Two-Factor Authentication Market 2018 Global Leaders Analysis: CA Technologies, Fujitsu, Gemalto NV, NEC Corporation, Suprema HQ, Crossmatch Technologies, 3M Company

Market Research Future published a research report on “Global Two-Factor Authentication Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Two-factor Authentication Global Market – Overview

The global two-factor authentication market is showing high growth; mainly due to the increasing demand for advanced security solutions. Increase in volume of online transactions is one major factor driving the growth of two-factor authentication market. Two-factor authentication is considered to be the best thing happened for pushing digital payments on a global scale. High level of security provided by software OTP tokens is a major factor driving the growth of Two-Factor Authentication Market.

According to a recent study report published by Market Research Future, The global market of two-factor authentication is increasing and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2018 – 2023). Two-factor authentication refers to a strong authentication process which requires another proof other than password, in order to assure a person’s identity. Two factor authentication usually requires two or three proofs to be met in order to gain access to any network or application. Two-factor authentication has various benefits such as it can streamline the workflow associated with distributing and managing two-factor authentication to global and mobile workforces with the help of software tokens. With software tokens, two-factor authentication offerings are also being provided for mobile devices, laptops, desktops and various other devices. Common methods for two-factor authentication include chip and PIN card readers, tokens, and TANs.

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On the other hand, rise in security threats and risks associated with transactions over internet are some of the major factors hindering the market growth. Also, implementation of two-factor authentication will require upgradation of infrastructure and lack of telecom infrastructure in developing countries may hamper the market growth.

Industry/ Innovation/ Related News:

May, 2018 – Suprema showcases optical fingerprint scanner at ID4Africa and connect ID. Suprema’s fingerprint sensor technology and market experience enable it to provide leading hardware and digital identity solutions for the African market, such as the new scanners it showcased at ID4Africa 2018.

July, 2018 –OT-Morpho’s License2Go leverages biometric verification. The product works in conjunction with another app designed for ID verification. It allows authorities to wirelessly check the credentials on a subject’s smartphone. The ID holder, meanwhile, can customize which information the app will share as appropriate.

Key Players

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 Global Market – Segmentation

The global Two-Factor Authentication Market can be segmented into five key dynamics for the convenience of the report and enhanced understanding;

• By Types: Comprising One-time passwords, and Public key infrastructure, among others.
• By Model: Smart Card with Biometric Technology, Smart Card with Pin, Biometric Technology with Pin, One Time Password with Pin, and Two-Factor Biometric Technology, among others
• By Technologies: SafeNet OTP Authenticators, Physical and Logical Access Control, Out-of-Band Authenticators, PKI Authenticators, and MobilePKI Office Suite, among others.
• By End-Users: Consumer Electronics, Banking and Finance, Healthcare, Government, Military and Defense, Travel and Immigration, and Commercial Security, among others.
• By Regions: North America, Europe, APAC and Rest of the World.

Two-Factor Authentication Market – Regional Analysis

Globally, North America region dominates the Two-Factor Authentication market owing to the presence of a well-established Payment Card Industry, big banks and the demand for regulatory requests. Additionally, the proliferation and uptake of advanced technology foster the regional market growth. The US accounts for the major contributor to the regional market growth. Developments in authentication solutions, such as SMS tokens, tokens integrated with biometric authentication and phone-based authentication, among others are providing impetus to the growth of the US 2FA market.

Europe accounts for the second largest market for 2FA, in terms of revenue and market size. Resurging economy coupled with the booming BFSI sector combined with the augmenting inline transaction safety concerns, especially in the field of Payment will propel the regional market growth.

Most of the nations in APAC are in their developing phase, hence are open for the foreign investors, therefore, allowing the international players in the banking/BFSI sector of these countries. Furthermore, the Asia-Pacific region is expected to grow significantly in the space of 2FA models and technologies.
Two-Factor Authentication also utilized in the e-commerce industry. Thereby, booming eCommerce will provide a great impetus to the growth of the APAC market during the review period (2017 and 2023).

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Intended Audience

• 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

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