Two-Factor Authentication Market 2020: Business Opportunities, Growth Factors, Size, Share, Key Players, Trends and Regional Forecast till 2024

Overview:

The increasing online frauds and dangers from cybercrime have pushed the service providers to enhance their security services, for which two-factor authentication is employed. It is a multistage verification procedure, which is accessible by the user only. Data theft and online dangers have helped the market in gaining desired growth rates during this period. On observing the current market trends, the global two-factor authentication market is expected to touch an 18 % annual growth mark during the survey period. It includes one-time passwords (OTPs), biometric identification, and other methods.

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In this digitally sound world, the demands for data and safeguard of the service user are some of the major factors responsible for the rising preference for this security method. This authentication procedure acts as an extra layer of security, which makes it difficult for an unauthorized person to access the transmitted information and enhance safety. The adoption of online funds transfer has pushed the banking sector to add extra security measures to its system to provide financial security to its customers.

Apart from its extensive usage, the global two-factor authentication market is facing challenges from high costs included in installations and maintenance procedures and insufficient telecom spread in underdeveloped regions. Also, for the increasing online threats and data breach, the companies have to keep their systems ready and updated for any kind of danger, which is also financially challenging the users.

Companies Covered:

The key players of global two-factor authentication market are Gemalto NV (Netherlands), Fujitsu Ltd (Japan), Suprema Inc. (South Korea), OneSpan Inc. (US), NEC CORPORATION (Japan), Symantec Corporation (US), RSA Security LLC (US), IDEMIA (France), HID Global Corporation (US), CA Inc. (US), and Google LLC (US).

Global Two-Factor Authentication Market Segments:

The global Two-Factor Authentication market is segmented into four parts, which are:

Types: OTP and Public Key Infrastructure (PKI) are the types of authentication methods used.

Models: Smart card with biometric technology, one-time password with Pin, Biometric technology with Pin, and other models are used for two-factor authentications.

Technologies: Logical Access Control, OTP, Mobile PKI office suite, smartcard with biometrics, and other technologies are employed.

End-Users: Commercial security, banking & finance, travel & immigration, defense & government, and other industries are employing this technology.

Regional Market Summary:

America, Europe, Asia Pacific, and The Middle East & Africa are the major regions observed for the global two-factor authentication market.

The American region is the current market leader with North America holding maximum shares. The growing security concerns, demands for better security measures, financial security, and other factors are driving this market. The European region is the next biggest market, followed by the Asia Pacific market. The Asia Pacific region will emerge as the fastest growing market due to vast population covers, adoption of online solutions, demands for secure transaction portals, and other factors.

The rest of the regions are also gaining pace due to improving financial structures and awareness, but in some areas lagging telecom services are challenging the market.

Recent Industry News:

The global two-factor authentication market has become an essential part of the online activities but is still facing some challenges against the high costs and lagging telecom services. The North American region will lead the market during the survey period, whereas the Asia Pacific region will emerge as the fastest-growing market.

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This release was published on openPR.