Multifactor Authentication Market by Model (Two-, Three-, Four-, and Five-Factor), Application (Banking and Finance, Government, Military and Defense, Commercial Security, Consumer Electronics, Healthcare), and Geography - Global Forecast to 2022

  • ID: 4267278
  • Report
  • Region: Global
  • 175 Pages
  • Markets and Markets
1 of 5
Multifactor Authentication Market worth 12.51 Billion USD by 2022

FEATURED COMPANIES

  • 3M
  • CA Technology
  • Deepnet Security
  • Fujitsu
  • NEC Corporation
  • Rsa Security LLC
  • MORE

“The multifactor authentication market is likely to grow at a CAGR of 15.52% during the forecast period”

The multifactor authentication market is expected to reach USD 12.51 billion by 2022, at a CAGR of 15.52% during the forecast period. The growth of the market is driven by various factors such as an increase in data breaches and cyber attacks, stringent regulation and the growing pressure of data security compliances and the growing adoption of bring your own devices (BYODs) among enterprises. However, cost and technical complexity in implementing MFA and increase in MFA use/service time are expected to inhibit the market growth for a short period of time.

“Five-factor authentication model would witness a high growth rate during the forecast period”

The market for five-factor authentication is expected to grow at the highest CAGR between 2017 and 2022. Being very high in security, these types of models are mostly used in government applications and a few other applications that require a high-level authentication, which is the main reason behind the adoption of five-factor authentication model.
 
“Healthcare application market would witness a high growth rate during the forecast period”

The healthcare application is expected to grow at the highest CAGR during the forecast period. In the healthcare application, authentication plays an important role in securing the data and information by authenticating the authorized person for making any transaction, logging in, or performing any administrative process. The healthcare industry follows stringent government and industry regulations and requires a highly secure infrastructure. This made the industry rely on secure authentication process, resulting in high demand for MFA solutions.

“The Americas would dominate the MFA market, while RoW is expected to grow at the highest rate during the forecast period”

The Americas held the largest share of the multifactor authentication market in 2016 owing to the presence of major vendors of multifactor authentication and high regulatory compliance in the region. The market in RoW is expected to grow at the highest CAGR between 2017 and 2022. The growth of the multifactor authentication market in RoW is driven by the growing adoption of modern technologies such as cloud computing and IoT, as well as government initiatives for protecting sensitive data by formulating data security standards.

Given below is the breakdown of the profile of the primary participants in terms of different parameters considered:

  • By Company Type: Tier 1-25%, Tier 2-40%, and Tier 3-35%
  • By Designation: C-Level Executives-50%, Directors-32%, and Others-18%
  • By Region: The Americas-32%, Europe-30%, APAC-24%, and the Middle East & Africa-14%.

The key players operating in this market include Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), 3M (US), CA Technologies (US), Fujitsu (Japan), VASCO Data Security International Inc. (US), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (US), Suprema HQ Inc. (South Korea), and Crossmatch (US).

Research Coverage:

In this report, various segments such as type, application, and geography have been covered. It also discusses drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across 4 main regions: the Americas, Europe, APAC, and RoW.

Reasons to Buy the Report:

  • This report includes the multifactor authentication market sizing in terms of value on the basis of type, application, and geography.
  • The value chain analysis and key strategies adopted by the market players have been provided for the multifactor authentication market.
  • Major drivers, restraints, opportunities, and challenges for the multifactor authentication market have been provided in detail in this report.
  • The report includes illustrative segmentation, analysis, and forecast for the multifactor authentication market based on its segments and subsegments.
READ MORE
Note: Product cover images may vary from those shown
2 of 5

FEATURED COMPANIES

  • 3M
  • CA Technology
  • Deepnet Security
  • Fujitsu
  • NEC Corporation
  • Rsa Security LLC
  • MORE
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Source
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.3 Secondary and Primary Research
2.1.3.1 Key Industry Insights
2.1.3.2 Breakdown of Primaries
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumption

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in the Multifactor Authentication Market
4.2 Multifactor Authentication Market, By Application
4.3 Multifactor Authentication Market, By Region and Model
4.4 Geographic Snapshot of the Multifactor Authentication Market

