Biometric leaders dominate the Multi-Factor Authentication Industry
Multi-factor authentication (MFA) implies user and employee authentication by verifying, two or more authentication techniques (Hardware token, One Time Password, Password/PIN, and Biometric traits) provided by them. The use of more than one authentication factor significantly increases the security, thus reducing the chances of fake identity, fraud, and so on. Application areas of biometric technology have been categorized into government, travel and immigration, defense, banking and finance, healthcare, consumer electronics and commercial security.
RSA Security LLC, the Security Division of EMC, is the premier provider of security, risk and compliance management solutions primarily in the United States. RSA serves banking, insurance, technology, professional services, hardware, software companies, manufacturing, transportation, distribution, telecommunications, government, healthcare, and pharmaceutical companies. The company provides RSA Authentication Manager which is central two-factor authentication software that has the capabilities to manage security tokens, users, multiple applications, agents, and resources across physical sites.
Safran SA is the leader in the biometrics and a leading provider of biometric based multifactor authentication device. It engages in the design, manufacture, and sale of aircraft, defense, and communication equipment and technologies. It operates through the following segments: aerospace propulsion, aircraft equipment, defense, and security. Safran offers a complete range of security solutions covering three main market segments: identification, secure documents, and detection.
The multifactor authentication market was valued at USD 5.22 billion in 2016 and is expected to reach USD 12.51 billion by 2022, at a CAGR of 15.52% during the forecast period. The base year considered for the study is 2016, and the forecast for the market size is provided for the period between 2017 and 2022.
Market Dynamics
Drivers:
Increase in data breaches and cyberattacks
Stringent regulation and the growing pressure of data security compliances
Growing adoption of BYOD among enterprises
Restraints:
Cost and technical complexity in implementing the multifactor authentication
Increasing response time in higher order authentication models
Opportunities:
Demand for MFA for data security in the cloud environment
Rising adoption of the interconnected device in the IoT environment
Emerging market
Challenge:
Uncertainty and pushback from end-users
Multi factor authentication – Market overview
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