2FA Market Growth Boost by Rising Demand for Safe Transactions in Banking and financial Instructions
New York, US, Nov. 11, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Global Two-Factor Authentication Market Research Report: By Type, End User, Model, Region, and Technology- Forecast Till-2030”, the global market for two-factor authentication is predicted to demonstrate considerable growth during the review era from 2021 to 2030 at a robust growth rate of approximately 17.28% to gain size of around USD 44.05 Billion by the end of 2030.
Global Two-Factor Authentication (2FA) Market Overview:
Having more than a single authentication factor has become crucial for all systems to gain access. This two-factor authentication comprises security solutions and booth biometrics for any business. Biometric and physical security make no space for a possible data breach. Better surveillance across the organization has become a crucial benefit of two-factor authentication. Authentication technology is fragmented into five-factor, four factors, three-factor, and two factors authentication. Passwords, fingerprints, iris recognition, and voice recognition are some of the prime features offered by these two-factor authentication market solutions. Banking and financial instructions handle the high-level amount of cash transactions. The requirement for security in these transactions is essential. Because of this, the banking segment of the market is known to be the leading adopter of these authentication solutions. Reliable and safe transactions are performed with this program.
The catalog for critical participants across the global two-factor authentication market includes players such as:
- NEC Corporation
- Google LLC
- RSA Security
- Gemalto NV
- Suprema INC.
- CA Inc.
- Symantec Corporation
- Fujitsu LTD.
- Onepsan INC. and Others.
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The government, defense, and healthcare are known to be the segments with the highest demands for these solutions. With two-factor authentication indusstry, revenue losses across the market are safeguarded. The global two-factor authentication market has displayed massive expansion in recent times. The central aspect supporting the development of the market is the growing implementation of security solutions across many regions. The cloud solution has been gaining massive traction in recent years, likely boosting the market’s growth over the coming years.
Two-Factor Authentication Market USP Covered
The global two-factor authentication market has demonstrated a massive expansion in recent times. The development of the market is ascribed to the aspects such as stringent governmental rules, the launch of new mobile banking platforms, and the adoption of authentication products.
|2FA Market Size by 2030||USD 44.05 Billion|
|CAGR during 2021-2030||17.28%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||The increased use of mobile banking for online transactions is likely to present a new growth opportunity for OTP authenticators. From transferring funds to making payments, two-factor authentication can protect customers from phishing attacks and fraudulent transactions.|
|Key Market Drivers||The report details drivers, challenges, trends, and threats to be faced by industry leaders for the forecast period. It is segmented in the following manner:|
Browse In-depth Market Research Report (114 Pages) on the Two-Factor Authentication Market:
On the other hand, the factors such as rising response time, advanced security breaches, and lack of awareness may limit the market’s performance.
2FA Market Segment Analysis
Among all the components, the solutions segment is anticipated to hold the top position across the global two-factor authentication market over the review era. The world has witnessed a massive growth in the need for securing highly confidential and sensitive information, which is considered the primary aspect was supporting the segment’s growth. Furthermore, aspects such as an emphasis on stringent regulatory norms and growing BYOD trends will likely boost the segment’s growth over the review era. Some of the critical solution suppliers across the market are constantly investing in new product launches/ enhancements along with inorganic development policies to strengthen their footprint and enhance their MFA portfolio across the globe to gain attention from end-users.
Among all the model types, the two-factor authentication segment is predicted to secure the top spot across the global two-factor authentication market over the review period. The primary parameter supporting the development of the segment is the growing number of online transactions across the globe. Furthermore, the escalation in security breach incidents across the globe is another crucial parameter boosting the segment’s performance. Moreover, conformity to supervisory standards is predicted to catalyze the segment’s growth over the coming years.
Among all the end-users, the BFSI segment is anticipated to ensure the top spot across the global two-factor authentication market over the review period. Financial institutions are gradually implementing digital transformation. The possession of highly confidential and sensitive information in the sector is the central aspect of promoting the adoption of these solutions. Furthermore, several government mandates being imposed are also causing a rise in the segment’s growth.
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Two-Factor Authentication Market Regional Analysis
The global market for two-factor authentication is analyzed across five major geographies: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
According to the MRFR research reports, the North American region is predicted to hold the top globally for two-factor authentication market over the review timeframe. The central aspect supporting the rise in the regional market is the presence of key regional players. Furthermore, the high shares across the region are also likely to catalyze the market’s growth over the review era.
The Asia-Pacific regional market for two-factor authentication is anticipated to show a maximum growth rate over the coming years. the growing need for these solutions across the healthcare industry is believed to be the central aspect supporting the regional market performance. The growing requirement for data security and security solutions is another prime aspect causing the regional market’s growth. In addition, the growing technological development and rapidly expanding population across the region are expected to boost the regional market’s growth over the coming years.
The European regional two-factor authentication is predicted to grow considerably over the coming years.
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The world has witnessed several unexpected changes during the pandemic, and the global two-factor authentication market is one of the sectors that faced severe losses. On the other hand, with the growing demand for safeguarding data, the global market for two-factor authentication is predicted to increase over the coming years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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