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Global Two-Factor Authentication Market, By Type, By Model, By Technology, By End-User, By Region (North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa Trend Analysis, Competitive Market Share & Forecast, 2017-2027

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Global Two-Factor Authentication Market, By Type, By Model, By Technology, By End-User, By Region (North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Published: September 20, 2021
Blueweave Consulting & Research Private Limited
Content info: 119 Pages
Delivery time: 1-2 business days
  • Description
  • Table of Contents
  • List of Tables

Global Two-Factor Authentication Set to Thrive: Projected to Grow at a CAGR of 17.2% by 2027

Because of the increasing incidences of cyber-attacks worldwide and severe government regulations to embrace biometric authentication, the global two-factor authentication market is growing at a high CAGR.

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global two-factor authentication market was worth USD 4.8 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 17.2%, earning around USD 14.5 Billion by the end of 2027. The increasing rates of cybercrime and identity theft cases worldwide, as well as the growing number of online transactions and emerging online payment platforms, are driving the growth of the global two-factor authentication market. Two-factor authentication is now used by almost all businesses and organizations, which in turn is moving the sector forward. In addition, the Cybersecurity and Infrastructure Security Agency (CISA) has included single-factor authentication, such as a username and password, to its list of illegal activities. Such initiatives are expected to boost market growth throughout the forecast period. However, two-factor authentication also has imitations, such as its high cost, complexity, inconvenience of carrying hardware tokens, and vulnerability to threats that can stifle its market growth.

Stringent Government Regulations to Protects Consumers Is Expected to Drive the Global Two-Factor Authentication Market

In the light of increasing cyber security attacks worldwide, various countries are implementing structured regulations to ensure the safety of users and consumers from potential data theft. For instance, the Sarbanes-Oxley (SOX) Act of 2002 mandates that financial institutions have strict internal controls. The 2FA requirements, however, are not explicitly stated in the policy. Likewise, as part of the Health Insurance Portability and Accountability Act (HIPAA), healthcare organizations are required to implement protective measures to enforce password security. These factors play a crucial role in driving the growth of the global two-factor authentication market.

Increasing Adoption Of 2FA In Banking and Finance Is Anticipated to Boost the Global Two-Factor Authentication Market

Based on end-users, the global two-factor authentication market is categorized into banking & finance, government, military & defense, commercial security, travel & immigration, healthcare, consumer electronics, aerospace, and others. The banking and financial sector dominates the market as financial organizations are 300 times more likely to become the target of a cyber-attack. That's why cyber security is the major concern among banks, as the loss associated with the attack is much higher for financial institutions than any other sector. Likewise, the government sector holds a substantial portion of the market due to its direct link with national security.

Global Two-Factor Authentication Market - By Technology

Based on technologies, the global two-factor authentication market is segmented into OTP authenticators, PKI authenticators, physical & logical access control, out-of-band authenticators, mobile PKI office suite, and others. The OTP authenticators hold the largest market share and are likely to maintain their dominance even during the forecast period. The OTP authenticator sends a one-time password to the smartphone, which verifies the user's identity. Financial institutions, commercial security providers, and remote and on-premise organizations utilize OTP authenticators to log into applications or software or access documents, driving the segment's growth.

Global Two-Factor Authentication Market - Regional Insights

Geographically, the global two-factor authentication market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America accounts for the largest market share in the global two-factor authentication market. However, the Asia-Pacific region is projected to witness healthy growth in the forecast period because of the flourishing banking sector in emerging nations. FIS Global states that India controls about 41 million payments every day, making it the global leader in real-time payments. Nevertheless, it is also a country that experiences a lot of cyber threats. It is also one of the countries with the most cyber security attacks. Increasing IT infrastructure investment and development in emerging economies like China, Japan, South Korea, etc., are expected to drive the two-factor authentication market.

Impact of COVID-19 on Global Two-Factor Authentication Market

Remote working became a rapidly advancing trend following the advent of the COVID-19 pandemic, providing lucrative growth potential to the global two-factor authentication market. As soon as different countries imposed nationwide lockdowns to check the spread of the virus, various industries such as healthcare, banking & finance, manufacturing, retail, logistics, etc., started offering their services online. This led to increased cybercrime activities, with malware and malicious software constituting the key forms of attack. As a result, organizations and businesses invest in multi-factor authentication methods such as 2-factor authentication to ensure their systems' safety and reduce the possibility of sensitive information being stolen by cyber attackers.

