Two-Factor Authentication Market to Touch USD 44.05 Billion by 2030 | Market Forecast Report and Industry Analysis Report

Global Two-Factor Authentication Market – Overview

Two-factor authentication, also known as 2FA is a method where the authentication mechanism will grant access to the computer user only after successfully receiving two pieces of evidence by combining two different factors from knowledge, inherence, and possession. A two-factor authentication system aids with an extra layer of security, making it difficult for hackers and attackers to gain access to computer users’ online accounts, related applications, and other similar devices.

A two-factor authentication of user identity ensures transactional security on online platforms and secure access to corporate resources. The leading cause for data breaches is compromised credentials, which is eradicated with the two-factor authentication system integrated with biometric authentication systems, hence, causing accelerated growth in the global Two-Factor Authentication Market. In contrast, the issues relating to cost and complexity in the implementation of two-factor authentication systems and continuously changing security regulations are estimated to hamper global market growth.

The report issued by Market Research Future (MRFR) has projected that the Two-Factor Authentication Market is estimated to garner USD 44.05 billion, growing at a CAGR of 17.28% during the assessment period of 2020 to 2030. Such growth can be accredited to the technological advancements with the emergence and proliferation of industries like cryptocurrency and e-commerce. Two-factor authentication technology is expected to witness an upsurge in demand across the globe, hence, driving exponential growth to the Two-Factor Authentication Market. Rising investments in cloud technologies, BYOD, and mobility solutions are expected to prompt further growth to the Two-Factor Authentication Market. Accelerated adoption of smart devices and propelled advancements in better infrastructural support are influencing the Two-Factor Authentication Market growth.

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Key Players

The prominent players in the Two-Factor Authentication 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.

Two-Factor Authentication Global Market – Segmentation

The global Two-Factor Authentication Market can be segmented into five key dynamics for the convenience of the report and enhanced understanding;

• By Types: Comprising One-time passwords, and Public key infrastructure, among others.
• By Model: Smart Card with Biometric Technology, Smart Card with Pin, Biometric Technology with Pin, One Time Password with Pin, and Two-Factor Biometric Technology, among others
• By Technologies: SafeNet OTP Authenticators, Physical and Logical Access Control, Out-of-Band Authenticators, PKI Authenticators, and MobilePKI Office Suite, among others.
• By End-Users: Consumer Electronics, Banking and Finance, Healthcare, Government, Military and Defense, Travel and Immigration, and Commercial Security, among others.
• By Regions: North America, Europe, APAC and Rest of the World.

Two-Factor Authentication Market – Regional Analysis

Globally, North America region dominates the Two-Factor Authentication market owing to the presence of a well-established Payment Card Industry, big banks and the demand for regulatory requests. Additionally, the proliferation and uptake of advanced technology foster the regional market growth. The US accounts for the major contributor to the regional market growth. Developments in authentication solutions, such as SMS tokens, tokens integrated with biometric authentication and phone-based authentication, among others are providing impetus to the growth of the US 2FA market. 

Europe accounts for the second largest market for 2FA, in terms of revenue and market size. Resurging economy coupled with the booming BFSI sector combined with the augmenting inline transaction safety concerns, especially in the field of Payment will propel the regional market growth. 

Most of the nations in APAC are in their developing phase, hence are open for the foreign investors, therefore, allowing the international players in the banking/BFSI sector of these countries. Furthermore, the Asia-Pacific region is expected to grow significantly in the space of 2FA models and technologies. 

Two-Factor Authentication also utilized in the e-commerce industry. Thereby, booming eCommerce will provide a great impetus to the growth of the APAC market during the review period (2017 and 2023).

Industry/ Innovation/ Related News:

May 19, 2018 – Officials at the KrisFlyer, Singapore Airline’s frequent flyer program announced the implementation two-factor authentication to tighten the account security further. The implementation expected to take place on June 29th is based on some reports of compromised accounts.

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Two-factor authentication Market, By Types (One-time passwords, Public key infrastructure), By Model (Smart Card with Pin, Biometric Technology with Pin, One Time Password with Pin), By Technology (Physical and Logical Access Control, Out-of-Band Authenticators, PKI Authenticators), By End-User (Banking and Finance, Consumer Electronics, Government, Military and Defense) – Forecast 2030

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