About Two-Factor Authentication
Two-factor authentication (2FA) is a security process that requires two separate forms of authentication from independent categories of authentication methods to grant access. The 2FA market refers to the technology and services related to this security process. The 2FA market has been growing rapidly in recent years due to the increasing need for secure authentication processes, especially in industries such as finance, healthcare, and government. The market is expected to continue growing as the use of online services and the need for secure access to sensitive information become more widespread. The 2FA market is expected to grow as the need for secure authentication methods continues to increase. The market offers a wide range of options for users and organizations, ranging from SMS-based 2FA to biometric 2FA.
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Competition among existing players is due to the stiff market share occupied by leading players. The industry leader is engaged in offering innovative and superior-quality Software to cater to the ever-growing demand for Two-Factor Authentication. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with software companies in other industries to aid them in improving sustenance and maintaining their competitive advantage Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Two-Factor Authentication market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Microsoft (United States), Google LLC (United States), PFU Limited (Japan), Oracle (United States), Gemalto NV (Netherlands), Suprema Inc. (South Korea), RSA Security LLC (United States), IDEMIA (France), Yubico (United States), AuthO (Australia), HID Global Corporation (United States), Thales (France), ESET, s.r.o. (Slovakia), Duo (United States) and Ping Identity Holding Corp. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are CyberArk Software Ltd. (United States), TOKEN2 SÓrl. (Switzerland), OneLogin (United States), Okta (United States), Broadcom (United States), Entrust Corporation (United States), OneSpan (United States) and Secret Double Octopus (United States).
AMA Research has segmented the market of Global Two-Factor Authentication market by Type (Hardware and Software) and Region.
On the basis of geography, the market of Two-Factor Authentication has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Southeast Asia, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Organization Size, the sub-segment i.e. Small & Medium Enterprises will boost the Two-Factor Authentication market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical , the sub-segment i.e. BFSI will boost the Two-Factor Authentication market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Authentication Type, the sub-segment i.e. Password/ PIN will boost the Two-Factor Authentication market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Increased Adoption of Mobile Devices & their security
Market Growth Drivers:
Increasing adoption of cloud technology
Integrating Two-Factor Authentication with existing systems and applications can be challenging and time-consuming.
Lack of Awareness among the People
Increasing Cybersecurity Threats
Market Leaders and their expansionary development strategies
In March 2021, Okta entered into a definitive agreement to acquire Auth0 for USD 6.5 billion. Okta has focused on serving businesses with products for IAM, SSO, MFA, Cloud directory service, and more.
In October 2021, Yubico launched First YubiKeys with Biometric Authentication, Yubico the leading provider of hardware authentication security keys, Announced the general availability of the Yubikey Bio Series that supports fingerprint recognition for secure passwordless and second-factor logins.
Key Target AudienceVenture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations, End-Use Industries and Others
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.