Competitive Landscape

The leading players in the global two-factor authentication market are Gemalto NV, Fujitsu Ltd., Suprema Inc., OneSpan Inc., NEC CORPORATION, Symantec Corporation, RSA Security LLC, IDEMIA, HID Global Corporation, CA Inc., Google LLC, Entrust, SecurEnvoy, VASCO Data Security International, OneLogin, LastPass, Okta, Ping Identity, Auth0, and other prominent players.

The market is highly competitive and consolidated with the presence of leading global and regional industry participants. The companies significantly invest in innovations and infrastructure to improve and advance their security level to minimize any risks of breaches. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, collaborations is also very prominent in this market to utilize resources and skills to gain a market edge. For instance, Stellar Cyber recently announced their distribution partnership with Pentium Co., Ltd., for reselling of former's security operation platforms.

Don't miss the business opportunity of the global two-factor authentication market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global two-factor authentication market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global two-factor authentication market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

About Us

BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.

Product Code: BWC21100

Table of Contents

1. Research Framework

  • 1.1. Research Objective
  • 1.2. Product Overview
  • 1.3. Key Market Segments

2. Research Methodology

  • 2.1. Qualitative Research
  • 2.2. Methodology
  • 2.3. Regional Split of Primary & Secondary Research
  • 2.4. Secondary Research
  • 2.5. Primary Research
    • 2.5.1. Breakdown of Primary Research Respondents, By Region
    • 2.5.2. Breakdown of Primary Research Respondents, By Industry Participants
  • 2.6. Market Size Estimation
  • 2.7. Assumptions for the Study
  • 2.8. Market Breakdown & Data Triangulation

3. Executive Summary

4. Industry Insight and Growth Strategy

  • 4.1. Value Chain Analysis
  • 4.2. DROC Analysis
    • 4.2.1. Market Drivers
      • 4.2.1.1. Rising Volume of Online Transactions
      • 4.2.1.2. Increasing Cases of Cyber Crime Activities
    • 4.2.2. Market Restraints
      • 4.2.2.1. Lack of Proper Security and Vulnerability
    • 4.2.3. Market Challenges
      • 4.2.3.1. Negative Influence of the COVID-19
    • 4.2.4. Market Opportunity
      • 4.2.4.1. Inconvenience of Carrying Hardware Tokens and Vulnerability to Threats
      • 4.2.4.2. Cost and Complexity of Implementing Two-Factor Authentication
  • 4.3. Recent Developments
  • 4.4. Porter's Five Forces Analysis
    • 4.4.1. Bargaining Power of Buyers
    • 4.4.2. Bargaining Power of Suppliers
    • 4.4.3. Intensity of Rivalry
    • 4.4.4. Threat of New Entrants
    • 4.4.5. Threat of Substitutes

5. Global Two-Factor Authentication Market Overview

  • 5.1. Market Size & Forecast by Value, 2017-2027
  • 5.2. Market Size and Forecast, By Segment
    • 5.2.1. By Type
      • 5.2.1.1. One Time Password (OTP)
      • 5.2.1.2. Public Key Infrastructure (PKI)
    • 5.2.2. By Model
      • 5.2.2.1. Smart Card with PIN
      • 5.2.2.2. One Time Password with PIN
      • 5.2.2.3. Biometric Technology with PIN
      • 5.2.2.4. Smart Card with Biometric Technology
      • 5.2.2.5. Others
    • 5.2.3. By Technology
      • 5.2.3.1. OTP Authenticators
      • 5.2.3.2. PKI Authenticators
      • 5.2.3.3. Physical & Logical Access Control
      • 5.2.3.4. Out-Of-Band Authenticators
      • 5.2.3.5. Mobile PKI Office Suite
      • 5.2.3.6. Others
    • 5.2.4. By End-User
      • 5.2.4.1. Banking and Finance
      • 5.2.4.2. Government, Military & Defense
      • 5.2.4.3. Commercial Security
      • 5.2.4.4. Travel & Immigration
      • 5.2.4.5. Healthcare
      • 5.2.4.6. Consumer Electronics
      • 5.2.4.7. Aerospace
      • 5.2.4.8. Others
    • 5.2.5. By Region
      • 5.2.5.1. North America
      • 5.2.5.2. Europe
      • 5.2.5.3. Asia-Pacific
      • 5.2.5.4. Latin America
      • 5.2.5.5. Middle East & Africa

