Global Two-Factor Authentication Market – Overview
Two Factor Authentication also referred as 2FA or two-step verification process provides an added layer of security, wherein the user is asked to pass through two authentication dynamics like ID and password. 2FA makes it difficult for attackers to get the access to a person’s online accounts, related applications, and other similar devices.
2FA is predominantly used in many burgeoning sectors such as Banking and Finance, Government, Military and Defense, Commercial Security and most importantly eCommerce. Wherein it is integral to control access to sensitive systems & data, or online transactions and services. These industries introduce 2FA to secure their users’ data from being breached by intruders who have already obtained user’s password. Implementation of a Two Factor Authentication process ensures lowering the number of cases of authentication/identity theft using phishing, internet, and others.
Over the past couple of years, owing to the technological advancements coupled with some of the emerging and fast-growing industries such as crypto-currency, eCommerce and others, Two Factor Authentication technology is perceiving a huge uptake and demand across the world. These factors are substantiating the market to grow, accelerating on a global platform.
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Considering the rapid expansions the market perceives currently and the potential of the market to grow further, Market Research Future (MRFR) recently published a study report, giving out market forecast up to 2023. In its analysis, MRFR asserts that the global Two Factor Authentication market will reach USD ~8.78 Billion, registering a staggering double digit CAGR of ~19.6% between 2017 and 2023.
Factors such as the proliferation of Internet coupled with the increased online transactions, the consecutive threats of the security breach are predominantly contributing to the market growth. Advent 3G/4G/5G devices are expected to foster the online transactions further, leading to the increased adoption of 2FA Technology. Implementation of cloud-based 2FA is the latest trend observed during the analysis.
On the other hand, high initial investment, and maintenance cost of hardware & software based 2FA technology are some of the factors impeding the market growth.
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).
Industry/ Innovation/ Related News:
May 19, 2018 – Officials at the KrisFlyer, Singapore Airline’s frequent flyer program announced the implementation two-factor authentication to tighten the account security further. The implementation expected to take place on June 29th is based on some reports of compromised accounts.
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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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