Global Two-Factor Authentication Market – Overview
Two Factor Authentication also referred as 2FA or two-step verification process provides an added layer of security, wherein the user is asked to pass through two authentication dynamics like ID and password. 2FA makes it difficult for attackers to get the access to a person’s online accounts, related applications, and other similar devices.
2FA is predominantly used in many burgeoning sectors such as Banking and Finance, Government, Military and Defense, Commercial Security and most importantly eCommerce. Wherein it is integral to control access to sensitive systems & data, or online transactions and services. These industries introduce 2FA to secure their users’ data from being breached by intruders who have already obtained user’s password. Implementation of a Two Factor Authentication process ensures lowering the number of cases of authentication/identity theft using phishing, internet, and others.
Over the past couple of years, owing to the technological advancements coupled with some of the emerging and fast-growing industries such as crypto-currency, eCommerce and others, Two Factor Authentication technology is perceiving a huge uptake and demand across the world. These factors are substantiating the market to grow, accelerating on a global platform.
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The market for Global Two-Factor Authentication is expected to grow at 17.28% CAGR, witnessing substantial growth during the forecast period. The market was valued at USD 3,482.6 million in 2018; it is expected to reach USD 8,984.7 million by 2024. North America accounted for the largest market share valued at USD 1,327.7 million in 2018; the market is expected to exhibit a CAGR of 16.59% during the forecast period.
Factors such as the proliferation of Internet coupled with the increased online transactions, the consecutive threats of the security breach are predominantly contributing to the market growth. Advent 3G/4G/5G devices are expected to foster the online transactions further, leading to the increased adoption of 2FA Technology. Implementation of cloud-based 2FA is the latest trend observed during the analysis.
Key Players
The key players of global Two Factor Authentication Market are Gemalto NV (Netherlands), Fujitsu Ltd (Japan), Suprema Inc. (South Korea), OneSpan Inc. (US), NEC CORPORATION (Japan), Symantec Corporation (US), RSA Security LLC (US), IDEMIA (France), HID Global Corporation (US), CA Inc. (US), and Google LLC (US).
Two-Factor Authentication Global Market – Segmentation
The global Two-Factor Authentication Market is segmented on the basis of types, model, technology, and end-users. The Two-Factor Authentication Market is segmented into one-time passwords, and public key infrastructure on the basis of type. By model, the two-factor authentication system is segmented into smart card with biometric technology, smart card with pin, biometric technology with pin, two-factor biometric technology, and one-time password with pin. By technology, the Two-Factor Authentication Market is segmented into physical and logical access control, SafeNet OTP authenticators, out-of-band authenticators, mobile PKI office suite, and PKI authenticators. The two-factor authentication market has been segmented into banking & finance, consumer electronics, healthcare, government, travel and immigration, military & defense, and commercial security.
Two-Factor Authentication Market – Regional Analysis
The Two-Factor Authentication Market is geographically segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). The report issued by Market Research Future has observed that North America is estimated to hold the largest market share for Two-Factor Authentication Market. Europe is anticipated to hold the second largest market share for Two-Factor Authentication Market. The market growth of the two-factor authentication solutions in these regions can be attributed to the presence of large financial institutes, highly developed IT infrastructure, and a growing need for reliable authentication techniques for mobile-based transactions. Further, higher acceptance of advanced technologies such as cloud solutions, rise in the number of online transactions is also estimated to push the Two-Factor Authentication Market.
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Industry Update
March 2019: State Bank of India recently launched card-less withdrawals from the ATM, using the bank’s Yono application. The withdrawal will be secured using a two-factor authentication system in place, while also eliminating the risk of skimming and cloning.
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