Transparency Market Research observes that the competitive landscape in the global multifactor authentication market is highly fragmented due to presence of several players. The report anticipates that mergers and acquisitions will remain important to established players in order to gain entry into the untapped markets.
For instance, in November 2017, Gemalto formed a partnership with Computer Gross to expand its geographical servings for security and authentication based products. Innovation and introduction of technically-sound products are expected to be the two most important strategies of the global market in the near future. The competition is expected to get tougher as the players focus on extension of services to the end users. The report identifies Gemalto, Entrust, EMC, and Vasco as the key players in the global multifactor authentication market.
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According to the research report, the global multifactor authentication market is was valued at US$4,829.2 mn in 2016 and is expected to be worth US$20,444.9 mn by the end of 2025. During the forecast years of 2017 and 2025, the global market is expected to surge at a CAGR of 17.7%.
In terms of models, the two-factor authentication model is expected to show tremendous progress as it’s a mere two-step verification process. Geographically, North America is expected to lead the global market as the region promises high adoption of multifactor authentication models amidst rising security concerns.
Banking and Finance Sector Stokes Demand
The global market for multifactor authentication is expected to witness a soaring demand in the near future as the need for better security solutions will always be consistent. Multifactor authentication models are predominantly used for guarding sensitive information of utmost importance. Thus, it is readily being adopted by governments and banking and finance sectors to secure their top level data, files, and information about services.
This multilayered authentication system is based on the parameters of genetics, possession, knowledge, and location to access the system. Possession requirements include software and hardware tokens including keyfob, OTP and others. Genetic parameters include items such as facial biometric, fingerprint, and retina scanning. Knowledge parameters are inclusive of user name and password, PIN’s and answers to secret questions. To make all of these layers even more secure, location-based parameter adds an extra layer of authentication.
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Such tight security measures are thus likely to revolutionize the way financial transactions are being secured. Furthermore, adoption of these models is expected to bring about tremendous security for projects that are under research and development. The report assesses that the two-factor authentication model is likely to gain maximum revenue in the near future as it a simpler verification process. It requires a combination of any of the two aforementioned parameters to give the end user a verified access. The growing number of cyber-attacks on financial institutions is expected to push the demand for multifactor authentication models. Furthermore, the stringent rules and regulations by governments across the globe to guard national secrets are also projected to augment the demand for these security measures.