Two-factor authentication, or 2FA, is a two-step verification process to increase the amount of security for users. This is gaining traction from several associated markets where industries are now opting for the technology. The global two factor authentication market is all set to gain by 19.6% CAGR during the forecast period (2017-2023). Market Research Future’s (MRFR’s) article on the same market talks about a possibility of the two-factor authentication market growing multifold to surpass USD 8.78 billion by 2023.
The system is low-cost, provides extra safety and security to people and services. Due to the integration of the cloud service, there is a surge in takers of two-factor authentication market. This is also important for internet as it can protect identity theft.
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Types, model, technology, and end-user are segments that have been used in the regional two-factor authentication market reading conducted by the MRFR. These segments offer a closer perspective for better understanding.
Based on types, the global two-face authentication system market can be segmented into one-time password, public key infrastructure, and others.
Based on the model, the two-face authentication system market can be segmented into smart card with pin, smart card with biometric technology, biometric technology with pin, two-factor biometric technology, one-time password with pin, and others. The smart card with biometric technology segment is gaining prominence due to its growing installation in corporate offices.
Based on the technology, the two-face authentication system market can be segmented into physical & logical access control, safenet OTP authenticators, out-of-band authenticators, MobilePKI office suite, PKI authenticators, and others.
Based on the end-user, the two-face authentication system market can be segmented into BFSI, consumer electronics, healthcare, government, travel & immigration, military & defense, commercial security, and others. The BFSI segment is expecting strong growth due to the increasing need for security to protect customer information.
Based on the geographical analysis of Two-Factor Authentication Market, MRFR segmented it into the Americas, Europe, Asia-Pacific (APAC), and Rest of world (RoW). The region-specific take on the market is better for unravelling of growth pockets.
In the Americas, the market has two clearly distinct part; North and South America. North America is technologically superior, which provides it an edge. In addition, high investment capacity and robust infrastructure, and greater awareness are things that provide the regional market substantial advantage. On the other hand, South America is comparatively poor and most of the countries are developing with not so strong market valuations. Hence, the growth would be slower.
Europe’s robust growth depends much on the infrastructure and technological awareness. The APAC region is developing and it has several economies that are spending substantially to revamp their industries, which is expected to transform the regional two-factor authentication market. The BFSI sector in the region is quite strong as it deals with massive population. On the other hand, the IT sector is quite strong and cost-effective labor has triggered development of the market. This is helping the global two-factor authentication market.
Various companies are playing integral roles in taking the global two-factor authentication market ahead. To substantiate their efforts, they launch strategic moves that often include merger, collaboration, acquisition, and other methods. These companies are HID Global Corporation/ASSA ABLOY AB (Sweden), Safran S.A (France), Fujitsu Ltd. (Japan), VASCO Data Security International Inc. (US), CA Technologies (US), Gemalto NV (the Netherlands), RSA Security LLC (US), Crossmatch Technologies Inc. (US) Suprema HQ Inc. (South Korea), NEC Corporation (Japan), and 3M Company (US).
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