6. North America Two-Factor Authentication Market Overview

  • 6.1. Market Size and Forecast
    • 6.1.1. By Value (USD Billion), 2020-2027
  • 6.2. Market Share and Forecast
    • 6.2.1. By Type
    • 6.2.2. By Model
    • 6.2.3. By Technology
    • 6.2.4. By End-User
    • 6.2.5. By Country
      • 6.2.5.1. U.S.
      • 6.2.5.2. Canada

7. Europe Two-Factor Authentication Market Overview

  • 7.1. Market Size and Forecast
    • 7.1.1. By Value (USD Billion), 2020-2027
  • 7.2. Market Share and Forecast
    • 7.2.1. By Type
    • 7.2.2. By Model
    • 7.2.3. By Technology
    • 7.2.4. By End-User
    • 7.2.5. By Country
      • 7.2.5.1. Germany
      • 7.2.5.2. U.K.
      • 7.2.5.3. Russia
      • 7.2.5.4. France
      • 7.2.5.5. Italy
      • 7.2.5.6. Spain
      • 7.2.5.7. Rest of Europe

8. APAC Two-Factor Authentication Market Overview

  • 8.1. Market Size and Forecast
    • 8.1.1. By Value (USD Billion), 2020-2027
  • 8.2. Market Share and Forecast
    • 8.2.1. By Type
    • 8.2.2. By Model
    • 8.2.3. By Technology
    • 8.2.4. By End-User
    • 8.2.5. By Country
      • 8.2.5.1. China
      • 8.2.5.2. India
      • 8.2.5.3. Japan
      • 8.2.5.4. South Korea
      • 8.2.5.5. Rest of APAC

9. LATAM Two-Factor Authentication Market Overview

  • 9.1. Market Size and Forecast
    • 9.1.1. By Value (USD Billion), 2020-2027
  • 9.2. Market Share and Forecast
    • 9.2.1. By Type
    • 9.2.2. By Model
    • 9.2.3. By Technology
    • 9.2.4. By End-User
    • 9.2.5. By Country
      • 9.2.5.1. Mexico
      • 9.2.5.2. Brazil
      • 9.2.5.3. Rest of LATAM

10. MEA Two-Factor Authentication Market Overview

  • 10.1. Market Size and Forecast
    • 10.1.1. By Value (USD Billion), 2020-2027
  • 10.2. Market Share and Forecast
  • 10.3. By Type
  • 10.4. By Model
  • 10.5. By Technology
  • 10.6. By End-User
  • 10.7. By Country
    • 10.7.1. Saudi Arabia
    • 10.7.2. UAE
    • 10.7.3. South Africa
    • 10.7.4. Rest of MEA

11. Competitive Landscape

  • 11.1. List of Key Players and Their Offerings
  • 11.2. Market Share Analysis (2020)
  • 11.3. Competitive Benchmarking by Operating Parameters

12. Impact of COVID-19 on Global Two-Factor Authentication Market

13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *

  • 13.1. Gemalto NV
  • 13.2. Fujitsu Ltd.
  • 13.3. Suprema Inc.
  • 13.4. OneSpan Inc.
  • 13.5. NEC CORPORATION
  • 13.6. Symantec Corporation
  • 13.7. RSA Security LLC
  • 13.8. IDEMIA
  • 13.9. HID Global Corporation
  • 13.10. CA Inc.
  • 13.11. Google LLC
  • 13.12. Entrust
  • 13.13. SecurEnvoy
  • 13.14. VASCO Data Security International
  • 13.15. OneLogin
  • 13.16. LastPass
  • 13.17. Okta
  • 13.18. Ping Identity
  • 13.19. Auth0
  • 13.20. Other Prominent Players

