Global Two-Factor Authentication Market, By Type (One Time Password (OTP), Public Key Infrastructure (PKI)), Model (Smart Card with PIN, One Time Password with PIN, Biometric Technology with PIN, Smart Card with Biometric Technology, Others), Technology (OTP Authenticators, PKI Authenticators, Physical and Logical Access Control, Out-Of-Band Authenticators, Mobile PKI Office Suite), End-User (Banking and Finance, Government, Military and Defense, Commercial Security, Travel and Immigration, Healthcare, Consumer Electronics, Aerospace), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa)- Industry Trends and Forecast to 2029
Market Analysis and Insights of Two-Factor Authentication Market
Two-factor authentication market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the two-factor authentication market to exhibit a CAGR of 18.45% for the forecast period of 2022 to 2029.
Authentication refers to an analytical technique which basically ensures the security of credentials and resources associated with them with the help of one time password, hardware tokens, biometrics and others. The procedure of two-factor authentication generally includes a security token in text message or an email, voice and a password that will secure the credentials.
The factors such as the adoption of two-factor authentication and rising security breach threats will emerge as the major factors driving market growth. In addition to this, the increasing number of online transactions, provision of high security by hardware tokens ands, provision of high security by hardware tokens, and the emergence of 4G/5G devices will further aggravate the market value for the forecast period of 2022 to 2029. Additionally, the factors such as the high demand for two-factor authentication due to the various beneficial features such as the voice recognition, iris recognition, fingerprint and passwords in various health care, defense and governments segments are estimated to cushion the growth of the market. On the other hand, the high costs associated with hardware and software act as a restraint for the market. Moreover, the initial investment and lack of telecom infrastructure are also estimated to obstruct overall growth of the market.
In addition to this, rising penetration in residential applications and technological innovations with improved capabilities are estimated to create new opportunities for growing the market within the forecast period. On the flip side, the lack of telecom infrastructure result as a challenge for the market.
This two-factor authentication market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on two-factor authentication market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Two-Factor Authentication Market Scope and Market Size
The two-factor authentication market is segmented on the basis of type, model, technology and end-user. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- The two-factor authentication market on the basis of type has been segmented as one time password (OTP) and public key infrastructure (PKI).
- On the basis of model, the two-factor authentication market has been segmented into smart card with PIN, one time password with PIN, biometric technology with PIN, smart card with biometric technology and others.
- On the basis of technology, the two-factor authentication market has been segmented into OTP authenticators, PKI authenticators, physical and logical access control, out-of-band authenticators and mobile PKI office suite.
- Two-factor authentication has also been segmented on the basis of end-user into banking and finance, government, military and defense, commercial security, travel and immigration, healthcare, consumer electronics and aerospace.
Two-Factor Authentication Market Country Level Analysis
The two-factor authentication market is analyzed and market size, volume information is provided by type, model, technology and end-user as referenced above.
The countries covered in the two-factor authentication market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America region dominates the two-factor authentication market due to the prevalence of many service providers, adoption of security measures and initiatives adopted by government regarding safety and security of credentials in the region within the forecasted period. The Asia-Pacific region is projected to undergo substantial during the forecast period due to the increasing adoption of bring your own technology and growth of IT technology.
The country section of the two-factor authentication market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Two-Factor Authentication Market Share Analysis
The two-factor authentication market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to two-factor authentication market.
Some of the major players operating in the two-factor authentication market report are Thales Group, Fujitsu, Suprema., OneSpan, NEC Corporation, Broadcom, RSA., IBM, HID Global Corporation, Google LLC, Dell Inc., Amazon Web Services, Inc., Entrust Corporation, HID Global Corporation, ASSA ABLOY, RSA Security LLC, SUPREMA., Crossmatch, Censornet, IDEMIA, ZKTECO CO., LTD., Watchdata Co., Ltd., SecurEnvoy Ltd., Entrust Corporation, 3M, IDEMIA, Yubico, SecurStar, SecurEnvoy Ltd, and SecureAuth Corporation, among others.
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