Multi-Factor Authentication (MFA)
is used to authenticate a person on the basis of factors provided by an individual. The authentication factors are classified under three categories that include ‘Something you know’, ‘Something you are’ and ‘Something you have’. These three factors can be PIN, hardware tokens, biological traits and passwords among others. OTP – One Time Password is another type of authenticating factor that has gained worldwide popularity and is being used widely across all applications. Multi-factor authentication provides a high degree of security, thereby ensures confidentiality of sensitive and personal information. The technology is superior to the traditional technology wherein only one-factor authentication such as username and PIN/password could be guessed/forgotten easily.The global multi-factor authentication market
is driven by the increasing national and network security threats coupled with stringent legislative compliances to be observed across various applications. In addition, a significant spurge in online transactions owing to an exponential rise in e-commerce industry has further fueled the global multi-factor authentication market. Furthermore, the availability of cloud-based MFA technology has limited maintenance costs associated typically with software/hardware-based two-factor or three-factor authentications. A number of organizations are switching towards adopting cloud-based authentication solutions owing to their cost effective pay-per-use model, improved scalability and reliability, ease of upgrades and installation and lesser maintenance costs. The global multi-factor authentication market is segmented as follows:
By Authentication Model: Two-factor Authentication (Pin with Biometric Technology, Pin with Smart Card, Two-Factor Biometric Technology, Biometric Technology with Smart Card and OTP With Pin), Three-factor Authentication (Three-Factor Biometric Technology, Biometric Technology with Smart Card and Pin, Two-Factor Biometric Technology with Pin and Smart Card With Two-Factor Biometric Technology), Four-factor Authentication and Five-factor Authentication.
By Application: Government, Travel & Immigration, Banking & Finance, Defense, Commercial Security, Healthcare, Consumer Electronics, Retail and Others.
Lastly, the global multi-factor authentication market is segmented by regions into North America, Asia Pacific (APAC), Europe and Rest of the World (RoW). North America multi-factor authentication market accounts for the largest revenue share currently and is expected to be one of the most prominent market during the forecast period. Europe and Asia Pacific are expected to be key regions for the global multi-factor authentication market owing to rapid digitization and increase in e-commerce across various applications. Some of the key players operating in the global multi-factor authentication market are:
- The 3M Company (U.S.)
- Safran SA (France)
- CA Technologies (U.S.)
- RSA Security LLC (U.S.)
- Gemalto NV (Netherlands) among others.