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 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 accelerates the share value of the market.
Two Factor Authentication, or 2FA, is an extra layer of protection used to ensure the security of online accounts beyond just a username and password. It requires two separate forms of identification to access resources and data, such as a username and password, as well as a code sent to a mobile device or email address. 2FA is designed to make it more difficult for an unauthorized user to access an account, by adding an extra layer of security. It is used by a variety of services, such as banking, social media, and email, to protect user data and personal information.
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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 17.26% with a value of USD 44.67 Billion by 2030 during the forecast period.
The renowned market contenders profiled in the report include HID Global Corporation (US), Google LLC (US), RSA Security LLC (US), Symantec Corporation (US), Suprema Inc. (South Korea), Fujitsu Ltd (Japan), IDEMIA (France), CA Inc. (US), OneSpan Inc. (US), NEC CORPORATION (Japan), Gemalto NV (Netherlands), to list a few.
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, and 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. The BFSI section is the leading segment to estimate the largest market share.
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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.
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.
Two-Factor Authentication Recent Development
Recent developments in the two-factor authentication market include the emergence of new technologies like biometrics, voice recognition, and facial recognition, as well as the introduction of new authentication methods such as push notifications and passwordless authentication. Additionally, two-factor authentication is increasingly being used by financial institutions, healthcare organizations, and other businesses to protect sensitive data and user accounts. Finally, new standards and regulations are being introduced to ensure that two-factor authentication is implemented across all industries in a uniform manner.
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