Multi-Factor Authentication Market Worth 9.60 Billion USD by 2020

Aug 26, 2015, 09:30 ET from MarketsandMarkets

PUNE, India, August 26, 2015 /PRNewswire/ --

The report "Multi-Factor Authentication (MFA) Market by Model (Two, Three, Four, and Five Factor), Application (Travel & Immigration, Government, Banking, Defense, Commercial Security, Consumer Electronics, Healthcare), and Geography - Global Forecast to 2020", published by MarketsandMarkets, Multi-Factor Authentication Market is expected to reach USD 9.60 Billion by 2020, growing at a CAGR of 17.7% between 2015 and 2020.

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Multi-factor authentication can be described as authenticating a person on the basis of factors provided by that person. The factors can be classified under three broad categories: "Something you have", "Something you know", and "Something you are". These three factors can be hardware tokens, PIN, passwords, biological traits, and so on. Another type of authenticating factor is One Time Password (OTP), which is gaining popularity in Europe and North America. Multi-factor authentication (MFA) provides a high degree of security and convenience, which ensures confidentiality of personal information. This is superior to traditional one-factor username and passwords/PINs as these are easily guessed, and forgotten.

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This report describes the various types of models of MFA such as two-factor, three-factor, four-factor, and five-factor authentication models. The two-factor authentication is most commonly used in various applications.

The report covers Multi-Factor Authentication Market by various applications such as travel and immigration, government, banking and finance, defense, consumer electronics, commercial security, and healthcare. The MFA technology is expected to spread across to all industries because of the various security concerns. Application areas such as government travel and immigration, banking & finance, and defense are the major sectors for the MFA market.  The MFA is expected to play an important role because of legislative compliances, security needs, inter border security requirements, enterprise data securities. Banking and finance, travel and immigration, defense and cyber security applications are deploying MFA on a large scale. Several government agencies are rolling out regulations for different sectors to safeguard their user data. Governments of different countries are also investing a significant amount for multi factor authentication projects.

Availability of cloud-based multi-factor authentication technology has reduced the maintenance costs typically associated with hardware and software-based two-factor and three-factor authentication models. Companies now prefer adopting cloud-based authentication solutions because the pay per use model is more cost effective, and they offer improved reliability and scalability, ease of installation and upgrades, and minimal maintenance costs.

Two-factor authentication dominates the multi-factor authentication market with the highest market share in 2014, wherein banking & finance and government sector are the major application market for MFA. Three-factor, four-factor, and five-factor authentication models have a lesser market share as compared to the two-factor authentication. Three-factor authentication is mostly used in private access areas such as bank lockers, secret data access, defense, and travel & immigration. The four- and five-factor authentication models are majorly used in defense, research, and government-based applications. The North American region is the largest multi-factor authentication market; followed by Europe and APAC regions.

The major players in the multi-factor authentication market covered in this report are RSA Security, LLC (U.S.), Vasco Data Security (U.S.), Gemalto NV (Netherlands), Safran SA (France), Fujitsu, Ltd. (Japan), CA Technologies (U.S.), NEC Corporation (Japan), Cross Match Technologies (U.S.), HID Global (U.S.) and 3M (U.S.) among others.

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