Multifactor Authentication Market Scope
The multi-factor authentication is a security mechanism in which entities are authenticated through more than one required validation and security procedure. It is built from a combination of logical, physical, and biometric validation techniques used to secure a product, service, and facility. It is majorly implemented where an individual’s authentication, as well as validation, is the highest priority. MFA is mostly implemented at the nuclear power plants, bank warehouse, among others, to gain access to a secured system or location. Increase in data breaches and cyber-attacks is one of the key factors driving the growth of the market and further is expected to witness a massive growth during the forecast period.
According to AMA, the Global Multifactor Authentication market is expected to see growth rate of 16.52%
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Multifactor Authentication market throughout the predicted period.
Safran (France), NEC Corporation (Japan), Gemalto NV (Netherlands), Rsa Security LLC (United States), Hid Global Corporation/Assa Abloy Ab (United States), 3M (United States), CA Technologies (United States), Fujitsu (Japan), Vasco Data Security International, Inc. (United States) and Suprema HQ Inc. (South Korea) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are OTHER PLAYERS, Crossmatch (United States), RSA Security LLC (United States) and Symantec Corporation (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Multifactor Authentication market , by Application (Banking and Finance, Government, Travel and Immigration, Military and Defense, Commercial Security, Consumer Electronics, Healthcare and Others) and Region with country level break-up.
On the basis of geography, the market of Multifactor 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).
Market Leaders and their expansionary development strategies
On 3 Oct 2018, Cisco announced the acquisition of Duo Security the leading provider of unified access security and multi-factor authentication delivered through the cloud. Duo’s solution verifies the identity of users and the health of their devices before granting them access to applications helping prevent cybersecurity breaches. and On 24 Sept 2018, HID Global, a worldwide leader in trusted identity solutions, has announced an acquisition of Crossmatch, a leader in biometric identity management and secure authentication solutions, from Francisco Partners.
On 2 April 2019, HID Global, a global leader in trusted identity solutions, has announced advancements of its banking offerings with its new HID Authentication Service. The solution enables existing financial institutions and new digital startups to better facilitate secure digital banking transactions., On 5 June 2018, Gemalto has brought secure, multi-factor authentication to Belgium’s pioneering national Mobile Identity scheme itsme. and On 16 July 2018, Crossmatch has announced the general availability of the DigitalPersona v3.0 multifactor authentication software.
Market Trend
- Biometrics to Become Authentication Benchmark
- The proliferation of Cloud Services
- Smart Cards and Biometrics: A Boon for Security Applications
Market Drivers
- Increase in Data Breaches and Cyber Attacks
- Stringent Regulations and the Growing Pressure of Data Security Compliances
- Rising investments in cloud technologies and enterprise mobility
- Growing Adoption of BYOD among Enterprises
Opportunities
- The Rising Demand of MFA for Data Security in the Cloud Environment
- Rising Adoption of the Interconnected Devices in the IoT Environment
- The Emerging Demand from Economies
Restraints
- Cost and Technical Complexity in Implementing the Multifactor Authentication
- Increasing Response Time in Higher Order Authentication Models
Challenges
- Uncertainty and Pushback from End Users
Key Target Audience
Companies in the MFA technology market, Authentication apps 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 and End users such as consumer electronics manufacturers, and healthcare institutions such as hospitals