Multi Factor Authentication Market Analysis Report, Share, Growth, Trend, and Forecast, 2024 : Global Market Insights, Inc.
Multi Factor Authentication Industry analysis is covered in this latest research report that aims to help those taking daily business decisions by providing market trends information, competitive landscape scenario, forecasts and more. Multi Factor Authentication Market size is anticipated to grow substantially over the future owing to the increase in network security threats coupled with the growing demand for advanced and reliable authentication systems. Rising usage of smartphones with in-built verification technology and the emergence of e-commerce is propelling the multi factor authentication market growth. With the increasing number of cyber-attacks and data breaches, organizations are increasing their expenditure on cyber security to protect the businesses from rising attacks. Legacy network defenses are being replaced with the upcoming technologies to restrict hackers from gaining access to networks. Other factors such as growing pressure of data security compliances and stringent regulations, with increasing adoption of BYOD concept among businesses are anticipated to help gain a noteworthy traction for the multi factor authentication market over the coming years.
High maintenance costs and investments are restraining the multi factor authentication market growth. However, the incorporation of cloud computing in the solution is aiding in reducing the maintenance costs related with hardware and software based models. Several companies are preferring solution based on cloud computing owing to their ease of installation & upgrades, enhanced reliability & scalability and pay per use concept which are more cost effective and are anticipated to display positive effects on the multi factor authentication market growth. The multi factor authentication market is segmented based on the technology models such as five factor, four factor, three factor and two factor, authentication models. These models are mainly being implemented for identifying an individual through one’s information or physical traits. One time password (OTP) and smart cards with PINs are the commonly used two factor authentication techniques. The OTP authentication is widely gaining approval in the developed countries. Biometric based multi factor models are growing at a speedy pace as they are providing high convenience and security which are gaining popularity, thereby boosting the multi factor authentication market demand.
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