Two-step or multi-factor authentication is a modern security and authentication approach that requires verification of two or more factors to validate the authenticity of the user. Electronic computers commonly have this authentication process. Two-factor authentication market offers a combination of security systems to ensure high level of security and convenience, which ensures safety of all the personal information shared with fellow clients. Rising demand and security concerns are the key factors driving global market for two-factor authentication systems.
Segments in the Market
Researchers studying the global two-factor authentication market for latest trends and future prospects in the industry, categorize it into different segments and sub-segments. This categorization throws light on the current happenings, challenges, opportunities, competition, and forecasting reports for the industry. The multi-factor authentication market is categorized on the basis of authentication models, application areas and geographic regions.
Based on the types of authentication models, the industry is categorized into two, three, four, and five-factor authentication. Each of these models is further sub-segmented into different types based on their applications and demand. Application areas for two-factor authentication market range from defense, healthcare, immigration, travel, banking, finance, commercial security, consumer electronics, and such other fields. On the basis of geography, the industry is segmented into Asia Pacific, North America, Europe, and rest of the world.
- Two-Factor: smartcard with biometric, PIN, two biometric, and PIN with biometric technologies
- Three-Factor: Smartcard with two and three biometric, PIN with two biometric & smartcard with PIN and biometrics technologies
Future Growth Prospects
Multi-factor authentication is all about collecting information about what the clients know, have and are. These aspects consider the password, smart card and biometric technology details to provide high level security and confidentiality to the customers. This is a strong driver for the global two-factor authentication market. Companies from different industrial verticals like BFSI, tourism, healthcare, and consumer electronics are utilizing these technologies with greater flair. This is strongly driving the global market. Advancing technology within the industry is also a positive sign for the global market.
Based on these positive signs, the global two-factor authentication market is estimated to grow at a CAGR of over 17% from 2013 to 2017. At the projected compound annual growth rate, the market is expected to reach past $5.45 billion by 2017. Increasing applications across various industries, stability within developed markets like North America and Europe, and investments across developing regions are strongest drivers for the industry. Developments in the emerging markets like Asia pacific, Latin America, and Middle East and Africa are poised to witness healthy growth by 2017.
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