Global Multifactor Authentication Market to Grow at 17.7% CAGR through 2025
A new informative study titled “Multifactor Authentication Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025” has recently been added to the repository of Market Research Reports Search Engine (MRRSE). According to the report, the global multifactor authentication market is likely to surpass US$ 20 Bn in revenues by 2025. During the assessment period, the global multifactor authentication market is expected to surge at 17.7% CAGR.
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According to the report, adoption of multifactor authentication is likely to grow on account of rising concerns about cyber threats among institutions all around the world. Governments around the world are focusing on developing effective regulations to safeguard the online assets. Governments are also focusing on regulations such as FIPS 140-2 (US) and General Data Protection Regulation (EU) to boost their security apparatus around the globe.
The report segments the global multifactor authentication market into end use industry, authentication model and region. The end use industry segment is further sub-segmented into retail, defense, IT & telecom, government, healthcare and BFSI. The authentication model segment is categorized into two factor, three and four factor. Geographically, the market is divided into key regions globally which are North America, South America, Europe, Asia Pacific and Middle East & Africa.
According to the report, adoption of two-factor authentication model is likely to remain dominant throughout the forecast period. Three-factor and four-factor authentication models are also likely to witness steady growth, however, it is the two-factor adoption system that will remain pervasive.
By end-use, BFSI is likely to remain one of the largest segments. The adoption of multifactor authentication system in BFSI is likely to grow on account of high vulnerability of this industry with regards to hacks and cyberattacks. Banks and financial institutions around the world are focusing on boosting their security apparatus, and this is likely to provide an impetus to growth. In addition to BFSI, healthcare and retail are the other key sectors for multifactor authentication market globally.
North America is the most lucrative market for multifactor authentication systems, and it is highly likely that adoption will continue to grow at a rapid pace during the assessment period. The adoption of multifactor authentication market in North America is likely to remain significant on account of growing awareness among end-use industries.
The report profiles some of the leading players operating in the market. Some of these players are RSA Security, Microsoft Corporation, SecureAuth Corporation, CA Technologies, Vasco Data Security International Inc., Symantec Corporation, Okta Inc., Gemalto, Ping Identity, HID Global Corporation and Entrust Datacard Corporation.
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