Multi-factor authentication is a vast market with a huge scope for growth. The MFA technology plays an important role because it helps to meet legislative compliances, security needs, inter border security requirements, enterprise data securities, and so on. Banking and finance, travel and immigration, defense and cyber security applications are deploying MFA on a large scale.
The major drivers of the MFA market are the initiatives taken by governments of several countries to invest in the government-based operations and the rolling out of regulations for others to increase the security of the user. Moreover, MFA is extensively being used for user authentication and to reduce financial frauds, phishing, to avoid data breach and so on, this is mainly because of the increase in online trading and online transactions. The major restraint for the MFA market is that people in some regions consider multi-model authentication as offensive, unpleasant, invasive, and an awkward act. The major challenge for the market is ensuring the security of data so that it cannot be intercepted and misused. The life cycle of multi-factor authentication market, by model portrays that four-factor and five-factor are in the introduction stage, three-factor is in the growth stage, whereas two-factor is at the maturity stage.
Global MFA market was valued at USD 3.60 billion in 2014 and it is expected to reach USD 9.60 billion by 2020, at an estimated CAGR of 17.7%. Government, banking & finance, and healthcare will be the key application areas of the MFA market.
Two-factor authentication is the most used authentication models followed by three-factor, four-factor, and five-factor authentication, respectively. The U.S. is the global leader in MFA technology consumption. North America leads the market followed by Europe and APAC based on region. In applications, banking & finance is the major contributor, whereas healthcare, government, and commercial security are expected to play an important role.
The major players that offer various products in the MFA market are RSA Security, LLC (U.S.), Vasco Data Security (U.S.), Gemalto NV (Netherlands), Safran SA (France), Fujitsu, Ltd. (Japan), CA Technologies (U.S.), NEC Corporation (Japan), and Cross Match Technologies (U.S.) among others.
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With the given market data, MarketsandMarkets offers customizations as per the Company’s specific needs. The following customization options are available for the report:
Further breakdown of the North American MFA market into countries such as U.S., Canada, Mexico, and Rest of North America
Comprehensive coverage of regulations followed in each region (Americas, APAC, and Europe)
Detailed analysis and profiling of additional market players (Up to 5).