Three-Factor Authentication to Rise Fast as Multi-Factor Authentication Market Expands: Forecast

The global multi-factor authentication market will see a CAGR of 15.07 percent over the next several years, reaching a value of $17.76 billion by 2025, according to a new forecast from Grand View Research.

The Asia Pacific market will grow at the fastest rate over the 2018 – 2025 forecast period, with a CAGR of about 19 percent, according to the report. And while two-factor authentication models will represent about 75 percent of overall market’s revenues over that period, three-factor authentication will see a higher growth rate, at almost 17 percent CAGR.

As for what’s driving this growth, Grand View Research points to the growing use of cloud-based services and BYOD frameworks in the enterprise, as well as technological advances in biometric technologies, cloud-based services, and other related areas. The BFSI, retail, and e-commerce sectors are helping to drive applications of multi-factor authentication, as well. Regulatory mandates, meanwhile, are a double-edged sword, spurring growth in some cases and constraining the market in others.

Grand View Research’s full report, “Multi-factor Authentication Market Size, Share & Trends Analysis Report By Model, By Application (BFSI, Healthcare, Government and Defense, Travel and Immigration, Retail), And Segment Forecasts, 2018 – 2025”, is available from the firm’s website.

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March 8, 2018 – by Alex Perala