Global Multi-Factor Authentication Market 2019-2024: Cloud-Based Multi-Factor Authentication Driving Growth
DUBLIN, June 24, 2019 /PRNewswire/ -- The "Multi-Factor Authentication Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
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The multi-factor authentication market is expected to register a CAGR of 15.2% over the forecast period of 2019-2024
Blockchain and decentralized authentication systems are coming in trends which will replace centralized data and application servers with a network of computers that encrypt and store data and stay in sync with each other. The general concept is to represent user identities with encryption key-pairs which can be tied to additional parameters such as the user's biometric data instead of passwords to make a high authentification.
-- Growing number of cyberattacks across enterprises is driving the market,
as nearly half of all cyber attacks target small business with mostly
ransomware attacks and hijacking corporate online and financial
accounts. OneLogin's own authentication app (OneLogin Protect) where
users can verify their identities via their smartphones. It also
integrates with other third-party authentication factors like Google
Authenticator and Yubico's YubiKeys and provides a single sign-on option
for company's desktops.
-- Cloud-based multi-factor authentication is driving the market. Mobile is
a key focus for today's Cloud MFA solutions, where mobile options such
as fingerprint scan, facial recognition deliver ease of use, making the
authentication experience as frictionless as possible for users.
SAASPASS provides cloud-based two-factor authentication to sign into
applications and devices anywhere securely.
-- However, false security and high cost is a key restraint for the market,
as there is always possibility of mobile phones and tokens being stolen,
potentially allowing the thief to gain access to the user's accounts.
Due to the requirement of specialized hardware, the total cost becomes
high which is a major challenge for the market growth.
Scope of the Report
The multi-factor authentication market is an authentication method in which the user is granted access only after successfully presenting two or more pieces of evidence. It provides hardware and software solutions offered by various vendors of the market. It is popular due to the high degree of security and different models of multi-factor authentication have found various applications in verticals, such as BFSI, government, immigration & travel, commercial security, electronics and healthcare.
Key Market Trends
Biometric in BFSI to Hold a Significant Share
-- For banks and finance organizations like trading houses, credit card
providers, investment funds, etc., protecting the sensitive data and
money of the customers is of the utmost importance. There are several
links that make it quite easier for hackers or attackers to get into
customer's bank accounts online and steal money. Hence banking and
finance need 2FA solution having biometric solution for better security
of customers' bank accounts and data.
-- Combining image authentication with biometric characteristics like iris,
retina and face scan gives image response confirmation of a previously
saved image allocated to each user during registration into the
authentication server, which gives user satisfaction that he is on
correct site, which provide security to online transaction.
-- The support for audio capturing with the increased availability of voice
recognition services, which is a characteristic of biometric solution is
available over HTTP-based APIs making it really simple to grant access
during transaction through smartphone in multifactor authentification.
-- CaixaBank in Spanish is offering customers to use biometric facial
recognition technology with pin code as an option, which offers security
benefit and giving the rise of opportunity for multi-factor
authentification market.
Asia-Pacific Expected to Register the Fastest CAGR
-- The Asia Pacific region is expected to be the fastest-growing region in
the multifactor authentication market because of a higher level of
implementation of bring your own device (BYOD) and choose your own
device (CYOD) policies, as well as mobility services, which are
increasing cyber attacks and data breaches.
-- CREALOGIX has rolled out the solution to major banks in Asia, providing
their customers with one single app for banking and authentication.
There is no longer a One-Time-Password (OTP) hardware token, generated
by a hardware device for each action as part of a multifactor
authentication system. The soft token replaces the hard token and
provides all the security advantages of multifactor authentication.
-- China market is growing highest among the countries, as with the
progression of electronic information technology, obtaining personal
information becomes relatively simple and it is estimated that China
constitutes more number of cyber attacks in banking than United States.
-- In China, to enhance the online security level, the internet banking
service of the company provides customers with a comprehensive range of
two-factor authentication tools to safeguard the designated transactions
and designated investment transactions performed by customers via
internet banking / mobile banking, which drives the MFA market.
Competitive Landscape
The multi-factor authentication market is fragmented as the market comprises of global and local players where the product penetration with innovation is growing. Software firms are also looking in this market which increases the rivalry among the players. Key players are CA Technologies, Inc., Fujitsu Limited, Gemalto NV, etc. Recent developments in the market are -
-- May 2019 - Truxtun Capital reached an unachieved milestone in the
payment industry by releasing the first broadly available FIDO
Certified, multi-factor strong authentication payment solution for
consumers. It provides customers with mobile, virtual and physical card
products in a simple user experience where customer takes control of
their own digital identity and security profile on a mobile phone, while
activating security credentials.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Number of Cyberattacks across enterprises
4.3.2 Cloud-Based Multi-Factor Authentication
4.4 Market Restraints
4.4.1 False Security and High Cost
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Authentication
5.1.1 Two-Factor
5.1.2 Three-Factor
5.1.3 Four-Factor
5.2 End User
5.2.1 BFSI
5.2.2 Healthcare
5.2.3 Government
5.2.4 Defense
5.2.5 Travel and Transport/Logistics
5.2.6 Other End Users
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 CA Technologies, Inc.
6.1.2 Fujitsu Limited
6.1.3 Gemalto NV
6.1.4 NEC Corporation
6.1.5 RSA Security LLC
6.1.6 Safran Group
6.1.7 SecureAuth Coproration
6.1.8 Suprema HQ Inc.
6.1.9 Symantec VIP
6.1.10 VASCO Data Security International, Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/agvrfx
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
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