Multifactor Authentication Market - BFSI to be Key End User of Multifactor Authentication Models
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According to the research report, the global multifactor authentication market is was valued at US$4,829.2 mn in 2016 and is expected to be worth US$20,444.9 mn by the end of 2025. During the forecast years of 2017 and 2025, the global market is expected to surge at a CAGR of 17.7%. In terms of models, the two-factor authentication model is expected to show tremendous progress as it’s a mere two-step verification process. Geographically, North America is expected to lead the global market as the region promises high adoption of multifactor authentication models amidst rising security concerns.
Banking and Finance Sector Stokes Demand
The global market for multifactor authentication is expected to witness a soaring demand in the near future as the need for better security solutions will always be consistent. Multifactor authentication models are predominantly used for guarding sensitive information of utmost importance. Thus, it is readily being adopted by governments and banking and finance sectors to secure their top level data, files, and information about services. This multilayered authentication system is based on the parameters of genetics, possession, knowledge, and location to access the system. Possession requirements include software and hardware tokens including keyfob, OTP and others. Genetic parameters include items such as facial biometric, fingerprint, and retina scanning. Knowledge parameters are inclusive of user name and password, PIN’s and answers to secret questions. To make all of these layers even more secure, location-based parameter adds an extra layer of authentication.
Such tight security measures are thus likely to revolutionize the way financial transactions are being secured. Furthermore, adoption of these models is expected to bring about tremendous security for projects that are under research and development. The report assesses that the two-factor authentication model is likely to gain maximum revenue in the near future as it a simpler verification process. It requires a combination of any of the two aforementioned parameters to give the end user a verified access. The growing number of cyber-attacks on financial institutions is expected to push the demand for multifactor authentication models. Furthermore, the stringent rules and regulations by governments across the globe to guard national secrets are also projected to augment the demand for these security measures.
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High Initial Investment becomes a Deterrent
Despite the bright sentiment in the market, there are a few points that have been identified as potential restraint for the global multifactor authentication market. The initial high cost of investment in the setting up these authentication models is expected to dissuade several end users. Furthermore, the complication system of maintenance and high usage service time are also likely to have a negative impact on the overall market. However, on a positive note, introduction of cloud computing is expected open up several lucrative opportunities for the global multifactor authentication market.
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Multi-factor authentication is a multi-layered verification process, which identifies a user by authenticating any two of the main four parameters – possession (something the user has), knowledge (something the user knows), genetics (something the user inherits genetically) and location for accessing a system. Possession parameters can include different things such as software and hardware tokens including keyfob, OTP and more. Knowledge parameters can include things such as user name and