TechNavio, the independent tech-focused global research firm, has published their market research report on the Global Multi-Factor Authentication Market, which is growing at a CAGR of 19.31 percent from 2013-2018.
The report pinpoints employee mobility and a major increase in attacks on government installations as key drivers prompting market growth. Further, the report looks at several prominent market trends, including the use of phone-based authentication, which will be of interest over the forecast period.
Multi-factor authentication is being widely adopted as a technique for enhancing security systems with the help of two or more forms of authentication which are not related to each other, thereby protecting against unauthorized access and confirmations.
These authentication systems mainly use credentials such as passwords, PINs, cell phones, security tokens, smart cards, and biometrics for authentication.
Research from TechNavio finds increased popularity of phone-based authentication solutions to be a significant market trend.
“Advantages such as high scalability, no requirement to carry extra hardware, and easy implementation have increased the adoption of phone-based authentication solutions in comparison with traditional hardware tokens,” says Faisal Ghaus, Vice President of TechNavio.
Phone-based authentication can generate one-time passwords and can be used for biometric scanning. Adopting these security measures is beneficial for organizations, since many people already carry a cellphone, and there is no need to invest further hardware tokens.
To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
TechNavio (technavio.com) is a leading global technology research and advisory company. Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year. We cover more than 500 technologies across 80 countries.
We focus on emerging trends that can shape a market, and model these trends using a mix of quantitative and qualitative tools in our proprietary research methodologies in order to build forecasts across market segments and geographies. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a constantly changing technology market scenario.
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