Two-factor authentication, also known as 2FA is a method where the authentication mechanism will grant access to the computer user only after successfully receiving two pieces of evidence by combining two different factors from knowledge, inherence, and possession. A two-factor authentication system aids with an extra layer of security, making it difficult for hackers and attackers to gain access to computer users’ online accounts, related applications, and other similar devices.

A two-factor authentication of user identity ensures transactional security on online platforms and secure access to corporate resources. The leading cause for data breaches is compromised credentials, which is eradicated with the two-factor authentication system integrated with biometric authentication systems, hence, causing accelerated growth in the global two-factor authentication system market. In contrast, the issues relating to cost and complexity in the implementation of two-factor authentication systems and continuously changing security regulations are estimated to hamper global market growth.

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The report issued by Market Research Future (MRFR) has projected that the two-factor authentication system market is estimated to garner a robust CAGR of 19% during the assessment period of 2017 to 2023. Such growth can be accredited to the technological advancements with the emergence and proliferation of industries like cryptocurrency and e-commerce. Two-factor authentication technology is expected to witness an upsurge in demand across the globe, hence, driving exponential growth to the two-factor authentication system market. Rising investments in cloud technologies, BYOD, and mobility solutions are expected to prompt further growth to the two-factor authentication system market. Accelerated adoption of smart devices and propelled advancements in better infrastructural support are influencing the two-factor authentication system market growth.

Market Segmentation

The global two-factor authentication system market is segmented on the basis of types, model, technology, and end-users. The two-factor authentication system market is segmented into one-time passwords, and public key infrastructure on the basis of type. By model, the two-factor authentication system is segmented into smart card with biometric technology, smart card with pin, biometric technology with pin, two-factor biometric technology, and one-time password with pin. By technology, the two-factor authentication system market is segmented into physical and logical access control, SafeNet OTP authenticators, out-of-band authenticators, mobile PKI office suite, and PKI authenticators. The two-factor authentication market has been segmented into banking & finance, consumer electronics, healthcare, government, travel and immigration, military & defense, and commercial security.

Detailed Regional Analysis

The two-factor authentication system market size is geographically segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). The report issued by Market Research Future has observed that North America is estimated to hold the largest market share for two-factor authentication system market. Europe is anticipated to hold the second largest market share for two-factor authentication system market. The market growth of the two-factor authentication solutions in these regions can be attributed to the presence of large financial institutes, highly developed IT infrastructure, and a growing need for reliable authentication techniques for mobile-based transactions. Further, higher acceptance of advanced technologies such as cloud solutions, rise in the number of online transactions is also estimated to push the two-factor authentication system market.

Key Players

Market Research Future (MRFR) has profiled the significant players in the two-factor authentication system market including Fujitsu Ltd. (Japan), VASCO Data Security International Inc. (US), HID Global Corporation/ASSA ABLOY AB (Sweden), Safran S.A (France), NEC Corporation (Japan), CA Technologies (US), RSA Security LLC (US), Suprema HQ Inc. (South Korea), Gemalto NV (the Netherlands), Crossmatch Technologies Inc. (US), and 3M Company(US).

Industry Update

March 2019: State Bank of India recently launched card-less withdrawals from the ATM, using the bank’s Yono application. The withdrawal will be secured using a two-factor authentication system in place, while also eliminating the risk of skimming and cloning.

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