Multifactor Authentication Market Worth 12.51 Billion USD by 2022
Friday, May 19, 2017
PUNE, India, May 19, 2017 /PRNewswire/ --
According to a new market research report "Multifactor Authentication Market by Model
(Two-, Three-, Four-, and Five-Factor), Application (Banking and Finance, Government,
Military and Defense, Commercial Security, Consumer Electronics, Healthcare), and
Geography - Global Forecast to 2022", published by MarketsandMarkets(TM), is expected to
grow at a CAGR of 15.52% to reach USD 12.51 Billion by 2022.
Browse 66 market data Tables and 53 Figures spread through 173 Pages and in-depth TOC
on "Multifactor Authentication Market"
Early buyers will receive 10% customization on this report.
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 market for five-factor authentication models is expected to grow at the highest
rate during the forecast period
The market for five-factor authentication model is expected to grow at the highest
rate during the forecast period. Five-factor authentication model provides a high level of
security to top secret information, which is of high importance. Also, it has a good
potential in the near future, as it is a good solution for government applications such as
homeland security services, access to top secret national data/files, safeguarding data,
and technology in national research centers. These are the main reasons behind the
adoption of five-factor authentication model.
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The market for the banking and finance application holds the largest market share
during the forecast period
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 personalization 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 is dominating the multifactor authentication market during
the forecast period
The market in the Americas holds the largest market share in the multifactor
authentication market during the forecast period. The presence of key companies such as 3M
(US), CA Technologies (US), VASCO Data Security International Inc. (US), RSA Security LLC
(US), and Crossmatch (US); a large industrial base; and a high regulatory compliance in
the Americas are expected to propel the growth of the American multifactor authentication
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Major players operating in the multifactor authentication market include Safran
(France), Gemalto NV (the Netherlands), NEC Corporation (Japan), 3M (US), CA Technologies
(US), Fujitsu (Japan), VASCO Data Security International Inc. (US), HID Global
Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (US), Suprema HQ Inc. (South Korea),
and Crossmatch (US).
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