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Driver
5.2.1.1 Increase in Data Breaches and Cyber Attacks
5.2.1.2 Stringent Regulations and the Growing Pressure of Data Security Compliances
5.2.1.3 Growing Adoption of Byod Among Enterprises
5.2.2 Restraints
5.2.2.1 Cost and Technical Complexity in Implementing the Multifactor Authentication
5.2.2.2 Increasing Response Time in Higher Order Authentication Models
5.2.3 Opportunities
5.2.3.1 Demand for MFA for Data Security in the Cloud Environment
5.2.3.2 Rising Adoption of the Interconnected Devices in the Iot Environment
5.2.3.3 Emerging Markets
5.2.4 Challenges
5.2.4.1 Uncertainty and Pushback From End Users

6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.3 Regulatory Landscape
6.3.1 Regulatory Compliances
6.3.1.1 Criminal Justice Information System (CJIS) Security Policy
6.3.1.2 Payment Card Industry (PCI) Data Security Standard
6.3.1.3 Ffiec Authentication in an Internet Banking Environment Guidance
6.3.1.4 Fair and Accurate Credit Transaction Act (FACTA)
6.3.1.5 Identity Theft Red Flags
6.3.1.6 Health Insurance Portability and Accountability Act (HIPPA)
6.3.1.7 Sarbanes-Oxley Act (SOX)
6.3.1.8 Gramm-Leach-Bliley Act
6.4 New Industry Trends
6.4.1 Out-Of-Band Authentication
6.4.2 Built-In Fingerprint Readers
6.4.3 Baked-In Authentication

7 Multifactor Authentication Market, By Model
7.1 Introduction
7.2 Two-Factor Authentication
7.2.1 Smart Card With Pin
7.2.2 Smart Card With Biometric Technology
7.2.3 Biometric Technology With Pin
7.2.4 Two-Factor Biometric Technology
7.2.5 One Time Password With Pin
7.3 Multifactor With Three-Factor Authentication
7.3.1 Smart Card With Pin and Biometric Technology
7.3.2 Smart Card With Two-Factor Biometric Technologies
7.3.3 Pin With Two-Factor Biometric Technologies
7.3.4 Three-Factor Biometric Technology
7.4 Multifactor With Four-Factor Authentication
7.5 Multifactor With Five-Factor Authentication

8 Multifactor Authentication Market, By Application
8.1 Introduction
8.2 Banking and Finance
8.2.1 Case Study: Cooperative Financial Services (UK)
8.3 Government
8.3.1 Case Study: Government Department (Putrajaya, Malaysia)
8.4 Travel and Immigration
8.4.1 Case Study: the International Airport of Mexico City (Mexico)
8.5 Military and Defense
8.5.1 Case Study: US Department of Defense (US)
8.6 Commercial Security
8.6.1 Case Study: City Point (London, UK)
8.7 Healthcare
8.7.1 Case Study: Nemours Children’s Health System (Florida, US)
8.8 Consumer Electronics
8.9 Others

9 Geographical Analysis
9.1 Introduction
9.2 The Americas
9.2.1 US
9.2.2 Canada
9.2.3 Rest of the Americas
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 France
9.3.4 Italy
9.3.5 Rest of Europe
9.4 APAC
9.4.1 Australia
9.4.2 China
9.4.3 Japan
9.4.4 South Korea
9.4.5 India
9.4.6 Rest of APAC
9.5 RoW

10 Competitive Landscape
10.1 Overview
10.2 Market Ranking Analysis
10.2.1 New Product Launches and Developments
10.2.2 Mergers, Acquisitions, and Collaborations
10.2.3 Contracts, Partnerships, and Agreements
10.2.4 Expansions
10.3 Dive Chart Analysis
10.3.1 Vanguards
10.3.2 Dynamic
10.3.3 Innovator
10.3.4 Emerging
10.4 Business Strategy
10.5 Product Offerings

*Top 25 Companies Analyzed for This Study are - 3M, Apersona, Inc, Biomio, CA Technology, Censornet Ltd, Crossmatch, Deepnet Security, Duo Secuirty, Entrust Inc., Fujitsu, Gemalto NV, Hid Global Corporation/Assa Abloy Ab, Iovation Inc, NEC Corporation, Nexus Group, Rcg Holdings Limited, Rsa Security LLC, Safran, Secugen Corporation, Securenvoy Ltd, Suprema HQ Inc., Symantec Corporation, Vasco Data Security International , Inc., Watchdata.Com, ZK Software

11 Company Profile
(Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, MnM View)*
11.1 Introduction
11.2 Safran
11.3 NEC Corporation
11.4 Gemalto NV
11.5 Rsa Security LLC
11.6 Hid Global Corporation/Assa Abloy Ab
11.7 3M
11.8 CA Technologies
11.9 Fujitsu
11.10 Vasco Data Security International, Inc.
11.11 Suprema HQ Inc.
11.12 Crossmatch

