Multi-Factor Authentication (MFA) Market by Model (Two, Three, Four, and Five Factor) Global Forecast to 2020

The global multi-factor authentication (MFA) market was valued at USD 3.60 Billion in 2014 and is expected to reach USD 9.60 Billion by 2020, at an estimated CAGR of 17.7% from 2015 to 2020. The two-factor authentication is most widely used MFA model followed by three-factor authentication model, wherein smartcard with PIN and one time password (OTP) is the most popular technique. Biometric based MFA models are growing at a fast rate. North America and Europe covers most of the market, whereas APAC is the fastest growing region.

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The major players in the two-factor authentication market covered in this report are RSA Security, LLC (U.S.), Vasco Data Security (U.S.), Gemalto NV (Netherlands), Safran SA (France), Fujitsu, Ltd. (Japan), CA Technologies (U.S.), NEC Corporation (Japan), Cross Match Technologies (U.S.), HID Global (U.S.) and 3M (U.S.) among others.

Multi-factor authentication can be described as authenticating a person on the basis of factors provided by that person. The factors can be classified under three broad categories: “Something you have”, “Something you know”, and “Something you are”. These three factors can be hardware tokens, PIN, passwords, biological traits, and so on. Another type of authenticating factor is OTP (One Time Password), which is gaining popularity in Europe and North America. Multi-factor authentication (MFA) provides a high degree of security, which ensures confidentiality of personal information.
 This is superior to traditional one-factor username and passwords/PINs as these are easily guessed, and forgotten.

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The report covers multi-factor authentication market by various applications such as travel and immigration, government, banking and finance, defense, consumer electronics, commercial security, and healthcare. The MFA technology is expected to spread across to all industries because of the various security concerns. Application areas such as government travel and immigration, banking & finance, and defense are the major sectors for the MFA market.

The MFA is expected to play an important role because of legislative compliances, security needs, inter border security requirements, enterprise data securities. Banking and finance, travel and immigration, defense and cyber security applications are deploying MFA on a large scale. Several government agencies are rolling out regulations for different sectors to safeguard their user data. Governments of different countries are also investing a significant amount for multi factor authentication projects.

Availability of cloud-based multi-factor authentication technology has reduced the maintenance costs typically associated with hardware and software-based two-factor and three-factor authentication models. Companies now prefer adopting cloud-based authentication solutions because the pay per use model is more cost effective, and they offer improved reliability and scalability, ease of installation and upgrades, and minimal maintenance costs.