The multifactor authentication (MFA) market is expected to reach USD 12.51 Billion by 2022, at a CAGR of 15.52% during the forecast period. Multifactor authentication allows organizations to use advanced security options, which are easier for end-users but harder for hackers. Multifactor authentication is used in several applications because of the security assurance and the benefits provided by multifactor authentication to comply with the regulatory compliances for data security.
The multifactor authentication market has been segmented on the basis of model into two-factor, three-factor, four-factor, and five-factor authentication models. The two-factor authentication model has the largest market share among all other authentication models in the multifactor authentication market, owing to the benefits such as improved security, increasing productivity and flexibility, lower security management cost, and secure online transaction.
The multifactor authentication market, on the basis of application, has been into banking and finance, government, travel and immigration, military and defense, commercial security, consumer electronics, healthcare, and others. The healthcare application accounted for the highest growth rate in the multifactor authentication market because of the stringent government and industry regulations and requires a highly secure infrastructure. This made the industry rely on multifactor authentication solutions for protecting the sensitive information and data. The security of patient information is a legal mandate for healthcare. As more and more health information becomes available electronically, more risks arise for the security of the patient information resulting in the high deployment of multifactor authentication for the authentication process.
RoW is expected to be the fastest-growing market for multifactor authentication, followed by APAC during the forecast period. The market in RoW is expected to grow at the highest rate during the forecast period, owing to the formulation of new regulatory compliances and the adoption of modern technologies such as cloud and IoT, which create a huge opportunity for data and information security.
Hid Global Corporation/Assa Abloy Ab
Rcg Holdings Limited
Rsa Security LLC
Suprema HQ Inc.
Vasco Data Security International Inc.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Multifactor Authentication Market, By Model
8 Multifactor Authentication Market, By Application