Market Overview
Two-Factor Authentication Market Forecast will increase by USD 44.05 Billion by 2030 at a CAGR of 17.28%.
Two-factor verification procedures are necessary for two-factor authentication. It is necessary to provide more than one authentication factor to gain access. This two-factor authentication solution includes booth biometrics and security solutions for organizations of any size. There is no chance of a data leak because of biometric and physical security. One of the main benefits of two-factor authentication is enhanced corporate surveillance. This technology is divided into categories for two-factor, three-factor, four-factor, and five-factor authentication.
Two-factor authentication is highly demanded in the government, defense, and healthcare industries. Revenue losses in the two-factor authentication business are prevented by two-factor authentication. In several areas, security solutions are widely adopted. Particularly, cloud solutions are becoming more popular across the globe.
Almost all businesses are being impacted by Covid 19. However, it is a time when demand for online transactions is increasing. During this time, dependence on these transactions is increased. High viral dissemination is caused by physical cash payments.
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Internet adoption is encouraging an increase in online services and transactions. Many businesses operate remotely today. It is creating opportunities for working from home. The use of two-factor authentication is expanding at the moment. In this pandemic, authentication for cyber security is gaining increasing popularity. As a result, the two-factor authentication market anticipates success in the years to come. As a result of this exposure, adoption in the business is anticipated to rise in the coming years.
Market Segmentation
- By Type
Based on the type the market is segmented into, public key infrastructure and one-time password.
- By Model
Based on the model the market is segmented into, smart cards with biometric technology, smart cards with pin service, biometric technology with pins, and one-time passwords with pins.
- By Technology
Based on the technology the market is segmented into, a mobile Pki office suite, Safenet Otp Authenticators, out-of-band authenticators, Pki authenticators, and logical and physical access control.
- By End User
Based on end-user the market is segmented into, consumer electronics, banking and finance, healthcare, travel and immigration, and military and defense.
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Regional Classification
The two-factor authentication market is segmented across North America, Europe, and the Asia- Pacific. The market as a whole is being led by North America. It is the strongest player due to its high shares and the presence of significant players. Another major region with a lot of demand in Asia-Pacific.
Data theft and breaches are common in the healthcare sector. The need in this region is driven by the need for data security and security solutions. The Asia-Pacific region will see the highest rate of expansion. Another area with rapid expansion in Europe. In this area, demand is stronger for biometric and on-premise authentication.
Industry News
The major market participants are forming alliances with cloud security products. The market for two-factor authentication will expand as a result.
RSA is dealing with a cutting-edge authentication method. Future-proof security solutions will result from this collaboration.
With the intelligent access market, OneSpan is forming a new alliance. With this collaboration, security concerns will be greatly reduced.
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