Press Release

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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