*Details on Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Emerging Players
12.1 Apersona, Inc.
12.1.1 Key Strategies
12.2 Biomio
12.2.1 Key Strategies
12.3 Iovation Inc.
12.3.1 Key Strategies
12.4 ZK Software
12.4.1 Key Strategies

13 Appendix
13.1 Insights of Industry Experts
13.2 Discussion Guide
13.3 Knowledge Store
13.4 Introducing RT: Real-Time Market Intelligence
13.5 Available Customizations
13.6 Related Reports
13.7 Author Details

List of Tables:
Table 1 Global Multifactor Authentication Market Size, By Model, 2014-2022 (USD Million)
Table 2 Global Two-Factor Authentication Market Size, By Model Type, 2014-2022 (USD Million)
Table 3 Two-Factor Authentication Market Size, By Geography, 2014-2022 (USD Million)
Table 4 Two-Factor Authentication Market Size in the Americas, By Country, 2014-2022 (USD Million)
Table 5 Two-Factor Authentication Market Size in Europe, By Country, 2014-2022 (USD Million)
Table 6 Two-Factor Authentication Market Size in APAC, By Country, 2014-2022 (USD Million)
Table 7 Two-Factor Authentication Market Size in RoW, By Country, 2014-2022 (USD Million)
Table 8 Global Three-Factor Authentication Market Size, By Type, 2014-2022 (USD Million)
Table 9 Three-Factor Authentication Market Size, By Geography, 2014-2022 (USD Million)
Table 10 Three-Factor Authentication Market Size in the Americas, By Country, 2014-2022 (USD Million)
Table 11 Three-Factor Authentication Market Size in Europe, By Country, 2014-2022 (USD Million)
Table 12 Three-Factor Authentication Market Size in APAC, By Country, 2014-2022 (USD Million)
Table 13 Three-Factor Authentication Market Size in RoW, By Country, 2014-2022 (USD Million)
Table 14 Four-Factor Authentication Market Size, By Geography, 2014-2022 (USD Million)
Table 15 Four-Factor Authentication Market Size in the Americas, By Country, 2014-2022 (USD Million)
Table 16 Four-Factor Authentication Market Size in Europe, By Country, 2014-2022 (USD Million)
Table 17 Four-Factor Authentication Market Size in APAC, By Country, 2014-2022 (USD Million)
Table 18 Four-Factor Authentication Market Size in RoW, By Country, 2014-2022 (USD Million)
Table 19 Five-Factor Authentication Market Size, By Geography, 2014-2020 (USD Million)
Table 20 Five-Factor Authentication Market Size in the Americas, By Country, 2014-2022 (USD Million)
Table 21 Five-Factor Authentication Market Size in Europe, By Country, 2014-2022 (USD Million)
Table 22 Five-Factor Authentication Market Size in APAC, By Country, 2014-2022 (USD Million)
Table 23 Five-Factor Authentication Market Size in RoW, By Country, 2014-2022 (USD Thousand)
Table 24 Global Multifactor Authentication Market Size, By Application, 2014-2022 (USD Million)
Table 25 Multifactor Authentication Market Size for Banking and Finance Application, By Geography, 2014-2000 (USD Million)
Table 26 Multifactor Authentication Market Size for Government Application, By Geography, 2014-2022 (USD Million)
Table 27 Multifactor Authentication Market Size for Travel and Immigration Application, By Geography, 2014-2022 (USD Million)
Table 28 Multifactor Authentication Market Size for Military and Defense Application, By Geography, 2014-2000 (USD Million)
Table 29 Multifactor Authentication Market Size for Commercial Security Application, By Geography, 2014-2000 (USD Million)
Table 30 Multifactor Authentication Market Size for Healthcare Application, By Geography, 2014-2000 (USD Million)
Table 31 Multifactor Authentication Market Size for Consumer Electronics Application, By Geography, 2014-2000 (USD Million)
Table 32 Multifactor Authentication Market Size for Others, By Geography, 2014-2000 (USD Million)
Table 33 Multifactor Authentication Market Size, By Region, 2014-2022 (USD Million)
Table 34 The Americas: Multifactor Authentication Market Size, By Model, 2014-2022 (USD Million)
Table 35 The Americas: Multifactor Authentication Market Size, By Application, 2014-2022 (USD Million)
Table 36 The Americas: Multifactor Authentication Market Size, By Country, 2014-2022 (USD Million)
Table 37 US: Multifactor Authentication Market Size, By Model, 2014-2022 (USD Million)
Table 38 Canada: Multifactor Authentication Market Size, By Model, 2014-2022 (USD Million)
Table 39 Rest of Americas: Multifactor Authentication Market Size, By Model, 2014-2022 (USD Million)
Table 40 Europe: Multifactor Authentication Market Size, By Model, 2014-2022 (USD Million)
Table 41 Europe: Multifactor Authentication Market Size, By Application, 2014-2022 (USD Million)
Table 42 Europe: Multifactor Authentication Market Size, By Country, 2014-2022 (USD Million)
Table 43 Germany: Multifactor Authentication Market Size, By Model, 2014-2022 (USD Million)
Table 44 UK: Multifactor Authentication Market Size, By Model, 2014-2022 (USD Million)
Table 45 France: Multifactor Authentication Market Size, By Model, 2014-2022 (USD Million)
Table 46 Italy: Multifactor Authentication Market Size, By Model, 2014-2022 (USD Million)
Table 47 Rest of Europe: Multifactor Authentication Market Size, By Model, 2014-2022(USD Million)
Table 48 APAC: Multifactor Authentication Market Size, By Model, 2014-2022(USD Million)
Table 49 APAC: Multifactor Authentication Market Size, By Application, 2014-2022(USD Million)
Table 50 APAC: Multifactor Authentication Market Size, By Country, 2014-2022(USD Million)
Table 51 Australia: Multifactor Authentication Market Size, By Model, 2014-2022(USD Million)
Table 52 China: Multifactor Authentication Market Size, By Model, 2014-2022(USD Million)
Table 53 Japan: Multifactor Authentication Market Size, By Model, 2014-2022(USD Million)
Table 54 South Korea: Multifactor Authentication Market Size, By Model, 2014-2022(USD Million)
Table 55 India: Multifactor Authentication Market Size, By Model, 2014-2022(USD Million)
Table 56 Rest of APAC: Multifactor Authentication Market Size, By Model, 2014-2022(USD Million)
Table 57 RoW: Multifactor Authentication Market Size, By Model, 2014-2022(USD Million)
Table 58 RoW: Multifactor Authentication Market Size, By Application, 2014-2022(USD Million)
Table 59 RoW: Multifactor Authentication Market Size, By Region, 2014-2022(USD Million)
Table 60 Middle East: Multifactor Authentication Market Size, By Region, 2014-2022(USD Million)
Table 61 Africa: Multifactor Authentication Market Size, By Region, 2014-2022(USD Million)
Table 62 Ranking of Top 5 Market Players, 2015
Table 63 New Product Launches and Developments (2014-2017)
Table 64 Mergers, Acquisitions, and Collaborations (2014-2016)
Table 65 Contracts, Partnerships, and Agreements (2014-2016)
Table 66 Expansions (2016)

