Multi-Factor Authentication Market Expected to Reach $16.15 billion by 2023

(IT-NEWSWIRE.COM, April 23, 2018 ) According to Publisher, the Global Multi-Factor Authentication (MFA) Market is accounted for $4.81 billion in 2016 and is expected to reach $16.15 billion by 2023 growing at a CAGR of 18.8% from 2016 to 2023. MFA technology plays a significant role as it helps to meet legislative compliances, security needs, inter border security requirements. Some of the major drivers in this market include rise of E-commerce sector, growing number of online transactions, network security threats and legislative compliances. However, data security and MFA usage service time are some restraints anticipated to decrease the market growth.

Two-factor authentication is one among the type of multi-factor authentication model. It is a method of confirming a user's claimed identity by utilizing a combination of two different components. This method has also got the largest market share due to the rise in benefits such as growing efficiency and flexibility, enhanced security, safe transactions through online and lesser cost of security management.

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Among applications, banking, financial services and insurance (BFSI) segment contributed a largest market share during the forecast period owing to growing need for secure identification and verification techniques. By geography, North America commanded the largest market share due to plenty IT infrastructures and more financial institutions & companies in this region.

Some of the key players of the global Multi-Factor Authentication (MFA) market include Suprema, Inc., CA Technologies, Gemalto NV, NEC Corporation, SecurStar, MitoKen Solutions Pvt Ltd, Swivel Secure, Deepnet Security, Hid Global Corporation, Vasco Data Security International, Inc., Fujitsu Ltd., Safran SA, Cross Match Technologies, Inc, RSA Security Llc and 3M Company.

Applications Covered:
-Defense & Military
-Commercial Security
-Retail
-Government
-Banking, Financial services and Insurance (BFSI)
-Travel & Immigration
-Healthcare
-Consumer Electronics
-Other Applications

Models Covered:
-Multi-Factor With Five-Factor Authentication
-Multi-Factor With Four-Factor Authentication
-Multi-Factor With Three-Factor Authentication
-Multi-Factor With Tow-Factor Authentication

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Regions Covered:
-North America
-US
-Canada
-Mexico
-Europe
-Germany
-UK
-France
-Italy
-Spain
-Rest of Europe
-Asia Pacific
-Japan
-China
-India
-Australia
-New Zealand
-South Korea
-Rest of Asia Pacific
-South America
-Argentina
-Brazil
-Chile
-Rest of South America
-Middle East & Africa
-Saudi Arabia
-UAE
-Qatar
-South Africa
-Rest of Middle East & Africa

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Multi-Factor Authentication Market Expected to Reach $16.15 billion by 2023