Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Two-Factor Authentication Market Information By Type, By Model , By Technology, By End-User and Region - Forecast till 2030, Two-Factor Authentication Market could thrive at a rate of 17.26% between 2022 and 2030. The market size will be reaching around USD 44.67 billion by the end of the year 2030
Market Synopsis
Two-Factor Authentication (2FA) is a security measure that adds an extra layer of protection to digital systems by requiring users to provide two forms of identification to verify their identity. Typically, this involves a combination of something the user knows (such as a password) and something the user possesses (such as a smartphone or security token). 2FA significantly enhances security by reducing the risk of unauthorized access to sensitive information and accounts.
Two-Factor Authentication finds extensive application across various industries and sectors. It is commonly used in online banking, e-commerce, cloud services, email platforms, social media, and enterprise systems. By implementing 2FA, organizations can mitigate the risks associated with password breaches and phishing attacks, ensuring that only authorized individuals can access sensitive data and systems.
Market Competitive Landscape:
The affluent companies in the Two-Factor Authentication industry include
- Suprema Inc
- Symantec Corporation
- OneSpan Inc
- HID Corporation
- Gemalto NV
- CA Inc
- Google LLC
- NEC CORPORATION
- IDEMIA
- Fujitsu Ltd
- RSA Security LLC
February 2023
Google LLC introduced an advanced biometric authentication system for its Google Workspace platform. This system enables users to utilize their fingerprint or facial recognition as a second factor to verify their identity and access Google Workspace applications securely. This development highlights the continuous innovation in the field of 2FA, with a focus on enhancing user experience and security.
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Market USP Covered:
Market Drivers:
Several market driving factors contribute to the growth of the Two-Factor Authentication market. Firstly, the increasing frequency and severity of cyberattacks and data breaches have raised awareness about the importance of strong authentication mechanisms. Organizations and individuals are recognizing the need for robust security measures to protect their sensitive information from unauthorized access. Secondly, regulatory compliance requirements across industries, such as healthcare (HIPAA) and finance (PCI DSS), mandate the implementation of strong authentication measures, thereby driving the demand for 2FA solutions. Additionally, the growing adoption of cloud services, remote work, and the proliferation of mobile devices have increased the need for secure access to digital resources, creating a favorable market landscape for 2FA.
Market Restraints:
There are certain restraints affecting the Two-Factor Authentication market. One key restraint is the challenge of user adoption and usability. Some users find the additional step of providing a second factor of authentication cumbersome or time-consuming, which can lead to resistance in implementing 2FA. Moreover, the cost associated with implementing and managing 2FA solutions can be a barrier for small and medium-sized businesses. The initial investment in hardware tokens, software licenses, and infrastructure, along with ongoing maintenance and user support, can pose financial challenges for organizations with limited resources.
COVID 19 Analysis
The COVID-19 pandemic had a significant impact on the Two-Factor Authentication market. With the widespread adoption of remote work and increased reliance on digital platforms, the need for robust security measures became even more critical. The surge in cyber threats and phishing attacks during the pandemic highlighted the importance of strong authentication to protect sensitive information. Many organizations accelerated their adoption of 2FA to safeguard remote access to corporate resources and ensure secure communication and collaboration. In the post-COVID scenario, the Two-Factor Authentication market is expected to witness sustained growth as organizations prioritize security measures to protect against evolving cyber threats and secure remote work environments.
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Market Segmentation
By Type
The Type in the market Public key infrastructure and One-time password
By Model
By Model, the segment includes Smart card with biometric technology, Smart card with PIN service, Biometric technology with PIN, and One-time password with PIN
By Technology
By Technology, the segment includes Mobile PKI office suite, SafeNet OTP authenticators, Out-of-band authenticators, PKI authenticators, and Logical & physical access control
By End-User
By End-User , the segment includes Consumer Electronics, Banking & Finance, Healthcare, Travel & Immigration, and Military & Defense
Regional Insights
Asia Pacific, the market for Two-Factor Authentication (2FA) is experiencing rapid growth. The region's expanding digital infrastructure, coupled with the rising adoption of online services and e-commerce, drives the demand for strong authentication solutions. Countries like China, Japan, South Korea, and India are witnessing significant growth in the IT sector, creating a favorable environment for the implementation of 2FA. Moreover, the increasing awareness of cybersecurity threats and data breaches is prompting organizations to invest in robust authentication systems to protect their sensitive information.
North America is a key region in the Two-Factor Authentication market. The presence of major technology companies, including Google, Symantec, and HID Corporation, contributes to the region's dominance. North American businesses and consumers have embraced digital services extensively, such as online banking, e-commerce, and cloud-based applications, which require robust security measures like 2FA. Additionally, strict data protection regulations, such as the California Consumer Privacy Act (CCPA) and the Health Insurance Portability and Accountability Act (HIPAA), drive the adoption of strong authentication methods to ensure compliance and safeguard personal information.
Europe is also witnessing significant growth in the Two-Factor Authentication market. The region's increasing cybersecurity concerns, driven by high-profile data breaches and the implementation of the General Data Protection Regulation (GDPR), have led organizations to prioritize the security of online transactions and customer data. The European Union's focus on strengthening privacy rights and improving data security has propelled the adoption of 2FA across various sectors. Moreover, the growing digital economy and the rise in online banking, e-commerce, and government services have further fueled the demand for secure authentication solutions in Europe.
