According to BlueWeave Consulting, the Global Multi-Factor Authentication (MFA) Market is expected to grow from USD xx billion in the year 2019 to USD xxx billion by the end of the year 2025, at a CAGR of 14.9% during the projection period due to growing security concerns and usage of multi-factor authentication. Factors like growth in the number of cyber-attacks and data breaches, the growing pressure of the data security rules, stringent regulations and the bolstering adoption of the BYOD concept among the business enterprises are driving the development of the MFA market.
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MFA is famous because of the high level of security and is far superior to a single username and secret phrase mix. Various models of MFA are discovered and deployed for different applications in verticals such as immigration & travel, commercial security, BFSI, government, electronics and healthcare.
Two-factor Authentication (2FA), known as a two-advance check, is a security procedure wherein a client gives two verification factors. Two-factor verification gives an extra layer of security and makes it harder for invaders to access people gadgets and online accounts. Two-factor authentication can be accomplished utilizing any two smart cards, PIN, SMS application, tokens, biometrics (iris, face, palm, unique finger impression, etc.), passwords, etc. Brilliant card with PIN is the most customarily utilized for two-factor validation model, mostly deployed in banking and money, participation frameworks, online exchanges, and access control frameworks.
Banking and Finance is one of the most MFA seeking verticals. Smart card and PIN blend is the most regularly utilized MFA in the form of Visas, check cards and ATM cards. One-time password (OTP) is also gaining popularity in the banking and online payment industry. OTP utilizes SMS/email/cell phone applications to send a One-Time password to the authorized people portable/cell phone. The main considerations for the development of this market are expanding internet penetration and the online business transaction for which secure exchanges are required. Numerous administrative bodies have passed guidelines for utilization of MFA for the security of banking and budgetary applications such as central banking, internet banking, banking cards personalization frameworks, exchange money, global installments, remote trade, bank assurance, and other banking and monetary administrations.
Based on regional analysis, North America secured the biggest share in the Global Multi-Factor Authentication (MFA) market in the year 2018, adding revenues of nearly USD 1.84 billion to the market. The acceptance of innovation, proximity to a solid administrative system and sound strategies for cybercrime reduction and information brach in the region drive the use of MFA. The Asia-Pacific market is also expected to register an exemplary growth of 24.8% during the projection time frame due to the higher buyer base in BFSI verticals and innovations in countries such as China, India, and Indonesia.
“The major players” in the global Multi-Factor Authentication (MFA) market include brand names like HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (US), Suprema HQ Inc. (South Korea), and Crossmatch (US), Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), 3M (US), CA Technologies (US), Fujitsu (Japan), VASCO Data Security International Inc. (US), among others.
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