Two-factor Authentication Global Market – Overview
The global two-factor authentication market is showing high growth; mainly due to the increasing demand for advanced security solutions. Increase in volume of online transactions is one major factor driving the growth of two-factor authentication market. Two-factor authentication is considered to be the best thing happened for pushing digital payments on a global scale. High level of security provided by software OTP tokens is a major factor driving the growth of Two-Factor Authentication Market.
According to a recent study report published by Market Research Future, The global market of two-factor authentication is increasing and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). Two-factor authentication refers to a strong authentication process which requires another proof other than password, in order to assure a person’s identity. Two factor authentication usually requires two or three proofs to be met in order to gain access to any network or application. Two-factor authentication has various benefits such as it can streamline the workflow associated with distributing and managing two-factor authentication to global and mobile workforces with the help of software tokens. With software tokens, two-factor authentication offerings are also being provided for mobile devices, laptops, desktops and various other devices. Common methods for two-factor authentication include chip and PIN card readers, tokens, and TANs.
On the other hand, rise in security threats and risks associated with transactions over internet are some of the major factors hindering the market growth. Also, implementation of two-factor authentication will require upgradation of infrastructure and lack of telecom infrastructure in developing countries may hamper the market growth.
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Industry/ Innovation/ Related News:
May, 2017 – Suprema showcases optical fingerprint scanner at ID4Africa and connect ID. Suprema’s fingerprint sensor technology and market experience enable it to provide leading hardware and digital identity solutions for the African market, such as the new scanners it showcased at ID4Africa 2017.
July, 2017 –OT-Morpho’s License2Go leverages biometric verification. The product works in conjunction with another app designed for ID verification. It allows authorities to wirelessly check the credentials on a subject’s smartphone. The ID holder, meanwhile, can customize which information the app will share as appropriate.
The prominent players in the Two-factor authentication system Market are –Fujitsu Ltd. (Japan), VASCO Data Security International Inc. (US), HID Global Corporation/ASSA ABLOY AB (Sweden), Safran S.A (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), CA Technologies (US), RSA Security LLC (US), Suprema HQ Inc. (South Korea), Crossmatch Technologies Inc. (US) and 3M Company(US), among others.
Two-factor Authentication Market – Segmentation
The global two-factor authentication market is classified into 5 key segments for the convenience of the report and enhanced understanding;
- Segmentation by Type: Comprises of one key password, public key infrastructure and others.
- Segmentation by Model: Comprises of smart card with pin, smart card with biometric technology, biometric technology with pin, two-factor biometric technology, one time password with pin and others.
- Segmentation by Technology: Comprises of physical and logical access control, SafeNet OTP authenticators, out-of-band authenticators, MobilePKI office suite, PKI authenticators and others.
- Segmentation by End User: Comprises of banking and finance, consumer electronics, healthcare, government, travel and immigration, military and defense, commercial security and others.
- Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Two-factor Authentication Market: Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the two-factor authentication market in North America owing to the presence of a large number of established key players such as EMC Corporation, Amazon Web Services Inc., Entrust Inc. and The 3M Company. Two-factor authentication market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to rise in IT technology and increasing adoption of bring your own devices in the region. Whereas, the Europe market for two-factor authentication market is expected to grow at a considerable CAGR (2017-2023).
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- Raw material providers
- Companies in the MFA technology market
- Authentication applications and software designing companies
- Electronics and semiconductor companies
- Investment community interested in the MFA technology market
- Research institutes and organizations
- Market research and consulting firms
- Government and financial institutions
- Research institutes and organizations
- Technology standards organizations
- Technology investors
- Research institutes
- System Integrators
- Research/Consultancy firms
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