The global multifactor authentication market is foreseen to develop at a CAGR of 17.7% during the forecast period 2017–2025 and gather revenues worth US$20,444.9 Mn by the end of 2025, note the analysts of a new study by Transparency Market Research (TMR). In 2016, the market was valued at US$ 4,829.2 Mn.
The new industry analysis of multifactor authentication by TMR focuses on offering 360-degree analysis of the global multifactor authentication market. The study analysts take readers through each and every important aspect that contributes to the market growth. Thus, the report gives in-depth data and analysis on the drivers, restraints, challenges, and growth avenues in the market for multifactor authentication. Apart from this, the study covers historical and present trends in the market.
Companies in Industrial and Commercial Sector Increase Adoption of Identity Authentication to Insure Security
Security has become crucial part for the major companies across varied sectors including commercial and industrial sector. Thus, these organizations are growing focus toward the incorporation of multifactor authentication for the identity verification of users, specifically during online transactions or online services. Over the period of past few years, there is significant growth in the use of multifaceted authentication in order to provide additional security layer that asks clients to confirm via ownership, information, and inherence components in order to access interpersonal and corporate organizations. All these factors are resulting into increased demand opportunities for vendors in the multifactor authentication market.
A notable growth in the number of cyber-attacks on various financial institutions is observed in past few years. As a result, the companies engaged in the sector are growing their efforts toward maintaining the high level of security. This factor is likely to generate sales opportunities in the multifactor authentication market in the years to come. Besides, the market is estimated to experience increased sales due to rapidly expanding e-commerce industry.
There is notable growth in the utilization of multifactor authentication across several government systems as well as corporate offices from all across the globe. This factor is boosting the sales of the global multifactor authentication market. In addition to this, the market is likely to gather promising expansion avenues on the back of notable growth in the adoption of multifactor authentication models in order to fulfill increased need for launching mass security drives across different industries.
North America Multifactor Authentication Market Likely to Gain Prodigious Expansion Avenues in Upcoming Years
In terms of region, the multifactor authentication market shows presence across many regions including Europe, North America, Asia Pacific, Latin America, and the Middle East and America. According to the new market survey of multifactor authentication, North America is one of the key regions that may show expansion at promising pace in the forthcoming years. One of the key factors supporting this estimation is the presence of many prominent players in the region. Major companies operating in the multifactor authentication market are focused on their geographical expansion. As a result, they are seen indulging into several strategic moves such as mergers and acquisitions.
SecureAuth Coproration, RSA Security, CA Technologies, Microsoft Corporation, Vasco Data Security International Inc., Symantec Corporation, Ping Identity, Okta Inc., Entrust Datacard Corporation, HID Global Corporation, and Gemalto are several prominent companies from the global multifactor authentication market.
Multifactor Authentication Market Segmentation
The segmentation of the global multifactor authentication market is performed on the basis of various key facets such as authentication mode, end-user industry, and geography. Based on authentication mode, the market for multifactor authentication is classified into four-factor authentication, three-factor authentication, and two-factor authentication. In terms of end-user industry, the market is divided into government, BFSI, defense, telecom and IT, retail, healthcare, and others.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Multifactor Authentication Market (Authentication Model (Two-factor, Three-factor, and Four-factor); End-user Industry - BFSI, Government, Healthcare, Retail, and Telecom & IT) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025.”
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