Multi-Factor Authentication Market - Demand, Key Country Analysis with Forecast 2023

Multi-Factor Authentication Market Research Report – Global Forecast to 2023

Posted December 12,2019 in Science and Technology.

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Multi-Factor Authentication Market - Demand, Key Country Analysis with Forecast 2023

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.    

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Global Multi-Factor Authentication Market: by Model (Two-Factor & Multi-Factor with Three-Factor Authentication, Multifactor with Four-Factor & Multifactor with Five-Factor Authentication), by Deployment Type (on Premise and on Cloud) – Forecast 2023

Multi-Factor Authentication Market Research Report – Global Forecast to 2023

Segmentation:

Multi-Factor Authentication Global Market has been segmented in to 4 key dynamics for an enhanced understanding;  

  • 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, Defense, Aerospace, Government among others.  

Synopsis & Scenario:

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. 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. However, lack of telecom infrastructure facilities in developing countries can be market restraint.

Key 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.), 3M (U.S.), IBM (U.S.) among others.

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.

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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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