Market Research Report
Multifactor Authentication Market by Model (Two-, Three-, Four-, and Five-Factor), Application (Banking and Finance, Government, Military and Defense, Commercial Security, Consumer Electronics, Healthcare), and Geography - Global Forecast to 2022
|Published by||MarketsandMarkets||Product code||256509|
|Published||Content info||175 Pages
|Multifactor Authentication Market by Model (Two-, Three-, Four-, and Five-Factor), Application (Banking and Finance, Government, Military and Defense, Commercial Security, Consumer Electronics, Healthcare), and Geography - Global Forecast to 2022|
|Published: May 19, 2017||Content info: 175 Pages||
"The multifactor authentication market is likely to grow at a CAGR of 15.52% during the forecast period"
The multifactor authentication market is expected to reach USD 12.51 billion by 2022, at a CAGR of 15.52% during the forecast period. The growth of the market is driven by various factors such as an increase in data breaches and cyber attacks, stringent regulation and the growing pressure of data security compliances and the growing adoption of bring your own devices (BYODs) among enterprises. However, cost and technical complexity in implementing MFA and increase in MFA use/service time are expected to inhibit the market growth for a short period of time.
The market for five-factor authentication is expected to grow at the highest CAGR between 2017 and 2022. Being very high in security, these types of models are mostly used in government applications and a few other applications that require a high-level authentication, which is the main reason behind the adoption of five-factor authentication model.
The healthcare application is expected to grow at the highest CAGR during the forecast period. In the healthcare application, authentication plays an important role in securing the data and information by authenticating the authorized person for making any transaction, logging in, or performing any administrative process. The healthcare industry follows stringent government and industry regulations and requires a highly secure infrastructure. This made the industry rely on secure authentication process, resulting in high demand for MFA solutions.
The Americas held the largest share of the multifactor authentication market in 2016 owing to the presence of major vendors of multifactor authentication and high regulatory compliance in the region. The market in RoW is expected to grow at the highest CAGR between 2017 and 2022. The growth of the multifactor authentication market in RoW is driven by the growing adoption of modern technologies such as cloud computing and IoT, as well as government initiatives for protecting sensitive data by formulating data security standards.
Given below is the breakdown of the profile of the primary participants in terms of different parameters considered:
The key players operating in this market include Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), 3M (US), CA Technologies (US), Fujitsu (Japan), VASCO Data Security International Inc. (US), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (US), Suprema HQ Inc. (South Korea), and Crossmatch (US).
In this report, various segments such as type, application, and geography have been covered. It also discusses drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across 4 main regions: the Americas, Europe, APAC, and RoW.
Top 25 companies analyzed for this study are - 3M, APERSONA, INC, BIOMIO, CA TECHNOLOGY, CENSORNET LTD, CROSSMATCH, DEEPNET SECURITY, DUO SECUIRTY, ENTRUST INC., FUJITSU, GEMALTO NV, HID GLOBAL CORPORATION/ASSA ABLOY AB, IOVATION INC, NEC CORPORATION, NEXUS GROUP, RCG HOLDINGS LIMITED, RSA SECURITY LLC, SAFRAN, SECUGEN CORPORATION, SECURENVOY LTD, SUPREMA HQ INC., SYMANTEC CORPORATION, VASCO DATA SECURITY INTERNATIONAL , INC., WATCHDATA.COM, ZK SOFTWARE
*Details on Business Overview, Products offered & Services strategies, Key Insights, Recent Developments, MnM View might not be captured in case of unlisted companies.