor Authentication technology in banking and financial industries is increasing with the surging security threats over networks and internet, which will ultimately contribute to market growth of MFA Technology. Moreover, increase in numbers of users of Smartphone with MFA technology and legal compliance is anticipated to propel the market.
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Multi-Factor Authentication Market Synopsis & Scenario
Contrary to the traditional hardware token system, MFA technology generates authentication scanning and OTP (One Time Password) utilized for biometric as well. Easy implementations with high Scalability, without the necessity to carry extra hardware factors as such further contribute to the market growth for mobile based authentication solutions.
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Multi-Factor Authentication Market Players
Due to the existence of numerous prominent MNCs as well as players that operate at regional level the global multi-factor authentication market is highly fragmented. To maintain market position and to boost market shares; matured players operating in the market adopt the trend of merger & acquisition of small players.
MRFR Study report identifies the following corporations as the key players operating in the global Multi-Factor Authentication market, they are;
- Fujitsu (Japan)
- Dell EMC (U.S.)
- CA Technologies (U.S.)
- Securenvoy Ltd (UK)
- 3M (U.S.)
- Microsoft (U.S.)
- Crossmatch (U.S.)
- Vasco Data Security (U.S.)
- IBM (U.S.)
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- In July 2016, Microsoft announced the expansion plan of multi factor authentication.
- In February 2016, IBM announced their multi factor authentication for z/OS is working with RACF Security Server infrastructure.
Segmentation by Security Key: Passwords, Software Tokens, Hardware Tokens, OTP (One Time Password), Biometric among others.
Segmentation by Type: Two Factor Authentication, Three Factor Authentication among others.
Segmentation by Deployment: On Premise & On Cloud.
Segmentation by Industry Verticals: BFSI, Security Firms, Defence, Aerospace, Government among others.
The segment BFSI by Industry Verticals is the biggest segment of the multi-factor authentication market and is anticipated to generate the largest amount of revenues by 2022. The demand for secure identification and verification techniques is high in this segment due to the potential loss of customer data and security breaches in this sector will further augment the demand for multi-factor authentication techniques during the forecast period 2016 – 2022.
Multi-Factor Authentication Market – Overview
Multi-Factor Authentication is a technology which allows the organization to protect their secret information from the unwanted access. Multi-Factor authentication uses the various security keys such as passwords, OTPs, Biometric to give the authentication to access the data.
Increasing cybercrimes and security proliferation around the world is giving the boost to the market where as technological advancement and new security services are driving the market.
Global Multi-Factor Authentication Market has been witnessed a thriving growth success reaching to a substantial economy in the year 2015 which is expected to grow further over its previous financial records with a rapidly significant rate of a CAGR during the forecast period 2016 – 2022, indicates the recent Market Study Report “Global Multi-Factor Authentication Market”, published by the Market Research Future.
The introduction of innovative solutions such as OOB authentication or out-of-band authentication is a key trend is expected to serve this market as a high impact-rendering driver during the predicted period, states the MRFR research analyst while commenting upon this deep diving study report, presented through more than 100 market data tables and figures and widely spread over 110 pages.
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Multi-Factor Authentication Market Regional Analysis
North America is dominating the market of Multi-Factor authentication with a substantial market share. Increasing security threats in the organization and high cyber-attacks in the North America countries are driving the market of Multi-Factor Authentication.
Europe market is also growing with a substantial rate of CAGR due to the increasing government initiative with respect to cyber security.
Asia-Pacific has emerged as fastest growing market with a considerable rate of CAGR and has been valued in billions of USD. Growing economy of Asian countries result in establishments of multiple large organizations; which is consecutively creating heavy demand for the multi-factor authentication.
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