Multi Factor Authentication Market to Amass Commendable Remuneration from in BFSI Industry By 2024

Global Market Insights presents the Multi Factor Authentication Market provides a detailed overview of major drivers, restraints, challenges, opportunities, current industry trends and strategies impacting the global market along with estimates and forecast of revenue.

The technology is being implemented across several industries such as commercial security, consumer electronics, BFSI, aerospace & defense, healthcare, government, transportation and travel & immigration. The BFSI industry is a key segment which is anticipated to lead the multi factor authentication market growth. Three factor models are being commonly used in BFSI segment owing to its usage in restricted access areas such as bank lockers.

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The four and five factor models have been implemented in defense, and government applications and are anticipated to play a vital role owing to the stringent government regulations, border security and data security needs. Several government administrations are developing rules & regulations for diverse sectors to protect their data and are capitalizing a substantial sum for solution developments, thereby contributing the multi factor authentication market growth.

With the increasing number of cyber-attacks and data breaches, organizations are increasing their expenditure on cyber security to protect the businesses from rising attacks. Legacy network defenses are being replaced with the upcoming technologies to restrict hackers from gaining access to networks. Other factors such as growing pressure of data security compliances and stringent regulations, with increasing adoption of BYOD concept among businesses are anticipated to help gain a noteworthy traction for the multi factor authentication market over the coming years.

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The multi factor authentication market is segmented based on the technology models such as five factor, four factor, three factor and two factor, authentication models. These models are mainly being implemented for identifying an individual through one’s information or physical traits.  One time password (OTP) and smart cards with PINs are the commonly used two factor authentication techniques. The OTP authentication is widely gaining approval in the developed countries. Biometric based multi factor models are growing at a speedy pace as they are providing high convenience and security which are gaining popularity, thereby boosting the multi factor authentication industry demand.

The multi factor authentication market in the U.S. accounts for the major revenue share. The growth is credited to the presence of developed IT infrastructure, financial institutes, and the rising requirement for dependable authentication models. In the region, several banks have prompted the adoption for these models. In 2016, the U.S. Homeland Security launched an airport biometric scanning system which is helping track the immigration in the country through iris and facial recognitions and is aiding the government identify non-U.S. citizens.

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Key players involved in the multi factor authentication market are 3M, Cross Match Technologies, ACTivIdentity Inc., CA Technologies, Confident Technologies, Deepnet Security Ltd., Dell Technologies, Entrust Inc., Fujitsu Ltd., Gemalto NV., HID Global, Lumidigm, NEC Corporation, Passfaces, RCG Holding, RSA Security LLC, Safran SA, Sagem Morpho, SMS Passcode A/S, Safe TLC, SecuGen, Securenvoy Ltd., Suprema Inc., Technology Nexus AB, Vasco Data Security, Watchdata Technologies and ZK Software.