SecurityWorldMarket

23/05/2017

Multi-factor authentication market strengthens with growing cyber threats

Hadapsar, India

According to the latest market research report from Marketsandmarket the multifactor authentication market  is expected to grow at a CAGR of 15.52% to reach USD 12.51 Billion by 2022. Factors such as an increase in data breaches and cyber attacks, stringent regulations and the growing pressure of data security compliances, and the growing adoption of BYOD concept among enterprises are driving the growth of the multifactor authentication market.

The researchers claim that the market for a five-factor authentication model is expected to grow at the highest rate during the forecast period. The five-factor authentication model provides a high level of security to top secret information, which is of high importance. Also, it has good potential in the near future, as it is an effective solution for government applications such as homeland security services, access to top secret national data/files, safeguarding data, and technology in national research centres. These are the main reasons behind the adoption of five-factor authentication model.

The banking and finance application accounted for the largest share in the multifactor authentication market in 2016. Major factors for the growth of this market are increasing online traction and the growth of e-commerce for which secure transactions are required. Many regulatory bodies have passed a regulation for the use of multifactor authentication technology in this application. For the security of banking and financial applications such as core banking, online banking, banking cards personalisation systems, trade finance, international payments, foreign exchange, bank guarantee, and other banking and financial services, multifactor authentication plays an important role in the authentication, resulting in the highest market share in the multifactor authentication market.

The market in the Americas holds the largest market share in the multifactor authentication market during the forecast period according to the analysts. The presence of key companies such as 3M, CA Technologies, Vasco Data Security International, RSA Security, and Crossmatch ; a large industrial base; and a high regulatory compliance in the Americas are expected to propel the growth of the American multifactor authentication market.

Major players operating in the multifactor authentication market include Safran, Gemalto, NEC Corp, 3M , CA Technologies, Fujitsu, Vasco Data Security International, HID Global Corporation/Assa Abloy, RSA Security, Suprema, and Crossmatch.


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