14. Key Strategic Recommendations

List of Figures

  • Figure 1: Global Two-Factor Authentication Market Segmentation
  • Figure 2: Global Two-Factor Authentication Market Value Chain Analysis,
  • Figure 3: Company Market Share Analysis, 2020
  • Figure 4: Global Two-Factor Authentication Market Size, By Value (USD Billion), 2017-2027
  • Figure 5: Global Two-Factor Authentication Market Share (%), By Type, By Value, 2017-2027
  • Figure 6: Global Two-Factor Authentication Market Share (%), By Model, By Value, 2017-2027
  • Figure 7: Global Two-Factor Authentication Market Share (%), By Technology, By Value, 2017-2027
  • Figure 8: Global Two-Factor Authentication Market Share (%), By End-User, By Value, 2017-2027
  • Figure 9: Global Two-Factor Authentication Market Share (%), By Region, By Value, 2017-2027
  • Figure 10: North America Two-Factor Authentication Market Size, By Value (USD Billion), 2017-2027
  • Figure 11: North America Two-Factor Authentication Market Share (%), By Type, By Value, 2017-2027
  • Figure 12: North America Two-Factor Authentication Market Share (%), By Model, By Value, 2017-2027
  • Figure 13: North America Two-Factor Authentication Market Share (%), By Technology, By Value, 2017-2027
  • Figure 14: North America Two-Factor Authentication Market Share (%), By End-User, By Value, 2017-2027
  • Figure 15: North America Two-Factor Authentication Market Share (%), By Country, By Value, 2017-2027
  • Figure 16: Europe Two-Factor Authentication Market Size, By Value (USD Billion), 2017-2027
  • Figure 17: Europe Two-Factor Authentication Market Share (%), By Type, By Value, 2017-2027
  • Figure 18: Europe Two-Factor Authentication Market Share (%), By Model, By Value, 2017-2027
  • Figure 19: Europe Two-Factor Authentication Market Share (%), By Technology, By Value, 2017-2027
  • Figure 20: Europe Two-Factor Authentication Market Share (%), by End-User, By Value, 2017-2027
  • Figure 21: Europe Two-Factor Authentication Market Share (%), By Country, By Value, 2017-2027
  • Figure 22: Asia-Pacific Two-Factor Authentication Market Size, By Value (USD Billion), 2017-2027
  • Figure 23: Asia-Pacific Two-Factor Authentication Market Share (%), By Type, By Value, 2017-2027
  • Figure 24: Asia-Pacific Two-Factor Authentication Market Share (%), By Model, By Value, 2017-2027
  • Figure 25: Asia-Pacific Two-Factor Authentication Market Share (%), By Technology, By Value, 2017-2027
  • Figure 26: Asia-Pacific Two-Factor Authentication Market Share (%), By End-User, By Value, 2017-2027
  • Figure 27: Asia-Pacific Two-Factor Authentication Market Share (%), By Country, By Value, 2017-2027
  • Figure 28: Latin America Two-Factor Authentication Market Size, By Value (USD Billion), 2017-2027
  • Figure 29: Latin America Two-Factor Authentication Market Share (%), By Type, By Value, 2017-2027
  • Figure 30: Latin America Two-Factor Authentication Market Share (%), By Model, By Value, 2017-2027
  • Figure 31: Latin America Two-Factor Authentication Market Share (%), By Technology, By Value, 2017-2027
  • Figure 32: Latin America Two-Factor Authentication Market Share (%), By End-User, By Value, 2017-2027
  • Figure 33: Latin America Two-Factor Authentication Market Share (%), By Country, By Value, 2017-2027
  • Figure 34: Middle East & Africa Two-Factor Authentication Market Size, By Value (USD Billion), 2017-2027
  • Figure 35: Middle East & Africa Two-Factor Authentication Market Share (%), By Type, By Value, 2017-2027
  • Figure 36: Middle East & Africa Two-Factor Authentication Market Share (%), By Model, By Value, 2017-2027
  • Figure 37: Middle East & Africa Two-Factor Authentication Market Share (%), By Technology, By Value, 2017-2027
  • Figure 38: Middle East & Africa Two-Factor Authentication Market Share (%), By End-User, By Value, 2017-2027
  • Figure 39: Middle East & Africa Two-Factor Authentication Market Share (%), By Region, By Value, 2017-2027

