LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global two-factor authentication (2FA) market is expected to grow at a CAGR of close to 24% during the forecast period.
This research report titled ‘Global Two-factor Authentication (2FA) Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The volume of online financial transactions has increased significantly due to their swiftness and ease of use. To ensure safety and avoid cyber-attacks, vendors in the 2FA market are providing software one-time password (OTP) tokens, hardware OTP tokens, e-mail, and phone-based authentication options. The growth in the e-commerce market is also significantly impacting the volume of online financial transactions, leading to increased adoption of 2FA solutions.
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Based on end-users, the report categorizes the global two-factor authentication market into the following segments:
- Banking, financial services, and insurance (BFSI)
- Payment card industry (PCI)
The top three revenue-generating end-user segments in the global two-factor authentication market are discussed below:
Banking, financial services, and insurance (BFSI)
“Security is extremely essential in the BFSI sector due to the confidential nature of the data they deal with. With increasing online transactions, most companies in the BFSI sector are implementing hardware and software OPT options to enable two-factor authentication and provide an added layer of security,” says Amit Sharma, one of the lead analysts at Technavio for IT security market.
Layered security encompasses risk assessment, device identification, customer awareness and education, and control of administrative functions. Global banks and financial institutions have embraced 2FA solutions to connect with their customers through online platforms such as mobile applications, thereby ensuring the highest security standards.
Payment card industry (PCI)
The PCI segment of the 2FA market is expected to show dynamic growth with a CAGR of over 25%. Leading payment card companies such as American Express, Visa, MasterCard, and Discover, have set their individual multi-factor authentication programs to ensure security. Many countries have enforced strict regulations, such as the PCI DSS. The enforcement by the regulatory authorities related to data security will contribute to the growth of the market during the forecast period.
“This segment will show an impressive increase in adoption of 2FA systems, driven by the need for enhanced data security in various governmental departments. Transmission of confidential data across networks in the government sector is secured through the adoption of hardware OTP devices,” says Amit.
Such advances are enabling systems like bring-you-own-device (BYOD) in governmental organizations. Government departments, such as intelligence and defense agencies, are the highest adopters of 2FA to ensure data security. The US and Singapore witness the highest rates of adoption of the technology.
The top vendors highlighted by Technavio’s research analysts in this report are:
- RSA Security
- VASCO Data Security International
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