BFSI Sector to Generate High Demand for Multi Factor Authentication Market through 2024
Stringent regulations
coupled with growing pressure of data security compliances to drive
Asia-Pacific multi factor authentication market through 2024
According
to TechSci Research report, “Asia-Pacific Multi Factor
Authentication Market By Model, By Application, By Deployment Mode,
By Country, Competition, Forecast & Opportunities, 2024”, multi factor authentication market in Asia-Pacific is expected
to witness significant growth during forecast period on account of increasing
instances of data breaches backed by increasing demand for reliable and
advanced authentication systems. Moreover, due to increasing network security
threats, enterprises have started investing in cyber security in order to
secure their business from cyberattacks, thereby driving growth of multi factor
authentication market in Asia-Pacific.
Asia-Pacific multi factor authentication market can be segmented based
on model, deployment mode, application and country. On the basis of model, the
market can be segmented into two factor authentication, three factor
authentication, four factor authentication and five factor authentication. Generally,
two factor authentication offers protection with any two step verification,
although, OTP and smart cards with PINs are preferred mostly. Two factor
authentication is cost effective which is responsible for its extensive
adoption across the region. Multi factor authentication caters to various
applications such as healthcare, government, IT & telecom, BFSI, military
& defense, retail & e-commerce, among others. BFSI application segment
is the largest adopter of the multi factor authentication on account of
increasing e-commerce and surging online transactions.
CA Technologies, Inc., Fujitsu Limited, Gemalto NV, NEC Corporation, RSA
Security LLC, Safran SA, SecureAuth Corporation, Suprema HQ, Inc., Symantec
Corporation, Vasco Data Security International, Inc., among others are the
leading players operating in Asia-Pacific multi factor authentication market. Companies
operating in the market are using organic strategies such as product launches,
and mergers and collaborations in order to register positive growth in the
market. In 2018, RSA security LLC launched RSA identity governance and
lifestyle with advanced analytics capabilities so as to enhance the risk based
access review user experience.
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“Asia-Pacific multi factor
authentication market is expected to grow at double digit CAGR during forecast
period on account of increasing penetration of smartphones and improving
economic conditions in economies such as India and China. Additionally, initiatives
taken by the government of India such as Digital India and demonetization are further
anticipated to boost multi factor authentication market in the region during
the forecast period.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Asia-Pacific Multi Factor Authentication Market By
Model, By Application, By Deployment Mode, By Country, Competition, Forecast
& Opportunities, 2024” has
evaluated the future growth potential of Asia-Pacific multi factor
authentication market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting edge
market intelligence and help decision makers take sound investment decision. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in the Asia-Pacific multi
factor authentication market.
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