According to the latest report by IMARC Group, titled “Multi-Factor Authentication Market Leaders: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global multi-factor authentication market experienced robust growth during 2012-2019. Multi-factor authentication (MFA) is a security system intended to protect network, database, device or a physical location with the use of a multi-layered verification process. It requires unique credentials to confirm the user’s identity for the login or any transaction to be made. Other than the username and password, it entails additional authorization factors, including personal security questions, facial recognition, badges, USB devices, security token, one-time password (OTP), behavioral analysis and risk score. Since it is generally a challenging task to decrypt multiple authentication factors, the use of MFA security systems has gained immense traction across the globe.
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Global Multi-Factor Authentication Market Trends:
The market is primarily driven by a significant rise in the incidences of security breaches. An escalating number of cyberattacks, along with the increasing online fraud cases, are encouraging corporate organizations, banking, financial and insurance companies, and government offices to adopt MFA for safeguarding sensitive data against any form of security transgression. Apart from this, the rising adoption rates of the Internet of Things (IoT), coupled with the increasing popularity of cloud-integrated MFA solutions have reduced the costs associated with the hardware and software-based authentication models. Other factors, such as the rising trend of virtual smart cards, increasing government investments into cybersecurity and extensive research and development in the field of biometric technologies, are expected to create a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to expand at a CAGR of around 14% during 2020-2025.
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Key Market Segmentation:
Market Breakup by Model:
1. Two-Factor Authentication
2. Three-Factor Authentication
3. Four-Factor Authentication
4. Five-Factor Authentication
On the basis of the model, the market has been divided into two-factor, three-factor, four-factor and five-factor authentication.
Market Breakup by Deployment Type:
Based on the deployment type, the market has been bifurcated into on-premises and on-cloud.
Market Breakup by Application:
1. Smart Card Authentication
2. Phone-Based Authentication
3. Hardware OTP Token Authentication
The market has been classified on the basis of the application into smart card, phone-based and hardware OTP token authentication.
Market Breakup by Vertical:
1. Banking & Finance
3. Travel & Immigration
4. Military & Defence
5. Commercial Security
7. Consumer Electronics
Based on the vertical, the market has been segregated into banking and finance, government, travel and immigration, military and defense, commercial security, healthcare, consumer electronics and others.
Market Breakup by Region:
1. North America
3. Asia Pacific
4. Latin America
5. Middle East and Africa
On the geographical front, the market has been categorized into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
The competitive landscape of the market has been examined with the detailed profiles of the key players operating in the market. Some of these players include Broadcom, Inc., HID Global Corporation, Deepnet Security Ltd., Entrust Datacard Corporation, Fujitsu Limited, Gemalto N.V., Microsoft Corporation, NEC Corporation of America, Okta, Inc., Ping Identity Corporation, RSA Security LLC, SecureAuth Corporation, SecurEnvoy Limited, Suprema Inc.
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