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.
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.
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 Global Market – Segmentation
The global Two-Factor Authentication Market can be segmented into five key dynamics for the convenience of the report and enhanced understanding;
- By Types: Comprising One-time passwords, and Public key infrastructure, among others.
- By Model: Smart Card with Biometric Technology, Smart Card with Pin, Biometric Technology with Pin, One Time Password with Pin, and Two-Factor Biometric Technology, among others
- By Technologies: SafeNet OTP Authenticators, Physical and Logical Access Control, Out-of-Band Authenticators, PKI Authenticators, and MobilePKI Office Suite, among others.
- By End-Users: Consumer Electronics, Banking and Finance, Healthcare, Government, Military and Defense, Travel and Immigration, and Commercial Security, among others.
- By Regions: North America, Europe, APAC and Rest of the World.
Two-Factor Authentication Market – Regional Analysis
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, 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 (2017 and 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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