According to a report,“Multi-factor Authentication Market Size, Share & Trends Analysis Report By Model, By Application (BFSI, Healthcare, Government and Defense, Travel and Immigration, Retail), And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., the global multi-factor authentication (MFA) market size is expected to reach USD 17.76 billion by 2025, experiencing a CAGR of 15.07% during the forecast period. Increasing implementation of BYOD and cloud-based services across enterprises, along with the growing security regulations and mandates, is benefiting market growth.
Key Takeaways from the report:
North America and Europe were the key revenue contributors in 2017. The key factors contributing to the growth of the regions are advanced infrastructure and accelerated adoption of smart devices
The two factor authentication model will continue to dominate the market until 2025, representing more than 75.0% of the overall revenue.
The three factor authentication model is anticipated to exhibit the highest CAGR of close to 17.0% over the forecast period
The BFSI sector will be the most prominent application segment during the forecast period, followed by retail and e-commerce.
The Asia Pacific market is estimated to post a CAGR of about 19.0% over the forecast period
Increasing investments in cloud technologies, BYOD, and mobility solutions are poised to provide a fillip to the multi-factor authentication market
The key market players include RSA Security, Symantec Corporation, CA Technologies, Gemalto, Safran, and Vasco Data Security International.
Browse More Reports in Next Generation Technologies Industry:
Multi-factor authentication is an emerging category of the identity access management that involves use of multiple methods of authentication to verify a user’s identity. Authentication of user identity ensures secure online transactions, log on to online services, and access to corporate resources. Compromised credentials are the main cause of data breaches. Multi-factor authentication is used by organizations to implement an additional layer of security that requires users to authenticate via knowledge, possession, and inherence factors to gain access to corporate and social networks.
Advancements in biometric technologies, hardware and software applications, and cloud-based authentication services are projected to provide extensive growth opportunities to the market. However, issues related to cost and complexity involved in implementing MFA solutions and the ever-changing security regulations and compliances are expected to restrain market growth.
Grand View Research has segmented the multi-factor authentication market based on model, application, and region:
Multi-Factor Authentication Model Outlook (Revenue, USD Million, 2014 – 2025)
Two Factor Authentication
Three Factor Authentication
Four Factor Authentication
Five Factor Authentication
Multi-Factor Authentication Application Outlook (Revenue, USD Million, 2014 – 2025)
BFSI
Government & Defense
Healthcare
Travel & Immigration
Retail & E-commerce
Others
Multi-Factor Authentication Regional Outlook (Revenue, USD Million, 2014 – 2025)
North America
U.S.
Canada
Europe
U.K.
Germany
Asia Pacific
China
India
Japan
Rest of the World (RoW)
Brazil
Mexico
Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
For more information: www.grandviewresearch.com
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1-415-349-0058, Toll Free: 1-888-202-9519Address:201, Spear Street, 1100 City: San FranciscoState: CaliforniaCountry: SwitzerlandWebsite: www.grandviewresearch.com/industry-analysis/multi-factor-authentication-market