Global Multifactor Authentication Market: Overview
Multi-factor authentication is a multi-layered verification process, which identifies a user by authenticating any two of the main four parameters – possession (something the user has), knowledge (something the user knows), genetics (something the user inherits genetically) and location for accessing a system. Possession parameters can include different things such as software and hardware tokens including keyfob, OTP and more. Knowledge parameters can include things such as user name and password, PIN’s and answers to secret questions. Genetic parameters can include things such as fingerprint, facial biometric and retina scanning. Furthermore, latest technologies help to add an extra layer of authentication which is based on the location of the user.
Transparency Market Research states, that the global multifactor authentication market is slated to be worth US$20,444.9 mn by 2025 from US$ 4,829.2 mn in 2016. During the forecast years of 2017 and 2025, the global multifactor authentication market is expected to surge at a CAGR of 17.7%.
The increasing number of cyber-attacks globally can have a positive impact on the growth of multi-factor authentication market. Increasing number of phishing, brute force and other authentication oriented attacks have been one of the significant factors affecting the multi-factor authentication market for the forecast period. Additionally government regulations like FIPS 140-2 by the U.S government could be one of the prominent factors affecting the multi-factor authentication market. Additionally European Union introduced General Data Protection Regulation (GDPR) where by all the countries within the European Union would be attaining higher security measures. This creates compliance among enterprises as they have to adhere to a lot similar regulations.
Two-factor Authentication Model is Expected to See Significant Growth in Coming Years
Multi-factor authentication market can be majorly divided into three segments, namely authentication model, end-user industry and geographical regions. On the basis of the authentication models the multifactor-authentication market has been further segmented into three categories which are, two-factor authentication, three-factor authentication, and four-factor authentication. Two-factor authentication is a two-step verification process of combining any two of the four possible authentication parameters including possession, knowledge, genetics and location. Among all the models, two-factor authentication model could see a significant market share for the forecast period-2017-2025, as it is a cost-effective method for multi-factor authentication.
BFSI to be Key End User of Multifactor Authentication Models
On the basis of the end-user industry segment, the multi-factor authentication market has been divided into BFSI, government, healthcare, retail, defense, telecom & IT, and others. Among all the sectors, BFSI is expected to show a significant market revenue share for the forecast period. This higher market revenue share is attributed to the increasing number of cyber-attacks on financial institutions. Furthermore, healthcare and retail sectors is expected to have a steady growth for the forecast period. The increased digitization of both the sectors could make them face security concerns, this could have a significant impact over the multi-factor authentication market.
North America to Lead the Pack as Companies show Keen Interest in Mergers and Acquisitions
On the basis of geographies, the multi-factor authentication market can be divided into North America, South America, Europe, Asia Pacific and Middle East and Africa. Among all the regions, North America is expected to have the highest market revenue share. The growth in the North American region is majorly due to the countries such as United States and Canada. Furthermore, many companies from the multi-factor authentication market are significantly focusing on strategic mergers and acquisitions for deeper geographical penetration.
Some of the major players in the multi-factor authentication market are RSA Security, SecureAuth Coproration, Microsoft Corporation, CA Technologies, Symantec Corporation, Vasco Data Security International Inc., Okta Inc., Ping Identity, Gemalto, Entrust Datacard Corporation and HID Global Corporation.
Global Multifactor Authentication Market: Snapshot
This report on the global multifactor authentication market provides analysis for the period 2015–2025, wherein 2016 is the base year and the period from 2017 to 2025 is the forecast period. Data for 2015 has been included to provide historical information. The report covers market dynamics including drivers, restraints, opportunities, and trends expected to influence the global multifactor authentication market growth during the said period. Technologies that are playing a major role in driving the global multifactor authentication market have also been considered in the study. The study provides a comprehensive analysis of the market growth throughout the above forecast period in terms of revenue estimates (in US$ Mn), across different geographies.
Global Multifactor Authentication Market: Segmentation
The multifactor authentication market has been segmented on the basis of authentication model, end use industry and region. Based on authentication model, the market has been further classified into Two - Factor, Three – Factor and Four – Factor authentication. By end use industry, the multifactor authentication market is classified into, BFSI, healthcare, government, IT and telecom, retail, defense and others. Geographically, the report classifies the global multifactor authentication market into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America; the regions are analyzed in terms of revenue generation. Furthermore, region wise prominent countries covered in the report include the following - U.S, Canada, U.K., Germany, France, Japan, China, India, GCC countries, South Africa and Brazil.
The report also includes functional model of multifactor authentication market. Porter Five Force analysis which identifies bargaining power of supplier, bargaining power of buyer, threat from new entrant, threat from substitute and threat from competition in multifactor authentication market is also included in the report. Ecosystem analysis which identifies key stake holders in the multifactor authentication market is also covered in the report.
Segment trends and regional trends have also been added in multifactor authentication study. Additionally, the report also covers segment wise comparison matrix, market attractiveness analysis and market positioning of key players for all regions covered in the scope of study.
Comparison matrix includes segment growth matrix, 2017 - 2025(%), segment revenue contribution, 2017 - 2025 (%), and segment compounded growth matrix (CAGR %). Market attractiveness identifies and compares segments market attractiveness on the basis of CAGR and market share index across North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.
Global Multifactor Authentication Market: Competitive Landscape
Furthermore, the report includes competition landscape which comprises competition matrix, market positioning of major players in the multifactor authentication market based on their 2016 revenues, and profiles of major players. Competition matrix benchmarks leading players on the basis of their capabilities and potential to grow. Factors including market position, offerings and R&D focus are attributed to company’s capabilities. Factors including top line growth, market share, segment growth, infrastructure facilities and future outlook are attributed to company’s potential to grow. This section also identifies and includes various recent developments carried out by the leading players of multifactor authentication market.
Company profiling includes company overview, major business strategies adopted, SWOT analysis, and market revenues for year 2014 to 2016. The global players profiled in the global Multifactor Authentication market include RSA Security, SecureAuth Coproration, Microsoft Corporation, CA Technologies, Symantec Corporation, Vasco Data Security International Inc., Okta Inc., Ping Identity, Gemalto, Entrust Datacard Corporation and HID Global Corporation have also been added in the report.
Multi-factor Authentication Market Analysis, by Authentication Models
- Two-factor Authentication
- Three-factor Authentication
- Four-factor Authentication
Multi-factor Authentication Market Analysis, by End-user Industry
- Telecom & IT
In addition, the report provides cross-sectional analysis of the Multifactor Authentication market with respect to the following geographical segments:
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of the Middle East & Africa
- South America
- Rest of South America