The growth of the multifactor authentication market is driven by various factors such as an increase in data breaches and cyber attacks, stringent regulations and the growing pressure of data security compliances and the growing adoption of BYOD concept among enterprises.
The multifactor authentication market was valued at USD 5.22 billion in 2016 and is expected to reach USD 12.51 billion by 2022, at a CAGR of 15.52% during the forecast period.
The market is further driven by the high regulatory compliances for data security in various regions and in the emerging economies of the Asia Pacific and RoW regions to safeguard highly sensitive data and information from data breaches. The market in RoW is expected to grow at the highest CAGR during the forecast period. The Americas is one of the top contributors to this market and is expected to grow because of the high regulatory compliances and the adoption of technology for securing the sensitive data, as well as because of the presence of major players in the region.
Some major companies operating in the multifactor authentication market are
Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), 3M (US), CA Technologies (US), Fujitsu (Japan), VASCO Data Security International Inc. (US), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (US), Suprema HQ Inc. (South Korea), and Crossmatch (US).
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Top 2 players in the multifactor authentication market:
Safran held the leading position in the global MFA market in 2016. The company has entered into several partnerships with other companies for the development of new technologies. For instance, in February 2017, the company entered into a partnership with Tessera Holding Corporation, through its wholly owned subsidiary FotoNation Ltd., to deliver advanced iris recognition solutions for mobile devices in India. Safran has established seven values on which the identity and image of the company are based on among its stakeholders. The values are focused on customers, compliance with commitments in accordance with the ethical guidelines, innovation, responsiveness, teamwork, people development, and corporate citizenship.
NEC Corporation (Japan):
NEC Corporation offers integrated solutions, components, and services. It mainly provides systems, components, services, and integrated solutions for computing and communication applications. The NEC’s strategy continues focusing on growing immigration control systems and national ID application projects. The company has also established biometrics excellence centers in India to gain benefits from the UID project (National ID) initiated by the government of India. The company mainly focuses on developing new products in the MFA market to stay competitive in the market and fulfill customers’ demands on a regular basis. The company also had 3 major contracts over the past 2 years. For instance, in January 2015, NEC Corporation signed a multiyear service agreement with the Los Angeles County Sheriff’s Department to provide them with its flagship multimodal biometrics identification solution.
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The stakeholders involved in the value chain of this market include companies in the MFA technology market, authentication apps and software designing companies, electronics and semiconductor companies, investment community interested in the MFA technology market, research institutes and organizations, market research and consulting firms, government and financial institutions, end users such as consumer electronics manufacturers, and healthcare institutions such as hospitals.