Attractive Growth Opportunities in the Multifactor Authentication Market

The multifactor authentication market to grow from USD 6.0 billion in 2016 to USD 12.5 billion by 2022, at a compound annual growth rate (CAGR) of 15.52% during the forecast period. The major factors that are expected to be driving the multifactor authentication market are increase in data breaches & cyber-attacks and growing adoption of bring-your-own-device (BYOD) among enterprises. The objective of the report is to define, describe, and forecast the multifactor authentication market size based on model, application, technology and region.

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By model, the five-factor segment is expected to grow at the highest growth rate during the forecast period

Five-factor authentication is the most complicated and expensive type of authentication models. This model is used in applications that require high levels of security. Five authentication models can involve smart cards, PIN, and biometric technologies. This model provides a high level of security to top secret information, which is of high importance. This model has a good potential in the near future, as it is a good solution for government applications such as homeland security services, access to top secret national data/files, safeguarding data, and technology in national research centers. Although this model is very low in terms of shipments, it is one of the most powerful authentication models.
By application, the banking and finance segment holds the largest share of the market

Banking and finance application accounted for the largest share in the MFA market in 2016. The major factors for the growth of this market are increasing online traction and the growth of e-Commerce for which secure transactions are required. Many regulatory bodies have passed regulation for use of MFA technology in this application. For the security of banking and financial applications such as core banking, online banking, banking cards personalization systems, trade finance, international payments, foreign exchange, bank guarantee, and other banking and financial services, MFA plays an important role in the authentication resulting in the largest market share. On the other hand, healthcare application accounted for the highest growth rate in the MFA market due to the stringent government and industry regulations and requirement for highly secure infrastructure. This Industry is expected to rely more on MFA solution in the near future for protecting sensitive information.

The Americas to account for the largest market size during the forecast period.

The Americas is one of the largest markets for MFA. The Americas uses different MFA models from the most basic to the most advanced model. Countries such as the US and Canada use MFA in almost all the applications. Healthcare is the largest application in the US. At present, North America, which comprises the US and Canada, is one of the top users of MFA products at a global level.

As security issues have become vital in the government sector, local, regional, and national government organizations are deploying biometric systems owing to advantages such as high accuracy, convenience, and time efficiency. The need for solid security to tackle fraudulence, illegal immigration, and criminal activities has made it necessary for government enterprises to resort security solutions.

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This release was published on openPR.