PUNE, India, May 24, 2017 /PRNewswire/ --
The multifactor authentication market size is expected to reach $12.51 billion by 2022, at a CAGR of 15.52%. Five-factor authentication model would witness a high growth rate while Healthcare application market would witness a high growth rate with The Americas would dominate the MFA market during the forecast period.
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The multifactor authentication market is expected to reach USD 12.51 billion by 2022, at a CAGR of 15.52% during the forecast period. The growth of the market is driven by various factors such as an increase in data breaches and cyber-attacks, stringent regulation and the growing pressure of data security compliances and the growing adoption of bring your own devices (BYODs) among enterprises. However, cost and technical complexity in implementing MFA and increase in MFA use/service time are expected to inhibit the market growth for a short period of time.
The market for five-factor authentication is expected to grow at the highest CAGR between 2017 and 2022. Being very high in security; these types of models are mostly used in government applications and a few other applications that require a high-level authentication, which is the main reason behind the adoption of five-factor authentication model.
The healthcare application is expected to grow at the highest CAGR during the forecast period. In the healthcare application, authentication plays an important role in securing the data and information by authenticating the authorized person for making any transaction, logging in, or performing any administrative process. The healthcare industry follows stringent government and industry regulations and requires a highly secure infrastructure. This made the industry rely on secure authentication process, resulting in high demand for MFA solutions.
The Americas held the largest share of the multifactor authentication market in 2016 owing to the presence of major vendors of multifactor authentication and high regulatory compliance in the region. The market in RoW is expected to grow at the highest CAGR between 2017 and 2022. The growth of the multifactor authentication market in RoW is driven by the growing adoption of modern technologies such as cloud computing and IoT, as well as government initiatives for protecting sensitive data by formulating data security standards.
Given below is the breakdown of the profile of the primary participants in terms of different parameters considered:
- By Company Type: Tier 1-25%, Tier 2-40%, and Tier 3-35%
- By Designation: C-Level Executives-50%, Directors-32%, and Others-18%
- By Region: The Americas-32%, Europe-30%, APAC-24%, and the Middle East & Africa-14%.
Order a copy of Multifactor Authentication Market by Model (Two-, Three-, Four-, and Five-Factor), Application (Banking and Finance, Government, Military and Defense, Commercial Security, Consumer Electronics, Healthcare), and Geography - Global Forecast to 2022 Research Report At: http://www.reportsnreports.com/purchase.aspx?name=1007787.
The key players operating in this market includeSafran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), 3M (US), CA Technologies (US), Fujitsu (Japan), VASCO Data Security International Inc. (US), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (US), Suprema HQ Inc. (South Korea), and Crossmatch (US).
Consumer IAM Market by Solution (Directory, Identity Proofing, Identity Authentication, Identity Analytics, Identity Administration, and Authorization), Service, Authentication Type, Deployment Mode, Vertical, and Region - Global Forecast to 2022.
End-point Authentication Market for Automotive by Type (Wearable, Smartphone Application, Biometric Vehicle Access), Connectivity (Bluetooth, Wi-Fi, Cellular Network), Vehicle (PC, EV), Advanced Features, and Region - Global Forecast to 2022.
Hardware Security Modules Market by Type (LAN Based, PCle Based, USB Based), Application (Payment Processing, Authentication, Code and Document Signing, PKI, Application Level and Database Encryption, SSL), Industry, and Geography - Global Forecast to 2022.
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