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Global Two-Factor Authentication Market Research Report: by Type (One-Time Password (OTP), Public Key Infrastructure (PKI)), by Model (Smart Card with Pin, One-Time Password with Pin, Biometric Technology with Pin, Smart Card with Biometric Technology, Others), by Technology (Safenet OTP Authenticators, PKI Authenticators, Physical and Logical Access Control, Out-Of-Band Authenticators, Mobile PKI Office Suite, Others), by End User (Banking and Finance, Government, Military & Defense, Commercial Security, Travel & Immigration, Healthcare, Consumer Electronics, Aerospace, Others), by Region (North America, Europe, Asia-Pacific and the Rest of the World) - Forecast till 2024Market DynamicsThe two-factor authentication market 2020 is on track to procure a strong growth rate of 17.28% between 2019 and 2024 (assessment period), says Market Research Future (MRFR).
MRFR predicts considerable market growth as it is set to reach the size of USD 8,984.7 million by 2024.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/3772Primary Drivers and Main ChallengesThe surge in security breaches as well as cyber-attacks, paired with the considerable rise in online frauds has been instrumental in market growth for two-factor authentication.
These cyber-attacks have risen mostly in small and medium enterprises via ransom ware to seize their financial and online accounts.
Cloud-backed MFA solutions facilitate facial recognition, document verification and remote fingerprint scanning.
Innovations in biometrics, hardware and software technologies along with the increasing government support in enhancing national security can also induce market expansion.
The market growth can also be warranted by the rising use of digital payment techniques as well as the high deployment rate of smartphones as well as wireless devices.Market SegmentationFor better understanding of the two-factor authentication market, 4 main segments have been listed in the report, namely type, model, technology and end-user.The types of two-factor MFA are public key infrastructure, one key password, and others.
Security is paramount for the protection of personal information.
It is more important than ever today when so much of our information is online.
Whether we talk about social media, e-commerce websites, banks, or work accounts, something about our lives on digitally.
In the case of bank accounts, it holds financial information and hard-earned money.
Any unauthorized access and you can everything lose life’s entire earnings.The text above is a summary, you can read the full article here.
Market HighlightsTwo Factor Authentication, also known as 2FA, two step verifications.
The emerging trends of market dynamics, industry structure and developments, market share assessments for the regional and country level segments, the Two-Factor Authentication Market is derived by the increase in volume of online transactions, high level of security provided by hardware OTP tokens, adherence to compliance mandates and the Challenges are the inconvenience of carrying hardware tokens and vulnerability to threats, lack of telecom infrastructure in developing countries, rise in number of technical defects and others.The study indicates that low-cost, safe and secure authentication infrastructure to support a variety of cloud services.
It gives the PKI service more flexibility so that users can authenticate to cloud applications on any computer or device, at the office, or at home.
Two Factor Authentication process can help to lower the number of cases of identity theft on the Internet, as well as phishing via email.The global Two-factor authentication market is expected to grow at USD$ ~8.78 Billion by 2023, at ~19.6% of CAGR between 2018 and 2023.Get Free Sample Copy of Report @ https://www.marketresearchfuture.com/sample_request/3772Two-factor authentication Market SegmentationThe Two-factor authentication Market has been segmented on the basis of types, model, technology, end -users and region.
The Two-factor authentication market is highly centralized by owing to the presence of many small regional suppliers and large multinational vendors.
The banking and financial sector also prompted by the two-factor authentication for the security purpose including core banking, online banking, banking cards personalization systems, trade finance, international payments, foreign exchange, bank guarantee, and other banking and financial services.Key PlayersThe prominent players in the Two-factor authentication system Market are –Fujitsu Ltd. (Japan), VASCO Data Security International Inc. (US), HID Global Corporation/ASSA ABLOY AB (Sweden), Safran S.A (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), CA Technologies (US), RSA Security LLC (US), Suprema HQ Inc. (South Korea), Crossmatch Technologies Inc. (US) and 3M Company(US), among others.Market Research Analysis:On geographic basis, Two-factor authentication market is studied in different regions as Americas, Europe, Asia-Pacific and Rest of world.
Facebook has offered the features to reset your Facebook password by identifying friends.
But the question arises in everyone’s, mind that how to recover my Facebook account through friends.
Here are some stepFacebook two-factor authenticationFacebook two-factor authentications to resolve this problem.
Two-factor authentication improves the system data and provides social media account protection to their users.
You can disable two-factor authentication by signing in to the Apple ID, Microsoft account, and Google account.
Here’s how to turn off two-factor authentication.Steps for disabling two-factor authentication with Microsoft Account• Go to the Microsoft account webpage in the browsing software.
Enter account.microsoft.com/account into the text field.• Tap on the Enter or Return button given on the system keyboard.• Tap on the login option.
Follow the steps mentioned below to log in to the Microsoft account:Type the email ID.Type the contact number.Type Skype ID.Press on the Next button.Type the registered password.Press on the login button.• Press on the Update option located in the “Security” column.
You have to select any one option whether you wish to get the confirmation code in the registered email or message to the registered number.
