Multifactor Authentication Market
Multifactor Authentication Market was valued US$6.93 Bn by 2017 and is estimated to reach US$24.82 Bn by 2026 at a CAGR of about 15.23% during a forecast period. Multi-factor authentication utilizes many-fold methods of authentication to verify a user’s identity. Authenticating user identity ensures security during online transactions and accessing corporate resources. Multi-factor authentication utilized for Credentials breach of data that enterprise in order to administer an extra security layer that makes users to authenticate via knowledge, possession, and inherence factors to gain access to corporate and social networks. A large number of countries have introduced countermeasures to implement the regulations such as HIPAA, Basel II, Gramm-Leach-Bliley Act (GLBA), PCI DSS, and SOX. Based on Model type, Multifactor Authentication market can be fragmented into Two-factor, Three-factor, Four-factor and Five factor. Authentication model of five-factor is expected to grow at the highest rate during the forecast period. As five-factor authentication model provides a high level of security to top secret information, which is of high importance. Provide many good solutions for government applications such as security services, homeland access to top secret national data/files, safeguarding data, and technology in national research centers. Based on application Multifactor Authentication market is sectionised into BFSI, Government, Healthcare, Retail, and Telecom & IT. Increasing online traction and the growth of e-commerce are the major factors for the growth. Many regulatory bodies have move to regulation for the use of multifactor authentication technology in this application. Thus BFSI is accounted for the largest share in multifactor authentication market.