Multifactor Authentication Market

Multifactor Authentication Market to Expand with a CAGR of 17.7% due to Growing
Concerns over the Data Security
Transparency Market Research (TMR) observers the global multi-factor authentication
market has a highly fragmented vendor landscape. The presence of numerous
companies in the market is expected to further fragment the market. Some of the
companies operating in the multifactor authentication market are Gemalto, EMC,
Entrust, and Vasco. These players are increasingly taking part in business activities
such as collaborations and mergers & acquisitions. Additionally, they are focusing on
product innovation and improvement.
According to the report from TMR, the global multifactor authentication market
pegged the value of US$4,829.2 mn in 2016 and is expected to attain a value of
US$20,444.9 mn by the end of 2025. The market is anticipated to expand with a
CAGR of 17.7% over the forecast period from 2017 to 2025.
Based on models, the two-factor authentication model segment is expected to
dominate the global multifactor authentication market. On the basis of region, North
America is expected to dominate the global market for multifactor authentication
owing to the high acceptance of multifactor authentication systems due to rising
security concerns.
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Advantages of Multifactor Authentication to Propel Growth
The global multifactor authentication market is gaining traction due to soaring
demand owing to the growing necessity for better security solutions. Multifactor
authentication models are principally used for ensuring the safety of the sensitive
information, which is paramount importance. Thus, the governments, finance, and
banking sectors are increasingly adopting the module to secure their important files,
data, and information. The multilayered authentication system is established and
works on the considerations of possession, genetics, location, and knowledge.
Ownership requirements include tokens including OTP, keyfob, and others. Some
other parameters that are based on genetic factors that include fingerprint, facial
biometric, and retina scan. These layers make the system more secure and locationbased factor adds an extra layer of verification. These layers ensure the safety of the
money transaction and data security, which in turn, is propelling its adoption for
data protection. This is a key factor in boosting the growth of the global multifactor
authentication market.
Additionally, the adoption of these models is leading to surging investment in the
research and development (R&D) for improving security for projects. Furthermore, a
growing cyber-attacks is expected to increase thrust for multifactor authentication
models, which is another factor propelling the growth of the global multi-factor
authentication market.
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High Initial Investment and High Cost to Restrain Growth
Moreover, some of the stringent rules and regulations imposed on the numerous
governments globally in order to ensure the safety of national secrets is augmenting
the demand for security measures and propel the growth of the global multi-factor
authentication market.
However, the initial high cost and investment for installation of the authentication
models posing as challenges to the growth of the global multifactor authentication
market.
This information is encompassed in the new report by TMR, titled “Multifactor
Authentication Market (Authentication Model (Two-factor, Three-factor, and Fourfactor); End-user Industry - BFSI, Government, Healthcare, Retail, and Telecom & IT)
- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 2025.”

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