DUBLIN–(BUSINESS WIRE)–The “Multi-Factor Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
The global multi-factor authentication market exhibited strong growth during 2015-2020.Looking forward, the global multi-factor authentication market to grow at a CAGR of around 17% during 2021-2026.
The multi-factor authentication (MFA) system is designed to protect organizations and business units from potential security breaches through a multi-layered verification process.
The authentication requires the individual to present multiple safety validation variables, such as their login credentials, followed by a security token, one-time password (OTP) or biometric verification, which is unique to the user. This aims to create and elaborate defense system against any unauthorized individual from accessing a computer device, network, database or a physical location.
The growing instances of security breaches and cyber-attacks, along with a significant increase in online frauds, is among the key factors driving the growth of the market. Cyber-attacks are majorly targeted toward small and medium-sized organizations with ransomware to hijack the corporate’s online and financial accounts.
This is prevented by deploying MFA systems in the employees’ smartphones and computer devices to verify the identity of the user. In addition, the growth of the healthcare, retail, and banking, financial services and insurance (BFSI) industries is boosting the demand for authentication systems to ensure the security of the enterprises and their customers.
For instance, banks perform various functions, such as core banking, trade finance, international payments and online banking, which require secure connections for ensuring smooth transaction and seamless user experience. Moreover, the emerging trend of the Internet of Things (IoT) and cloud-based services is further acting as a growth-inducing factor.
Cloud-integrated MFA solutions allow remote fingerprint scanning, facial recognition and document verification. Advancements in biometrics, software and hardware technologies, coupled with the favorable government measures to enhance national security, are projected to drive the market further.
Other factors driving the market growth include increased usage of digital payment methods and the rising penetration rate of smartphones and wireless devices.
Key Questions Answered in This Report:
How has the global multi-factor authentication market performed so far and how will it perform in the coming years? What has been the impact of COVID-19 on the global multi-factor authentication market? What are the key regional markets? What is the breakup of the market based on the model? What is the breakup of the market based on the deployment type? What is the breakup of the market based on the application? What is the breakup of the market based on the vertical? What are the various stages in the value chain of the industry? What are the key driving factors and challenges in the market? What is the structure of the global multi-factor authentication market and who are the key players? What is the degree of competition in the market? Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being
CA Technologies Crossmatch Deepnet Security Ltd. Entrust Fujitsu Gemalto NV Microsoft Corporation NEC Corp Okta Ping Identity RSA Security SecureAuth SecurEnvoy Suprema HQ Symantec VIP Breakup by Model:
Two-Factor Authentication Three-Factor Authentication Four-Factor Authentication Five-Factor Authentication Breakup by Deployment Type:
On-Premises On-Cloud Breakup by Application:
Smart Card Authentication Phone-Based Authentication Hardware OTP Token Authentication Breakup by Vertical:
Banking & Finance Government Travel & Immigration Military & Defence Commercial Security Healthcare Consumer Electronics Others Breakup by Region:
North America United States Canada Europe Germany France United Kingdom Italy Spain Russia Asia Pacific China Japan India South Korea Australia Indonesia Latin America Brazil Mexico Argentina Columbia Chile Peru Middle East and Africa Turkey Saudi Arabia Iran United Arab Emirates Others For more information about this report visit https://www.researchandmarkets.com/r/ko16ii