Market Overview
Two-factor authentication is defined as a secure method that grants users access to applications and devices. Two factor has been popularized due to the increase in cases of online theft, and concerns safeguarding raised the demand for the Two-Factor Authentication Market.
The vast use of online transactions and the inclination to digital banking by the users are driving the Two-Factor Authentication Market at the global level. Most countries around the world have adopted online and digital banking; therefore, to secure data, 2F authentication played a major role. The rising development of e-commerce platforms and internet banking for instantly purchasing products is a key market driving factor. The regularized laws by various nations' central banks for protecting online transactions can set huge opportunities for prominent players. The integration of two-factor authentication for payment procedures in sectors such as healthcare, retail, and BFSI to accelerate the share value of the market.
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The COVID-19 pandemic has propelled the requirement for remote work and from home culture worldwide. Therefore, this allowed the enterprises to understand the importance of 2F authentication, accessing the right personnel, and protecting digital assets. The increase in mobility services has driven the 2FA technology in various enterprises. Therefore, the market showed a positive impact during the pandemic period.
In the future years, the Two-Factor Authentication Market is estimated to reach a CAGR of 17.28% with a value of USD 8,984.7 Million by 2024 during the forecast period.
Market Segmentation
The Two-Factor Authentication Market is segmented based on type, model, technology, and end-users. The type segment consists of One-Time Password (OTP) and Public Key Infrastructure. The one-time passwords segment is projected to gain good share value in the global market due to its wide usage and rapid processing. The model segment of the market has Smart Card with Pin, One-Time Password with Pin, Biometric Technology with Pin, Smart Card with Biometric Technology, Others. Among these, the smart card with a pin to get more preference worldwide due to the rise of online shopping and the launch of new financial modes. The technology segment comprised Safenet OTP Authenticators, PKI Authenticators, Physical and Logical Access Control, Out-Of-Band Authenticators, Mobile PKI Office Suite, Others. The end-users section has Banking and Finance, Government, Military &Defense, Commercial Security, Travel & Immigration, Healthcare, Consumer Electronics, Aerospace, Others. BFSI section is the leading segment to estimate the largest market share.
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Regional Analysis
The regional report of the Two-Factor Authentication Market shows the growth of the market in regions such as Asia Pacific, North America, Europe, and the rest of the world. North America is the leading market region due to the rise of government mandates for protection for citizen interest and the rise in the spate of cyberattacks. The region’s growth of North America depends on the U.S. and Canada because of major financial organizations and prominent players. The region is forecasted to show a strong CAGR value in the review period.
Industry News
Quikteks Business Technology Solutions, a U.S. managed services provider, accelerates small and medium enterprises to implement two-factor authentication for preventing data breaches, safe transactions and to secure it from cyber-attacks.
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