Multi-Factor Authentication Market Analysis, Size, Share, Growth, Trends, and Forecast 2016 to 2022

Market Scenario:
Multi-factor authentication is a security framework through which an individual undergoes more than one step of authentication to validate his or her authority. Multi-factor authentication is equipped with advanced features over the conventional authentication techniques (which involves one step verification such as username and passwords). Multi-factor authentication features include biometrics security which generally uses fingerprints, iris recognition and also endowed with facial recognition and voice recognition techniques, which are used for verification and identification of an individual.
Multi-factor authentication also comprises into two-factor authentication and three-factor authentication. Two-factor authentication includes a combination of password and token to attain a moderate level of security. This provides an upper-hand over the general use of passwords, which people generally keep as their birthday or something similar which can be readily breached by the hackers.

Multifactor authentication is implemented in different sectors such as banking and financial institutions, government institutions, travel & immigration, military & defense, commercial security, consumer electronics, and healthcare. Surging demand for online transaction and rising e-commerce sector is positively impacting the multi-factor authentication system. The banking and financial institution sector is expected to have a huge market share due to various applications such as online payments, foreign exchange, bank guarantee, trade finance, banking cards personalization system, and other banking and financial services. Increase in a number of cyber theft cases, rise in national security concerns, and rise in demand for advanced authentication system are presumed to be the propelling factors for the Multi-Factor Authentication Market over the forecast period, 2017-2023. Furthermore, excessive integration of smartphones with multi-factor authentication system is expected to be one of the driving factors for the market. On the other hand, high initial investment, complex maintenance, and high usage service limit is anticipated to hinder the growth of the multi-factor authentication market over the forecast period.

However, introduction of Out-of-Band (OOB) authentication, evolving cloud-based application and increased adoption of unified platforms for authentication purposes are anticipated to be the emerging trends of multi-factor authentication market over the review period.

The global multi-factor market has valued at USD 4.85 billion in 2016 and presumed to grow to approx. USD 11.24 billion by 2023, at 13% CAGR between 2017-2023.

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Major Key Players:
• Fujitsu (Japan)
• Dell EMC (U.S.)
• CA Technologies (U.S.)
• Securenvoy Ltd (UK)
• 3M (U.S.)
• Microsoft (U.S.)
• Crossmatch (U.S.)
• Vasco Data Security (U.S.)
• 3M (U.S.)
• IBM (U.S.)

Regional Analysis:
North America is dominating the market of Multi-Factor authentication with market share of high. Increasing security threats in the organization and high cyber-attacks in the North America countries are driving the market of Multi-Factor Authentication. This market has been valued at USD in million in the year 2015 which is expected to grow at USD high million by the end of forecasted period.

Europe market is also growing with CAGR due to the increasing government initiative with respect to cyber security. Asia-Pacific has emerged as fastest growing market with CAGR of high and has been valued at USD billion.
Segments:
The multi-factor authentication is differentiated into model, deployment, and application.

The model segment of multi-factor authentication is sub-segmented into two-factor authentication, multi-factor with three-factor authentication, multi-factor with four-factor authentication, and multi-factor with five-factor authentication.

Furthermore, two-factor authentication market is categorized into smartcard with pin, smart card with biometric technology, biometric technology with pin, and smart-card with pin. Also, the three-factor authentication is sub-segmented into three-factor biometric technology, smart card with two-factor biometric technologies, pin with two-factor biometric technologies, and smart card with pin & biometric technology.

The multi-factor authentication is sub-segmented on the basis of deployment, on premises, and on the cloud. Additionally, the multi-factor authentication is further divided based on application. The applications sub-segment is subcategorized into banking & finance, government institutions, travel & immigration, military & defense, commercial security, consumer electronics, and healthcare.

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Target Audience:
• Government Security Agencies
• Private Security Agencies
• Banks
• Manufacturing Industries
• Labs
• Security Software Developers
• Security Component Manufacturers

Table of Contents
1. Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
Continued…..

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