The global Two-Factor Authentication market is set for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 17.28%. This authentication method involves two distinct factors to ensure the security of individual credentials and the resources they access. These factors encompass knowledge, time, location, and possession. The increasing incidents of online data breaches have driven the demand for Two-Factor Authentication technology.
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Market Segmentation
- Type: The market is segmented into One-Time Password (OTP), Public Key Infrastructure (PKI), and others. OTP dominates the market, driven by the need to secure user knowledge.
- Model: Segmentation includes Smart Card with PIN, One-Time Password with PIN, Biometric Technology with PIN, Smart Card with Biometric Technology, and others. Smart Card with PIN is expected to lead the market.
- Technology: Segmentation encompasses Safenet OTP Authenticators, PKI Authenticators, Physical and Logical Access Control, Out-Of-Band Authenticators, Mobile PKI Office Suite, and others.
- End User: The market caters to various sectors, including Banking and Finance, Government, Military & Defense, Commercial Security, Travel & Immigration, Healthcare, Consumer Electronics, Aerospace, and more.
Market Size and Regional Analysis
The market was valued at USD 3,482.6 million in 2018, with North America holding the largest market share at USD 1,327.7 million. North America is projected to exhibit a CAGR of 16.59% during the forecast period.
Major Players in the Market
Key players in the global Two-Factor Authentication market include:
- Google LLC (US)
- Gemalto NV (Netherlands)
- Fujitsu Ltd (Japan)
- Suprema Inc. (South Korea)
- OneSpan Inc. (US)
- RSA Security LLC (US)
- IDEMIA (France)
- HID Global Corporation (US)
- CA Inc. (US)
- NEC CORPORATION (Japan)
- Symantec Corporation (US).
Market Dynamics
- Drivers: Factors driving market growth include the increasing emphasis on security and the rising number of online data breaches.
- Restraints: Challenges include the high cost of implementation and the complexity of certain authentication methods.
- Opportunities: Opportunities include the growing need for secure authentication solutions across various sectors and regions.
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