Multifactor Authentication Market - BFSI to be Key End User of Multifactor Authentication Models

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 password, PIN’s and answers to secret questions. Genetic parameters can include things such as fingerprint, facial biometric and retina scanning. Furthermore, latest technologies help to add an extra layer of authentication which is based on the location of the user.

Transparency Market Research states, that the global multifactor authentication market is slated to be worth US$20,444.9 mn by 2025 from US$ 4,829.2 mn in 2016. During the forecast years of 2017 and 2025, the global multifactor authentication market is expected to surge at a CAGR of 17.7%.

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The increasing number of cyber-attacks globally can have a positive impact on the growth of multi-factor authentication market. Increasing number of phishing, brute force and other authentication oriented attacks have been one of the significant factors affecting the multi-factor authentication market for the forecast period. Additionally government regulations like FIPS 140-2 by the U.S government could be one of the prominent factors affecting the multi-factor authentication market. Additionally European Union introduced General Data Protection Regulation (GDPR) where by all the countries within the European Union would be attaining higher security measures. This creates compliance among enterprises as they have to adhere to a lot similar regulations.

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Multi-factor authentication market can be majorly divided into three segments, namely authentication model, end-user industry and geographical regions. On the basis of the authentication models the multifactor-authentication market has been further segmented into three categories which are, two-factor authentication, three-factor authentication, and four-factor authentication. Two-factor authentication is a two-step verification process of combining any two of the four possible authentication parameters including possession, knowledge, genetics and location. Among all the models, two-factor authentication model could see a significant market share for the forecast period-2017-2025, as it is a cost-effective method for multi-factor authentication.

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On the basis of the end-user industry segment, the multi-factor authentication market has been divided into BFSI, government, healthcare, retail, defense, telecom & IT, and others. Among all the sectors, BFSI is expected to show a significant market revenue share for the forecast period. This higher market revenue share is attributed to the increasing number of cyber-attacks on financial institutions. Furthermore, healthcare and retail sectors is expected to have a steady growth for the forecast period. The increased digitization of both the sectors could make them face security concerns, this could have a significant impact over the multi-factor authentication market.

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