Global Multi-factor Authentication Market Overview:
The escalating trend in the rising cases of cyber attacks and data breaches across the organizations and increasing stringency in regulations to protect sensitive data is expected to boost the growth of the MFA (Multi-factor market authentication market). MFA is a method of identifying the user’s identity which involves multiple methods. These methods guarantee secure online transactions, logging in to online services and access to corporate resources. Mostly deployed by organizations to execute an additional level of security that needs users to authenticate via Knowledge, wealth and inherence factors to achieve access to corporate and social networks. Some of the players profiled in the study are Morpho (France), Gemalto (Netherlands), NEC (Japan), Entrust Inc. (United States), CA Technologies(United States), Fujitsu (Japan), VASCO Data Security (United States), HID Global (United States), RSA Security (United States), Symantec Corporation (United States), SecurEnvoy ltd (England), Crossmatch(United States), Duo Secuirty (United States), Deepnet Security (England) and CensorNet Ltd. (England). According to Market Analyst at AMA, the Global Multi-factor Authentication market may see a growth rate of 17.7%
On the basis of geography, the market of Multi-factor Authentication has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Model, the sub-segment i.e. Two-Factor MAF will boost the Multi-factor Authentication market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- Propelling cyber attacks is expected to increase demands of MAF models
- Data privacy
- Cashless payments in the country resulting in implementation of e-government strategies.
Influencing Trend
- Government, BFSI are adopting MAF module to secure their data, files and information
- Implementation of a Two-factor MAF process ensures reducing the number of cases of authentication/identity theft using phishing, internet, and others.
Restraints
- Cost factor and complexity involved in implementation of MFA services
- Changing security regulations and compliances
Opportunities
- Advancement in biometric technologies
- Increased use of Hardware and Software applications
- Cloud-based authentication services.
Challenges
- Growing concerns over data security
- High cost and installation money required for MAF models
Key Market Developments:
Countries have started adopting regulations like PCI DSS (Payment card Industry Data Security Standard) that deals with maintaining information security standard for organizations that handle branded credit cards from the major card schemes. and RSA (Rivest-Shamir-Adleman) launched advanced analytics capabilities to its product RSA Identity Governance and Lifecycle that enhances risk-based access review user experience, implementation service offerings, and recommended practices while reducing and identify risks for customers.
Adoption of these MAF model is resulting in surging investment in R&D for improving security projects and Safety of money transactions and data security is leading to the adoption of MAF models.
Many countries have introduced and implemented regulations such as:, HIPAA (Health Insurance portability and Accountability Act, 1996) by United States that provides data privacy and security for safeguarding medical information. and GLBA (Gramm-Leach-Bliley Act, 1999) act that requires financial institutions to brief that how they share and protect customer’s private information.
The market is fragmented by numerous players. With the growing trend of bring-your-own-device (BYOD) among companies has further emphasized the need for authentication technologies to ensure the safekeeping of data resulting in increased competition among players.
Target Audience:
Raw material providers, Authentication applications and software designing companies, Electronics and semiconductor companies, Investment community interested in the MFA technology market, Research institutes and organizations, Market research and consulting firms, Government and financial institutions, Research institutes and organizations, Technology investors, Research institutes, System Integrators and Research/Consultancy firms
Major Objectives Focused through this Study
To define, describe, and forecast the Global Multi-factor Authentication market on the basis of product [Two-Factor Authentication, Three-Factor Authentication and Other (Four-Factor Authentication and Five-Factor Authentication)] , application [Banking and Finance, Government, Travel and Immigration, Military and Defense, Commercial Security, Consumer Electronics, Healthcare and Others], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Multi-factor Authentication market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Multi-factor Authentication industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization:
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are Safran S.A (France), Suprema HQ Inc. (South Korea) and 3M Company (United States).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Multi-factor Authentication market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.