Multi-Factor Authentication Market – Growth, Trends, And Forecast (2019 – 2024)
The Multi-Factor Authentication Market covers important aspects of this market concerning fundamental parameters. The report explains outline of the business range, concentrating on the overall industry, development possibilities, types and application. It brief Multi-Factor Authentication summary of the market considering the current and future scenarios. It also provides information in terms of development and its capacities.
The multi-factor authentication market is expected to register a CAGR of 15.2% over the forecast period of 2019-2024.
The Multi-Factor Authentication market is highly competitive and consists of a number of major players: GOOGLE LLC., MICROSOFT CORPORATION., FACEBOOK INC., AMAZON WEB SERVICES INC., IBM CORPORATION., ADOBE SYSTEMS INCORPORATED., SALESFORCE.COM INC., BAIDU INC., SNAP INC., CLARABRIDGE INC., HOOTSUITE MEDIA INC., MELTWATER NEWS US INC., CRIMSON HEXAGON INC. and SPROUT SOCIAL INC and others
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Scope of the Report
The multi-factor authentication market is an authentication method in which the user is granted access only after successfully presenting two or more pieces of evidence. It provides hardware and software solutions offered by various vendors of the market. It is popular due to the high degree of security and different models of multi-factor authentication have found various applications in verticals, such as BFSI, government, immigration & travel, commercial security, electronics and healthcare.
Key Market Trends
Biometric in BFSI to Hold a Significant Share
– For banks and finance organizations like trading houses, credit card providers, investment funds, etc., protecting the sensitive data and money of the customers is of the utmost importance. There are several links that make it quite easier for hackers or attackers to get into customer’s bank accounts online and steal money. Hence banking and finance need 2FA solution having biometric solution for better security of customers bank accounts and data.
– Combining image authentication with biometric characteristics like iris, retina and face scan gives image response confirmation of a previously saved image allocated to each user during registration into the authentication server, which gives user satisfaction that he is on correct site, which provide security to online transaction.
– The support for audio capturing with the increased availability of voice recognition services, which is a characteristic of biometric solution is available over HTTP-based APIs making it really simple to grant access during transaction through smartphone in multifactor authentification.
– CaixaBank in Spanish is offering customers to use biometric facial recognition technology with pin code as an option, which offers security benefit and giving the rise of opportunity for multi-factor authentification market.
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Asia-Pacific Expected to Register the Fastest CAGR
– The Asia Pacific region is expected to be the fastest-growing region in the multifactor authentication market because of a higher level of implementation of bring your own device (BYOD) and choose your own device (CYOD) policies, as well as mobility services, which are increasing cyber attacks and data breaches.
– CREALOGIX has rolled out the solution to major banks in Asia, providing their customers with one single app for banking and authentication. There is no longer a One-Time-Password (OTP) hardware token, generated by a hardware device for each action as part of a multifactor authentication system. The soft token replaces the hard token and provides all the security advantages of multifactor authentication.
– China market is growing highest among the countries, as with the progression of electronic information technology, obtaining personal information becomes relatively simple and it is estimated that China constitutes more number of cyber attacks in banking than United States.
– In China, to enhance the online security level, the internet banking service of the company provides customers with a comprehensive range of two-factor authentication tools to safeguard the designated transactions and designated investment transactions performed by customers via internet banking / mobile banking, which drives the MFA market.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Multi-Factor Authentication Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2014 to 2019 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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