List of Figures:
Figure 1 Multifactor Authentication Market Segmentation
Figure 2 Multifactor Authentication Market: Research Design
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Five-Factor Authentication Expected to Grow at the Highest Rate During the Forecast Period
Figure 7 Banking and Finance Application to Hold the Largest Size of the Multifactor Authentication Market During the Forecast Period
Figure 8 The Americas Held the Largest Share of the Multifactor Authentication Market in 2016
Figure 9 Multifactor Authentication Market Expected to Rise at A Moderate Rate During the Forecast Period
Figure 10 Banking and Finance Application to Exhibit the Largest Size of the Multifactor Authentication Market During the Forecast Period
Figure 11 The Americas to Hold the Largest Share of the Multifactor Authentication Market in 2017
Figure 12 Multifactor Authentication Market in India is Expected to Grow at the Highest Rate Between 2017 and 2022
Figure 13 Multifactor Authentication Market: Drivers, Restraints, Opportunities, and Challenges
Figure 14 Number of Data Breach Incidents, By Industry
Figure 15 Value Chain Analysis: Major Value Added During the Assembly and Distribution Phases
Figure 16 The Multi-Factor Authentication Market, By Model
Figure 17 Two-Factor Authentication: Largest Market Share in the MFA Market Between 2016 and 2022
Figure 18 Smart Card With Pin is Expected to Dominate the Two-Factor Authentication Market 2017 vs 2022
Figure 19 The Americas is Expected to Have the Largest Market Share for the Two-Factor MFA Market During the Forecast Period
Figure 20 Smart Card With Two-Factor Biometric Technology is Expected to Grow at the Highest Rate From 2017 vs 2022
Figure 21 North America is Expected to Hold the Largest Market Value in the Three-Factor MFA Market From 2017 to 2022
Figure 22 RoW Region is Expected to Grow at the Highest Rate in the Four-Factor MFA Market From 2017 to 2022
Figure 23 The Americas is Expected to Have the Largest Market Share in the Five-Factor MFA Market From 2016 to 2022
Figure 24 The Multifactor Authentication Market, By Application
Figure 25 Banking and Finance Application Expected to Hold the Largest Market Share From 2016 vs 2022
Figure 26 The Americas is Expected to Lead the Government Application Market in MFA By 2022
Figure 27 The RoW Region is Expected to Grow at the Highest Rate in the Military and Defense Application in the MFA Market During the Forecast Period
Figure 28 The APAC Region is Expected to Grow at the A Highest Rate in Consumer Electronics Application for the MFA Market From 2017 to 2022
Figure 29 Multifactor Authentication Market, By Geography
Figure 30 The Americas is Estimated to Dominate the MFA Market Between 2016 and 2022
Figure 31 Segmentation: the Americas
Figure 32 Multifactor Authentication Market Snapshot in the America
Figure 33 Three-Factor Authentication Model Expected to Exhibit the Highest Growth Rate During the Forecast Period
Figure 34 Segmentation: Europe
Figure 35 Multifactor Authentication Market Snapshot in Europe
Figure 36 Five-Factor Authentication Model Expected to Exhibit the Highest Growth Rate During the Forecast Period
Figure 37 Segmentation: Asia Pacific
Figure 38 Multifactor Authentication Market Snapshot in APAC
Figure 39 Banking and Financial Application to Lead the MFA Market During the Forecast Period
Figure 40 Segmentation: Rest of the World
Figure 41 Five-Factor Authentication Model Expected to Exhibit the Highest Growth Rate During the Forecast Period
Figure 42 Organic and Inorganic Strategies Adopted By Companies in the Multifactor Authentication Market
Figure 43 Battle for Market Share: New Product Launches and Developments Were the Key Strategies
Figure 44 Multifactor Authentication Market Overview: Dive Analysis
Figure 45 Safran: Company Snapshot
Figure 46 NEC Corporation: Company Snapshot
Figure 47 Gemalto NV: Company Snapshot
Figure 48 Hid Global Corporation/Assa Abloy AB: Company Snapshot
Figure 49 3M: Company Snapshot
Figure 50 CA Technologies: Company Snapshot
Figure 51 Fujitsu: Company Snapshot
Figure 52 Vasco Data Security International Inc.: Company Snapshot
Figure 53 Suprema HQ Inc.: Company Snapshot
Note: Product cover images may vary from those shown
3 of 5

