Two Factor Authentication, also known as 2FA, two step verifications. The emerging trends of market dynamics, industry structure and developments, market share assessments for the regional and country level segments, the Two-Factor Authentication Market is derived by the increase in volume of online transactions, high level of security provided by hardware OTP tokens, adherence to compliance mandates and the Challenges are the inconvenience of carrying hardware tokens and vulnerability to threats, lack of telecom infrastructure in developing countries, rise in number of technical defects and others.
The study indicates that low-cost, safe and secure authentication infrastructure to support a variety of cloud services. It gives the PKI service more flexibility so that users can authenticate to cloud applications on any computer or device, at the office, or at home. Two Factor Authentication process can help to lower the number of cases of identity theft on the Internet, as well as phishing via email.
The global Two-Factor Authentication Market is expected to grow at USD$ ~8.78 Billion by 2023, at ~19.6% of CAGR between 2017 and 2023.
May 19, 2018 – Officials at the KrisFlyer, Singapore Airline’s frequent flyer program announced the implementation two-factor authentication to tighten the account security further. The implementation expected to take place on June 29th is based on some reports of compromised accounts.
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The prominent players in the Two-factor authentication system Market are –Fujitsu Ltd. (Japan), VASCO Data Security International Inc. (US), HID Global Corporation/ASSA ABLOY AB (Sweden), Safran S.A (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), CA Technologies (US), RSA Security LLC (US), Suprema HQ Inc. (South Korea), Crossmatch Technologies Inc. (US) and 3M Company(US), among others.
Two-factor Authentication Market – Segmentation
The global two-factor authentication market is classified into 5 key segments for the convenience of the report and enhanced understanding;
- Segmentation by Type: Comprises of one key password, public key infrastructure and others.
- Segmentation by Model: Comprises of smart card with pin, smart card with biometric technology, biometric technology with pin, two-factor biometric technology, one time password with pin and others.
- Segmentation by Technology: Comprises of physical and logical access control, SafeNet OTP authenticators, out-of-band authenticators, MobilePKI office suite, PKI authenticators and others.
- Segmentation by End User: Comprises of banking and finance, consumer electronics, healthcare, government, travel and immigration, military and defense, commercial security and others.
- Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Two-factor Authentication Market: Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the two-factor authentication market in North America owing to the presence of a large number of established key players such as EMC Corporation, Amazon Web Services Inc., Entrust Inc. and The 3M Company. Two-factor authentication market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to rise in IT technology and increasing adoption of bring your own devices in the region. Whereas, the Europe market for two-factor authentication market is expected to grow at a considerable CAGR (2017-2023).
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- Raw material providers
- Companies in the MFA technology market
- Authentication applications and software designing companies
- Electronics and semiconductor companies
- Investment community interested in the MFA technology market
- Research institutes and organizations
- Market research and consulting firms
- Government and financial institutions
- Research institutes and organizations
- Technology standards organizations
- Technology investors
- Research institutes
- System Integrators
- Research/Consultancy firms