According to BlueWeave Consulting, the Global Multi-Factor Authentication (MFA) Market is expected to grow at a significant rate during the forecast period. The Global Multi-Factor Authentication (MFA) Market is projected to grow from USD billion in the year 2019 to USD billion by the end of the year 2025, at a CAGR of 14.9% during the forecast period. The market is growing due to various factors.
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Factors like growth in the number of cyber–attacks and data breaches, growing pressure of the data security rules, stringent regulations and the bolstering adoption of the BYOD concept among the business enterprises are driving the development of the MFA market.
MFA is famous because of the high level of security and is far superior to a solitary username and secret phrase mix. Various models of MFA have discovered different applications in verticals: immigration & travel, commercial security, BFSI, government, electronics and healthcare.
Two-factor authentication (2FA), frequently alluded to as two-advance check, is a security procedure where the client gives two verification factors. Two-factor verification gives an extra layer of security and makes it harder for aggressors to access a people gadgets and online accounts. Two-factor authentication can be accomplished utilizing any two of shrewd cards, PIN, SMS application, tokens, biometrics (iris, face, palm, unique finger impression, etc), passwords, etc. Brilliant card with PIN being the most usually utilized for two-factor validation model, which is most generally utilized in banking and money, participation frameworks, online exchanges, and access control frameworks.
Banking and finance is one of the most requesting enterprises with regards to MFA. Smart card and PIN blend is the most regularly utilized MFA as Visas, check cards, and ATM cards. One-time password (OTP) is additionally picking up popularity in the banking and online payment industry. OTP utilizes SMS/email/cell phone applications to send a One-time password to the approved people portable/cell phone. The main considerations for the development of this market are expanding on the web footing and the development of web based business for which secure exchanges are required. Numerous administrative bodies have passed guidelines for utilization of MFA innovation in this application. For the security of banking and budgetary applications, for example, center banking, web based banking, banking cards personalization frameworks, exchange money, global installments, remote trade, bank assurance, and other banking and monetary administrations.
Based on its regional analysis, North America holds the biggest share in the global Multi-Factor Authentication (MFA) market in the year 2018 adding to nearly USD 1.84 billion to the global Multi-Factor Authentication (MFA) market. The region’s reception of this innovation is driven by the nearness of a solid administrative system and reasonable advancement strategies for cybercrime decrease and information obtaining. The Asia-Pacific market is relied upon to develop at the most elevated development pace of 24.8% during the conjecture time frame inferable from the higher buyer base and developing measure of innovation entrance in creating countries of China, India, and Indonesia.
The major players in the global Multi-Factor Authentication (MFA) market include brand names like HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (US), Suprema HQ Inc. (South Korea), and Crossmatch (US), Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), 3M (US), CA Technologies (US), Fujitsu (Japan), VASCO Data Security International Inc. (US), among others.
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Market by Model (Two-Factor Authentication, Three-Factor Authentication, Four-Factor Authentication, and Five-Factor Authentication), by Application (Banking, BFSI, Retail, Government, Healthcare, and E-commerce, and Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2015-2025”
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Multi-Factor Authentication (MFA) Market size & forecast. The report promises to provide state-of-the-art technology of Multi-Factor Authentication (MFA) Market and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.