According to the new professional intelligence study by the Transparency Market Research, the global Multi Factor Authentication Market is set to expand at an outstanding growth rate of 17.7 % during the forecast period i.e. 2017 to 2025. The report also predicts that the global multi factor authentication market will reach to hit the evaluation mark of US$ 20,444.9 million by the end of the forecast period in 2025. The evaluation of the global multi factor authentication market at the beginning of the forecast period i.e. in 2016 was US$ 4,829.2 million. Technological advancements in authentication solutions, including SMS tokens, biometric authentication, and phone based authentication are anticipated to bolster the demand in the global multi factor authentication market in the next few years.
Types of authentication models offered by the players and service providers in the global multi factor authentication market include two factor authentication, three factor authentication, and four factor authentication. Some of the most prominent end users for products and solutions offered by the players and vendors operational within the global multi factor authentication market include BFSI, IT and telecom, health care, government, defense, and retail, among others. Among these, BFSI segment is expected to record the highest growth over the forecast period i.e. 2017 to 2025, owing to rising number of cyberattacks on the financial institutions around the globe.
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Few of the most notable players and service providers functional within the global multi factor authentication market include Secure Auth Corporation, CA Technologies, Vasco Data Security International Inc., Ping Identity, Entrust Datacard Corporation, RSA Security, Microsoft Corporation, HID Global Corporation, Symantec Corporation, Okta Inc., and Gemalto, among others. Players in the global multi factor authentication market are increasingly adopting several corporate growth and development strategies in order to lead the industry in coming years. Some of the major strategies employed by the players in the global multi factor authentication market are mergers and acquisitions aimed at furthering their geographical reach and attract more consumers from various parts of the world.
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