Global Two-Factor Authentication Market 2017-2021
About Two-factor Authentication (2FA)
Data security is a primary concern for enterprises, government organizations, and individuals. The popular methods for protecting sensitive data and assets include identity badges, numeric keypads, and PINs. However, these verification methods are vulnerable to hacking attempts. The advanced 2FA solutions prevent data breach by using verification techniques like hardware OTP authentication, smart card-based authentication, phone-based authentication, and biometrics. The 2FA solutions require two types of credentials to verify a person's identity or a transaction. This creates an additional layer of security that makes it difficult for an unauthorized person to access a database or computing device. The surge in online transactions through mobile devices, such as smartphones, laptops, and tablets, for banking and e-commerce, has increased the urgency for 2FA.
Technavio’s analysts forecast the global 2FA market to grow at a CAGR of 23.57% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global 2FA market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of 2FA products and services.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global 2FA Market 2017-2021
Technavio recognizes the following companies as the key players in the global 2FA market: Entrust, Gemalto, RSA Security, SecurEnvoy, and VASCO Data Security International
Other Prominent Vendors in the market are: Authenex, Authentify, Authy, Deepnet Security, DynaPass, Fortinet, HID Global, ID Control, Meontrust, Mi-Token, PointSharp, Protectimus Solutions, SecureAuth, SecurEnvoy, SecurStar, and Yubico
Commenting on the report, an analyst from Technavio’s team said: “OOB authentication is a powerful tool used to prevent fraud. The OOB authentication software works with a secured communication channel. Enterprises use this technology for high-risk transactions to verify and authenticate the user's identity. The technology is used for authentication for both financial and non-financial transactions.”
According to the report, consumers depend on the Internet to perform transactions. Online transactions are instant and easy. However, financial transactions are vulnerable to cyber attacks. Major vendors, such as Gemalto, are providing hardware OTP tokens with payment functionality for banking transactions. Some of Gemalto's offerings are EZIO onCard PAD, Ezio Talk Token, and EZIO Pico.
Further, the report states that hardware tokens are vulnerable to theft, and there are also possibilities that hardware OTP tokens may not get recognized by the transaction systems in use. The hardware OTP token is an extra device that must be carried around, making it inconvenient for users.
Entrust, Gemalto, RSA Security, SecurEnvoy, VASCO Data Security International, Authenex, Authentify, Authy, Deepnet Security, DynaPass, Fortinet, HID Global, ID Control, Meontrust, Mi-Token, PointSharp, Protectimus Solutions, SecureAuth, SecurEnvoy, SecurStar, Yubico.