SAN FRANCISCO, March 8, 2018 /PRNewswire/ --
The global multi-factor authentication (MFA) market size is expected to reach USD 17.76 billion by 2025, according to a new study by Grand View Research, Inc., 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.
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.
Browse full research report with TOC on "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" at: https://www.grandviewresearch.com/industry-analysis/multi-factor-authentication-market
Further Key Findings From the Report Suggest:
- 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 related reports by Grand View Research:
- Waste Derived Biogas Market - Waste derived biogas market is expected to witness significant growth over the forecast period owing to rising environmental awareness.
- Micro Irrigation Systems Market - The global micro irrigation systems market was estimated at USD 2.48 billion in 2014 and is expected to witness rapid growth owing to factors such as growing population.
- Connected Retail Market - The global connected retail market size was estimated at USD 11.17 billion in 2014.
- Smart Elevator Market - The global smart elevator market size was USD 10.50 billion in 2014.
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)
- Government & Defense
- Travel & Immigration
- Retail & E-commerce
- Multi-Factor Authentication Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Rest of the World (RoW)
- North America
Read Our Blog By Grand View Research: https://www.grandviewresearch.com/blogs/technology
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Corporate Sales Specialist, USA
Grand View Research, Inc
Toll Free: 1-888-202-9519
SOURCE Grand View Research, Inc.