Key end-user sectors that will propel growth in multi-factor authentication market are the BFSI and PCI segments, which will bring about growth in this market due to an increase in the number of online transactions. Generally, financial transactions conducted on the Internet are vulnerable to data and identity thefts, especially in sectors such as retail, healthcare, and BFSI. Since all of these sectors are adopting multi-factor authentication techniques to secure sensitive financial information, it will fuel the prospects for market growth until the end of the estimated period.
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The introduction of out-of-band authentication or OOB is a key trend that will impel growth in multi-factor authentication market during the predicted period. OOB is a fairly new process that uses two separate networks to identify users. This technology can be classified as a type of two-factor authentication that works well when a fraudulent user tries to gain access to a specific customer’s account. This is a far cheaper method to use compared to biometric technologies. Hardware OOB tokens and mobile phone-based OOB tokens like SMS and back-up calls are some of the methods used by end users in the financial sector.
The global multi-factor authentication market analyst said OOB authentication uses two separate networks that work simultaneously to identify a user. This authentication technology is a type of two-factor authentication and works well even if a fraudulent user gains all security credentials to a user’s account. The transaction is not complete without access to the second authentication network. The OOB authentication method is cheaper to deploy compared to keys and more complex biometric technologies. Hardware OOB authentication tokens and mobile phone-based OOB authentication tokens such as SMS and back-up calls are the OOB authentication methods available.
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According to the multi-factor authentication market report, the growing need for uninterrupted connectivity in corporate offices has compelled employees to use portable devices such as cell phones, tablets, and PCs to gain access to confidential information. Hackers can easily gain access to data stored on mobile devices, which may lead to the misuse of critical data. So, the need for security of the data stored on mobile devices has increased.
Segmentation by end user and Analysis of the Multi-Factor Authentication Market – BFSI, PCI, Government and Healthcare
The BFSI segment is the largest segment of the multi-factor authentication market and is expected to generate revenues of close to USD 6 billion by the end of the forecast period. Due to security breaches and loss of customer data in this sector, the need for secure identification and verification techniques is on the rise in this segment. This rise in the need for secure identification and verification techniques in banks will augment the demand for multi-factor authentication techniques during the predicted period.
Geographical Segmentation of the Multi-Factor Authentication Market – Americas, APAC and EMEA
The Americas is the largest multi-factor authentication market and is expected to retain its leadership position until 2020 by growing at a CAGR of close to 20%. Some of the factors driving market growth are the presence of large financial institutions and companies, ample IT infrastructure, greater adoption of technologies like cloud services and mobile technologies, and a growing need for strong authentication techniques for mobile-based transactions.
The global multi-factor authentication market is fragmented due to the presence of several large multinationals and small regional vendors. Established vendors in this market are likely to take over small companies to expand their portfolio and boost market shares. The vendors with access to better financial resources and technical knowhow will be able to develop products with features like multi-tenancy and ease of integration as it will help them to bolster their revenue generating capacity. The level of competition in this market will intensify with an increase in product and service extensions, technological innovations and M&A activities.
Key players in the global multi-factor authentication market: EMC, Entrust, Gemalto, and Vasco.
Other prominent vendors in the market are: Authenex, Authentify, CA Technologies, Deepnet Security, HID Global, Mi-Token, PointSharp, Safran, SecureAuth, SecurEnvoy, SecurStar, SecuTech Solutions, and Swivel Secure.
Further, the multi-factor authentication market report states that the market is controlled by a small set of vendors and the low competition is resulting in high initial deployment and replacement costs.
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