Two Factor Authentication Market Growth Trends analysis, Key News, Size, Industry Share and Regional Forecast to 2027
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 safeguarding raised the demand for
the Two
Factor Authentication Market Growth
The vast
use of online transactions and the inclination to digital banking by the users
are driving the Two Factor Authentication Market Growth 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 to accelerate 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 Growth is
estimated to reach a CAGR of 17.28% with a value of USD 8,984.7 Million by 2024
during the forecast period.
Market
Segmentation
The Two
Factor Authentication Market Growth 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.
Regional
Analysis
The
regional report of the Two Factor Authentication Market Growth 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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