Two-Factor Authentication Market, World Industry Research Globally Trend MRFR Driven By Benefits Industry Chain Information and Emerging Market Regions 2030
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Market
Scenario:
Two-factor
authentication is defined as a secure method that grants users access to
applications and devices. Two factor has been popularized due to the increase
in cases of online theft, and concerns safeguarding raised the demand for
the Two-Factor Authentication Market.
The
vast use of online transactions and the inclination to digital banking by the
users are driving the Two-Factor
Authentication Market at the global level. Most
countries around the world have adopted online and digital banking; therefore,
to secure data, 2F authentication played a major role. The rising development
of e-commerce platforms and internet banking for instantly purchasing products
is a key market driving factor. The regularized laws by various nations'
central banks for protecting online transactions can set huge opportunities for
prominent players. The integration of two-factor authentication for payment
procedures in sectors such as healthcare, retail, and BFSI to accelerate the
share value of the market.
The
COVID-19 pandemic has propelled the requirement for remote work and from home
culture worldwide. Therefore, this allowed the enterprises to understand the
importance of 2F authentication, accessing the right personnel, and protecting
digital assets. The increase in mobility services has driven the 2FA technology
in various enterprises. Therefore, the market showed a positive impact during
the pandemic period.
In
the future years, the Two-Factor Authentication Market is estimated
to reach a CAGR of 17.28% with a value of USD 8,984.7 Million by 2024 during
the forecast period.
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Competitive
Outlook:
The
renowned market contenders profiled in the report include HID Global
Corporation (US), Google LLC (US), RSA Security LLC (US), Symantec Corporation
(US), Suprema Inc. (South Korea), Fujitsu Ltd (Japan), IDEMIA (France), CA Inc.
(US), OneSpan Inc. (US), NEC CORPORATION (Japan), Gemalto NV (Netherlands), to
list a few.
Segmentation:
The Two-Factor
Authentication Market is segmented based on type, model, technology, and
end-users. The type segment consists of One-Time Password (OTP) and Public Key
Infrastructure. The one-time passwords segment is projected to gain good share
value in the global market due to its wide usage and rapid processing. The
model segment of the market has Smart Card with Pin, One-Time Password with
Pin, Biometric Technology with Pin, Smart Card with Biometric Technology,
Others. Among these, the smart card with a pin to get more preference worldwide
due to the rise of online shopping and the launch of new financial modes. The
technology segment comprised Safenet OTP Authenticators, PKI Authenticators,
Physical and Logical Access Control, Out-Of-Band Authenticators, Mobile PKI
Office Suite, Others. The end-users section has Banking and Finance,
Government, Military &Defense, Commercial Security, Travel &
Immigration, Healthcare, Consumer Electronics, Aerospace, Others. BFSI section
is the leading segment to estimate the largest market share.
Regional
Analysis:
The
regional report of the Two-Factor Authentication Market shows the
growth of the market in regions such as Asia Pacific, North America, Europe,
and the rest of the world. North America is the leading market region due to
the rise of government mandates for protection for citizen interest and the
rise in the spate of cyberattacks. The region’s growth of North America depends
on the U.S. and Canada because of major financial organizations and prominent
players. The region is forecasted to show a strong CAGR value in the review period.
Industry News:
Quikteks
Business Technology Solutions, a U.S. managed services provider, accelerates
small and medium enterprises to implement two-factor authentication for
preventing data breaches, safe transactions and to secure it from cyber-attacks.
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Table of Contents:
1 Executive
Summary
2 Scope of the
Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
Continued…
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