Loading
LOADING...

4 of 5

FEATURED COMPANIES

  • 3M
  • CA Technology
  • Deepnet Security
  • Fujitsu
  • NEC Corporation
  • Rsa Security LLC
  • MORE

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.

However, factors such as cost and technical complexity in implementing MFA and increasing response time in higher order authentication models are inhibiting the market growth.

Key players in this market focus on new product developments, strategic partnerships, acquisitions, and agreements to increase their revenue. For instance, in March 2016, NEC Corporation launched a new biometric personal identification technology that uses the resonation of sound determined by the shape of human ear cavities to distinguish individuals. The new technology instantaneously measures (within approximately 1 second) acoustic characteristics determined by the shape of the ear, which is unique for each person, using an earphone with an inbuilt microphone to collect earphone-generated sounds, as they resonate within ear cavities. This unique method for extracting features is useful for distinguishing individuals based on acoustic characteristics and enables rapid and highly accurate recognition.

Note: Product cover images may vary from those shown
5 of 5
  • 3M
  • Apersona Inc
  • Biomio
  • CA Technology
  • Censornet Ltd
  • Crossmatch
  • Deepnet Security
  • Duo Secuirty
  • Entrust Inc.
  • Fujitsu
  • Gemalto NV
  • Hid Global Corporation/Assa Abloy Ab
  • Iovation Inc
  • NEC Corporation
  • Nexus Group
  • Rcg Holdings Limited
  • Rsa Security LLC
  • Safran
  • Secugen Corporation
  • Securenvoy Ltd
  • Suprema HQ Inc.
  • Symantec Corporation
  • Vasco Data Security International Inc.
  • Watchdata.Com
  • ZK Software
Note: Product cover images may vary from those shown
6 of 5
Note: Product cover images may vary from those shown
Adroll
adroll