Global Multifactor Authentication Market By Model (Two-Factor Authentication, Multifactor with Three-Factor Authentication, Multifactor with Four-Factor Authentication, Multifactor with Five-Factor Authentication), Deployment (On-premises, On-cloud), Application (Banking and Finance, Government, Travel and Immigration, Military and Defense, Commercial Security, Healthcare, Consumer Electronics, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Multifactor Authentication Market
Global multifactor authentication market is to register a healthy CAGR of 17.40% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. The rise in the market value can be attributed to surging trend for bring your own device (BYOD) and increasing cyber-attacks.
Market Definition: Global Multifactor Authentication Market
Multifactor authentication is a security system requiring more than one authentication technique from autonomous credentials classifications to check the identity of the user for a login or other transaction. Two or more independent credentials like password, security token, biometric and verification are combined in multifactor authentication.
- Technological advancements in biometric and cloud-based authentication services, drives the market growth
- Surging trend for BYOD and cloud-based services across enterprises, fosters the growth of the market
- Strict security regulations and mandates, is benefiting the market growth
- High complexity and cost involved in applying MFA solutions, hinders the market growth
- Dynamic security guidelines and agreements, are expected to restrain the market growth
Segmentation: Global Multifactor Authentication Market
- Two-Factor Authentication
- Smart Card With Pin
- Smart Card With Biometric Technology
- Biometric Technology With Pin
- Two-Factor Biometric Technology
- One Time Password With Pin
- Multifactor With Three-Factor Authentication
- Smart Card With Pin and Biometric Technology
- Smart Card With Two-Factor Biometric Technologies
- Pin With Two-Factor Biometric Technologies
- Three-Factor Biometric Technology
- Multifactor With Four-Factor Authentication
- Multifactor With Five-Factor Authentication
- Banking and Finance
- Travel and Immigration
- Military and Defences
- Commercial Security
- Consumer Electronics
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
Key Developments in the Market
- In June 2019, Microsoft to require multi-factor authentication for Cloud Solution Providers. Cloud solution providers will have to use multi-factor authentication to assist businesses and handle their Office365 accounts. It will prevent the account from getting hacked or from any kind of cyber-attacks. This will help in the expansion of the product portfolio for the company.
- In June 2019, Boon Edam, for the Tourniket Revolving Door, launched Automated Resistance Class 3 Shield Doors. The update comprises automated and advanced burglar resistance class 3 shield doors as share of an operative safety package alternative. This enhancement in technology will help in growth of this company and the market.
Global multifactor authentication market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of multifactor authentication market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Major Market Competitors/Players
Few of the major competitors currently working in the global multifactor authentication market are Safran, Thales Group, NEC Corporation, 3M, Broadcom., FUJITSU, OneSpan Inc., HID Global Corporation/ASSA ABLOY AB., RSA Security LLC., SUPREMA., Crossmatch, Censornet, Duo, IDEMIA, ZKTECO CO., LTD.., Watchdata, SecurEnvoy Ltd, SecuGen Corporation, Entrust Datacard Corporation, Messe Frankfurt New Era Business Media Ltd. among others.
Research Methodology: Global Multifactor Authentication Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved