About the Two-Factor Biometrics Market
The rising occurrences of criminal activities in the BFSI, PCI, government, and healthcare, sectors are leading to a higher demand for cyber security solutions. There is a heightened need for highly reliable personal authentication and identification systems to reduce security risks. Two-factor biometric solutions are used to ensure physical and information security. Here, the user needs to provide the second piece of information — a code, a temporary password, or a finger swipe — to access credentials. If the user is unable to provide the correct information, the account remains locked.
Technavio’s analysts forecast the global two-factor biometrics market to grow at a CAGR of 22.87% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global two-factor biometrics market for 2016-2020. To calculate the market size, the report considers revenue generated from the sales of two-factor biometric products and services.
Technavio Announces the Publication of its Research Report – Global Two-Factor Biometrics Market 2016-2020
Technavio recognizes the following companies as the key players in the global two-factor biometrics market: EMC, Entrust, Gemalto, and Vasco.
Other Prominent Vendors in the market are: Authenex, Authentify, Authy, Deepnet Security, DynaPass, Fortinet, HID Global, Meontrust, Mi-Token, PointSharp, Protectimus Solutions, SecureAuth, SecurEnvoy, SecurStar, SecuTech Solutions, and Swivel Secure.
Commenting on the report, an analyst from Technavio’s team said: “One trend which is helping boost market growth is the rising adoption of two-factor biometrics by SMBs. Most SMBs are conscious about investments and cannot afford high-end token authentication devices. So, a decline in the prices of biometric tokens has led to their increased adoption among cost-conscious SMBs. Increasing number of online transactions and cyber attacks have resulted in the wider adoption of hardware devices. To enhance the security of critical data, it has become important for organizations to adopt biometric tokens.”
According to the report, a key growth driver is the rising number of online transactions. Consumers are becoming increasingly dependent on the internet for financial transactions as it is convenient. Internet-based financial transactions are vulnerable to cyber attacks and security threats. The volume of cyber attacks is increasing in line with the rising number of online transactions, especially in sectors such as BFSI, PCI, healthcare, and retail. To make online transactions more secure, organizations are using hardware OTP token authentication methods.
Further, the report states that one challenge that could hamper market growth is the vulnerability of hardware devices to physical damage.
EMC, Entrust, Gemalto, Vasco, Authenex, Authentify, Authy, Deepnet Security, DynaPass, Fortinet, HID Global, Meontrust, Mi-Token, PointSharp, Protectimus Solutions, SecureAuth, SecurEnvoy, SecurStar, SecuTech Solutions, Swivel Secure.
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