Multifactor authentication: Key market research findings
- Introduction of OOB authentication
- Growing dominance of Two-factor authentication
Technavio’s market research analysts estimate the global multifactor authentication market to grow at a CAGR of 22% between 2016 and 2020. The adoption of multi-factor authentication is rising because of the growing security concerns like web transaction fraud, network-based attacks, web-based application attacks, and mobile phone application attacks. Enterprises are adopting multi-factor authentication solutions for more control over access to applications and sensitive information from remote locations. APAC is expected to be the fastest-growing region in the global multifactor authentication market, because of a higher level of implementation of bring your own device (BYOD) policy, choose your own device (CYOD) policy, and mobility services.
The new market research report from Technavio provides a breakdown and analysis of the sealants and adhesives segments by technology.
“The advent of out-of-band authentication (OOB) authentication is the latest trend gaining traction in this market. OOB authentication is a type of two-factor authentication and works well even if a fraudulent user gains all security credentials to a user’s account. Hardware OOB authentication tokens and mobile phone-based OOB authentication tokens such as SMS and back-up calls are the OOB authentication methods available in the market,” says Amrita Chaudury, Lead Analyst, ICT, Technavio Research
Two-factor authentication occupies the largest share in the market, accounting for 92% of the overall market. This technique is a combination of factors such as username and password, an automated teller machine (ATM) card, or any one biometric characteristics such as fingerprints. Much of this segment growth comes from the increased security concerns over transactions. BFSI and PCI sectors are highest adopters of two-factor authentication for both employee and user authentication
The key vendors in the global multifactor authentication market are EMC, Entrust, Gemalto and Vasco. The market is fragmented with the presence of many small regional vendors and large multinational vendors. Competition in the market is expected to intensify during the forecast period owing to increase in product and service extensions, mergers and acquisitions, and technological innovations. Established multi-factor authentication vendors are likely to acquire smaller vendors to expand their product portfolio and boost their market share.
A more detailed analysis is available in the Technavio report Global Multi-factor Authentication Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
