Multifactor authentication is a kind of security system, which needs more than one type of authentication, from every category of credentials. It helps verify user identity to give them the account access for facilitating transactions.
According to Transparency Market Research, the global multifactor authentication market is expected to flourish at a whooping CAGR of 17.7% during the forecast period 2017 to 2025.
Multifactor authentication is a new solution in identity access management, and is making the rounds since recent past. The system tightens the security while making online transactions, accessing corporate resources, and during logging into online platforms. The major reason behind breach of data is the compromised credentials, and insufficient security while accessing the account. To overcome these issues, multifactor authentication steps in. The firms use it to monitor additional security, which helps users to authenticate through inherence, possession, and knowledge, to get access of social and corporate platforms.
Increasing Need for Data Privacy to Boost Growth in the Market
With the flood in data from all corners of the world in several industries, there has been a pressing need for data privacy and data security. Several nations have come up with counter measures that are implemented to safeguard large amount of data. Regulations for example, Gramm-Leach-Bliley Act (GLBA), HIPAA, PCI DSS, Basel II, and SOX are a few of them that are being implemented across the nations. The surging regulatory demand in PCI firms and large banks is stimulating the popularity of multifactor authentication market all over the world. In addition, advancement in technology for example, SMS tokens, phone-based authentication, embedded with biometric access is foreseen to pump the demand in global multifactor authentication market.