The system is low-cost, provides extra safety and security to people and services. Due to the integration of the cloud service, there is a surge in takers of two-factor authentication market. This is also important for internet as it can protect identity theft.
Competitive Landscape Added in the Two-Factor Authentication Market Research are:
Various companies are playing integral roles in taking the global two-factor authentication market ahead. To substantiate their efforts, they launch strategic moves that often include merger, collaboration, acquisition, and other methods. These companies are HID Global Corporation/ASSA ABLOY AB (Sweden), Safran S.A (France), Fujitsu Ltd. (Japan), VASCO Data Security International Inc. (US), CA Technologies (US), Gemalto NV (the Netherlands), RSA Security LLC (US), Crossmatch Technologies Inc. (US) Suprema HQ Inc. (South Korea), NEC Corporation (Japan), and 3M Company (US). MRFR enlisted these companies to have them profiled and gauge market trends to understand the flow it would take in the coming years.
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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.
Types, model, technology, and end-user are segments that have been used in the regional two-factor authentication market reading conducted by the MRFR. These segments offer a closer perspective for better understanding.
Based on types, the global two-face authentication system market can be segmented into one-time password, public key infrastructure, and others.
Based on the model, the two-face authentication system market can be segmented into smart card with pin, smart card with biometric technology, biometric technology with pin, two-factor biometric technology, one-time password with pin, and others. The smart card with biometric technology segment is gaining prominence due to its growing installation in corporate offices.
Based on the technology, the two-face authentication system market can be segmented into physical & logical access control, safenet OTP authenticators, out-of-band authenticators, MobilePKI office suite, PKI authenticators, and others.
Based on the end-user, the two-face authentication system market can be segmented into BFSI, consumer electronics, healthcare, government, travel & immigration, military & defense, commercial security, and others. The BFSI segment is expecting strong growth due to the increasing need for security to protect customer information.
Globally, North America region dominates the Two-Factor Authentication market owing to the presence of a well-established Payment Card Industry, big banks and the demand for regulatory requests. Additionally, the proliferation and uptake of advanced technology foster the regional market growth. The US accounts for the major contributor to the regional market growth. Developments in authentication solutions, such as SMS tokens, tokens integrated with biometric authentication and phone-based authentication, among others are providing impetus to the growth of the US 2FA market.
Europe accounts for the second largest market for 2FA Market, in terms of revenue and market size. Resurging economy coupled with the booming BFSI sector combined with the augmenting inline transaction safety concerns, especially in the field of Payment will propel the regional market growth.
Most of the nations in APAC are in their developing phase, hence are open for the foreign investors, therefore, allowing the international players in the banking/BFSI sector of these countries. Furthermore, the Asia-Pacific region is expected to grow significantly in the space of 2FA models and technologies.
Two-Factor Authentication also utilized in the e-commerce industry. Thereby, booming eCommerce will provide a great impetus to the growth of the APAC market during the review period (2020 and 2023).
In July 2019, The University of Oregon of launched a qualitative measure to initiate double layer of digital protection to their students. This has triggered the demand for tie-ups and additional funding.
Table of Content:
1 Executive Summary
2 Market Introduction
2.2 Scope of the Study
2.3 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
3.6 List of Assumptions
4 Market Dynamics
Continued. . .
List of Table:
TABLE 1 LIST OF ASSUMPTIONS
TABLE 2 GLOBAL TWO-FACTOR AUTHENTICATION MARKET, BY TYPE, 2018–2024 (USD MILLION)
TABLE 3 GLOBAL TWO-FACTOR AUTHENTICATION MARKET, BY MODEL, 2018–2024 (USD MILLION)
TABLE 4 GLOBAL TWO-FACTOR AUTHENTICATION MARKET, BY TECHNOLOGY, 2018–2024 (USD MILLION)
TABLE 5 GLOBAL TWO-FACTOR AUTHENTICATION MARKET, BY END USER, 2018–2024 (USD MILLION)
Continued. . .
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