List of Tables

  • Table 1: Global Two-Factor Authentication Market Size, By Type, By Value, 2017-2027
  • Table 2: Global Two-Factor Authentication Market Size, By Model, By Value (USD Billion), 2017-2027
  • Table 3: Global Two-Factor Authentication Market Size, By Technology, By Value (USD Billion), 2017-2027
  • Table 4: Global Two-Factor Authentication Market Size, By End-User, By Value (USD Billion), 2017-2027
  • Table 5: Global Two-Factor Authentication Market Size, By Region, By Value (USD Billion), 2017-2027
  • Table 6: North America Two-Factor Authentication Market Size, By Type, By Value (USD Billion), 2017-2027
  • Table 7: North America Two-Factor Authentication Market Size, By Model, By Value (USD Billion), 2017-2027
  • Table 8: North America Two-Factor Authentication Market Size, By Technology, By Value (USD Billion), 2017-2027
  • Table 9: North America Two-Factor Authentication Market Size, By End-User, By Value (USD Billion), 2017-2027,
  • Table 10: Europe Two-Factor Authentication Market Size, By Type, By Value (USD Billion), 2017-2027
  • Table 11: Europe Two-Factor Authentication Market Size, By Model, By Value (USD Billion), 2017-2027
  • Table 12: Europe Two-Factor Authentication Market Size, By Technology, By Value (USD Billion), 2017-2027
  • Table 13: Europe Two-Factor Authentication Market Size, By End-User, By Value (USD Billion), 2017-2027
  • Table 14: the Asia-Pacific Two-Factor Authentication Market Size, By Type, By Value (USD Billion), 2017-2027
  • Table 15: the Asia-Pacific Two-Factor Authentication Market Size, By Model, By Value (USD Billion), 2017-2027
  • Table 16: the Asia-Pacific Two-Factor Authentication Market Size, By Technology, By Value (USD Billion), 2017-2027
  • Table 17: the Asia-Pacific Two-Factor Authentication Market Size, By End-User, By Value (USD Billion), 2017-2027
  • Table 18: Latin America Two-Factor Authentication Market Size, By Type, By Value (USD Billion), 2017-2027
  • Table 19: Latin America Two-Factor Authentication Market Size, By Model, By Value (USD Billion), 2017-2027
  • Table 20: Latin America Two-Factor Authentication Market Size, By Technology, By Value (USD Billion), 2017-2027
  • Table 21: Latin America Two-Factor Authentication Market Size, By End-User, By Value (USD Billion), 2017-2027
  • Table 22: The Middle-East & Africa Two-Factor Authentication Market Size, By Type, By Value (USD Billion), 2017-2027
  • Table 23: The Middle-East & Africa Two-Factor Authentication Market Size, By Model, By Value (USD Billion), 2017-2027
  • Table 24: The Middle-East & Africa Two-Factor Authentication Market Size, By Technology, By Value (USD Billion), 2017-2027
  • Table 25: The Middle-East & Africa Two-Factor Authentication Market Size, By End-User, By Value (USD Billion), 2017-2027
  • Table 26: Gemalto NV Financial Analysis
  • Table 27: Gemalto NV Business Overview
  • Table 28: Fujitsu Ltd. Financial Analysis
  • Table 29: Fujitsu Ltd. Business Overview
  • Table 30: Suprema Inc. Corporation Financial Analysis
  • Table 31: Suprema Inc. Corporation Business Overview
  • Table 32: OneSpan Inc. Financial Analysis
  • Table 33: OneSpan Inc. Business Overview
  • Table 34: NEC CORPORATION Financial Analysis
  • Table 35: NEC CORPORATION Business Overview
  • Table 36: Symantec Corporation Financial Analysis
  • Table 37: Symantec Corporation Business Overview
  • Table 38: RSA Security LLC Financial Analysis
  • Table 39: RSA Security LLC Business Overview
  • Table 40: IDEMIA Financial Analysis
  • Table 41: IDEMIA Business Overview
  • Table 42: HID Global Corporation Financial Analysis
  • Table 43: HID Global Corporation Business Overview
  • Table 44: CA Inc. Financial Analysis
  • Table 45: CA Inc. Business Overview
  • Table 46: Google LLC Financial Analysis
  • Table 47: Google LLC Financial Analysis
  • Table 48: Entrust Financial Analysis
  • Table 49: Entrust Business Overview
  • Table 50: SecurEnvoy Financial Analysis
  • Table 51: SecurEnvoy Business Overview
  • Table 52: VASCO Data Security International Financial Analysis
  • Table 53: VASCO Data Security International Business Overview
  • Table 54: OneLogin Financial Analysis
  • Table 55: OneLogin Business Overview
  • Table 56: LastPass Financial Analysis
  • Table 57: LastPass Business Overview
  • Table 58: Okta Financial Analysis
  • Table 59: Okta Business Overview
  • Table 60: Ping Identity Financial Analysis
  • Table 61: Ping Identity Business Overview
  • Table 62: Auth0 Financial Analysis
  • Table 63: Auth0 Business Overview