Multi-Factor Authentication Market Spurred by Applicational Areas like Defense & Banking & Finance
The commonly available models are two-factor authentication, three- factor authentication, four- factor authentication and five- factor authentication. 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 an another type of authenticating factor. This technology is superior to the one factor authentication like user-name and PIN/password which could be guessed or forgotten easily.
The worldwide popularized authenticated factor, OTP is being widely used across many applications, is the main key growth driver of the Multi-Factor Authentication Market. Multi-factor authentication provides a high degree of security that gives rise to the huge adoption of this technology by many consumers. The increasing national and network security threats that had been observed across various applications gives rise to the adoption of this technology which in turn boost the growth for the market.
On the other side, high initial investments, complex maintenance, and high usage service time are hindering the market growth. But, with the introduction of cloud computing in MFA the maintenance costs has been reduced, which in turn promotes the market growth. In addition, a rapid rise in online transactions due to an exponential growth in e-commerce industry is also encouraging the Multi-Factor Authentication Market.
Currently North America is holding the largest share on account of revenue for the Multi-Factor Authentication Market. Also it is expected to be one of the most prominent market during forecast period. Europe is leading with the next position followed by Asia-Pacific. These two regions are registering the fastest growth due to rapid digitization and growing e-commerce across various applications.
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