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 about safeguarding raised the demand for the Two-Factor Authentication Market.
The vast use of online transactions and the inclination to digital banking by 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 accelerates 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 44.05 Billion by 2030 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.
Two-Factor Authentication Market Industry News
The two-factor authentication market is growing rapidly, as organizations increasingly realize the need for enhanced security measures. Every day, the number of organizations implementing two-factor authentication is increasing, as more businesses become aware of the benefits of improved security.
A number of organizations have already adopted two-factor authentication, including banks and other financial institutions, healthcare organizations, government agencies, and internet-based services. As technology advances and more organizations adopt two-factor authentication, the market is expected to grow exponentially in the coming years.
The two-factor authentication market is also being driven by the increasing prevalence of cyber-attacks. Businesses and organizations are becoming increasingly aware of the need for enhanced security measures to protect their data and systems from malicious actors. As a result, they are increasingly turning to two-factor authentication to provide an additional layer of protection.
The two-factor authentication market is also being driven by the increasing demand for mobile authentication. With the rise in the use of mobile phones, businesses and organizations are increasingly adopting two-factor authentication to ensure secure access to their systems via mobile devices.
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.
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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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