Multifactor Authentication - A must have security system Market growing expeditiously

[173 Pages Report] Multifactor Authentication Market Research Report categorizes global market by Model (Two-, Three-, Four-, and Five-Factor), Application (Banking and Finance, Government, Military and Defense, Commercial Security, Consumer Electronics, Healthcare), and Geography.

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The multifactor authentication (MFA) market is expected to reach USD 12.51 Billion by 2022, at a CAGR of 15.52% during the forecast period.

Multifactor authentication allows organizations to use advanced security options, which are easier for end-users but harder for hackers. Multifactor authentication is used in several applications because of the security assurance and the benefits provided by multifactor authentication to comply with the regulatory compliances for data security.

Premium Insights
4.1 Attractive Growth Opportunities in the Multifactor Authentication Market
4.2 Multifactor Authentication Market, By Application
4.3 Multifactor Authentication Market, By Region and Model
4.4 Geographic Snapshot of the Multifactor Authentication Market

Market Dynamics
5.2.1 Driver
5.2.1.1 Increase in Data Breaches and Cyber Attacks
5.2.1.2 Stringent Regulations and the Growing Pressure of Data Security Compliances
5.2.1.3 Growing Adoption of Byod Among Enterprises
5.2.2 Restraints
5.2.2.1 Cost and Technical Complexity in Implementing the Multifactor Authentication
5.2.2.2 Increasing Response Time in Higher Order Authentication Models
5.2.3 Opportunities
5.2.3.1 Demand for MFA for Data Security in the Cloud Environment
5.2.3.2 Rising Adoption of the Interconnected Devices in the Iot Environment
5.2.3.3 Emerging Markets
5.2.4 Challenges
5.2.4.1 Uncertainty and Pushback From End Users

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.

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 market.

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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