Multi-Factor Authentication Market is increasing in banking and financial sectors will serve as a key driver for market growth

Organizations today focus on enabling employees, customers and partners access sensitive information from anywhere and through any device. In addition, rise in security issues, data breach, identity theft and fraud has led organisations to adopt more secure ways to access confidential information. The aforementioned facts have made Multi Factor Authentication (MFA) a part of organizations security strategy and are gaining momentum across the global market.

Multi-factor authentication is vital to any organization to secure access to corporate networks and to maintain and protect user identity. Evolving business requirements for cloud based applications, mobile devices, new threats and security issues require better access control. The Applications areas include defense, government data security, banking and finance, consumer electronics travel and immigration, Data Protection for Cloud Service Providers, retail data security healthcare and commercial security.

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MFA market is categorized as two factor, four factors and five factor authentications. Two and three factor authentication is classified into smartcard with a PIN code or biometric technology whereas four and five factor authentication makes use of more than one biometric technology including voice recognition, face recognition, fingerprint recognition etc.

Rise in security threats and risks over networks and internet, increasing use of MFA technology in banking and financial sectors will serve as a key driver for market growth. Besides, increase in use of Smartphone with MFA technology and legal compliance is expected to drive the market. High Scalability, easy implementation and no requirement of carrying extra hardware further attribute to the market growth for mobile based authentication solutions as against traditional hardware token  In addition mobile based authentication generates OTP (One Time Password) utilized for biometric scanning as well. However, lack of telecom infrastructure facilities in developing countries can be market restraint.

Application of MFA in gaming industry is also expected to spur the market demand. However, the market growth is expected to slow down owing to high initial investment and complexity of system maintenance. Furthermore, rigidity in accepting the technology in many countries due to cultural reasons will cause a hindrance to the market growth.

The key participants in the MFA market include EMC Corp., Gemalto N.V., Amazon Web Services Inc., Entrust Inc, 3M, Safran SA, NEC Corporation, Fujitsu Ltd, Cross Match Technologies, RCG Holdings LTD. (Hong Kong), ValidSoft, Suprema Inc. Few other players include Sagem Morpho, Deepnet Security Ltd, Confident Technologies, Watchdata Technologies and Technology Nexus among others.

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