Generally, Authentication is an analytical technique to validate the identity of individuals with the help of one-time passwords, biometrics, and hardware tokens, among others. Two-factor authentication is a subset of the multifactor authentication technology. The two-factor authentication process ensures the security of an individual’s credentials as well as the resources that can be accessed by them. The two-factor verification process includes different forms of authentication factors such as knowledge factor, time factor, location factor and possession factor. The market for Global Two-Factor Authentication is anticipated to grow at 17.28% CAGR, witnessing substantial growth during the forecast period. The authentication primarily includes a password and a security token in the form of SMS/text message, voice, mobile application, push notification, or biometrics, among others. Over the past few years, there has been a significant increase in the number of incidents of online data burglary, which has improved the demand for two-factor authentication technology. Also, in June 2017, CA Inc. introduced the Payment Service Directive 2 (PSD2) solution for helping to accelerate open baking and streamline bank payments. Based on type, the market has been segmented into one-time passwords, public key infrastructure, and others. The one-time passwords segment controlled the market in 2018; it is projected to remain the same during the evaluation period. The expanding demand for protecting an individual’s knowledge is the main factor expected to push the development of the two-factor certification market during the said forecast period. In September 2018, IDEMIA commenced a contactless OneLook gadget to capture, game and process face and iris biometrics for developing multifactor verification services. The market was estimated at USD 3,482.6 million in 2018; it is projected to reach USD 8,984.7 million by 2024. North America accounted for the greatest market share priced at USD 1,327.7 million in 2018; the market is anticipated to display a CAGR of 16.59% during the said forecast period.
The Global Two-Factor Authentication Market is segmented based by model, end user, by type, by technology and by region. Based on Model: Smart Card with PIN, One Time Password with PIN, Biometric Technology with PIN, Smart Card with Biometric Technology, and others. By End User: Banking and Finance, Government, Military & Defense, Commercial Security, Travel & Immigration, Healthcare, Consumer Electronics, and Aerospace, By Type: One Time Password (OTP) and Public Key Infrastructure (PKI), By Technology: OTP Authenticators, PKI Authenticators, Physical and Logical Access Control, Out-Of-Band Authenticators, and Mobile PKI Office Suite and based on Region in North America, Asia-Pacific, Europe, and the rest of the world. In December 2018, HID introduced a new subscription-based delivery model called HID ActiveOne. It is end-to-end digital character management and verification solution for large groups. The report also comprises the following: What was the historic market size (2017)? Which segmentation (Component/Solution/Industry) is driving the market? It also covers queries like: What will be the growth rate by 2024, Who are the key performers in this market and What are the policies adopted by key players. A one-time password is a modernized form of authentication and is widely supported by multitudes for two-factor certification. It is a distinctive and automatically produced set of numeric characters that authenticates a user for a single transaction. It has become the most preferred mode of two-step verification process. In 2017, the Unique Identification Authority of India (UIDAI) introduced a time-based one-time password (TOTP) feature in the mobile application of Aadhar called mAadhaar to enhance the authentication process. By model, the market has been segmented into smart card with PIN, smart card with biometric technology, biometric technology with PIN, one-time password with PIN, and others. The smart card with PIN segment is projected to overshadow the market during the forecast period. By technology, the market has been segmented into physical and logical access control, OTP authenticators, out-of-band authenticators, mobile PKI Office Suite, PKI authenticators and others. In April 2019, Google launched a security solution?2SV?with a two-step confirmation process. This solution delivers the shoppers an option to activate a phone’s built-in security key in the Chrome browser of Android-powered smartphones.
Geographically the Global Two-Factor Authentication Market is split in regions like North & South America, Europe, Asia-Pacific, Middle east and Africa and Rest of the world. The global two-factor authentication market, by region, has been further divided into Asia-Pacific, North America, Europe, and the rest of the world along with small regions as well. The region of North America is projected to dictate the global two-factor certification market during the forecast period due to the high implementation of security procedures and certain administration obligations.
The proposed spectators in the Global Two-Factor Authentication Market are app manufacturers, Retailers, distributors, wholesalers, Investors and trade experts, Governments, associations, industrial bodies, etc. The major companies functioning in the Global Two-Factor Authentication Market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the Global Two-Factor Authentication Market are companies like Google LLC (US) Gemalto NV (Netherlands), Fujitsu Ltd (Japan), Suprema Inc. (South Korea), OneSpan Inc. (US), RSA ecurity LLC (US), IDEMIA (France), HID Global Corporation (US), CA Inc. (US), NEC CORPORATION (Japan) and Symantec Corporation (US).