According to Transparency Market Research’s latest research report on the global multifactor authentication market for the historical period 2017–2019 and the forecast period 2021–2031, usage of multifactor authentication in various end use sector such as healthcare, retail, etc. is expected to boost the global multifactor authentication market during the forecast period
Smartphone Authentication Apps Continue to Grow in Popularity: Key Driver of Global Multifactor Authentication Market
- Use of smartphones as an authentication method via soft tokens has been gaining popularity for the past few years. Apps, SMS, and telephony services are available in smartphones, and they are considered to be a highly rapid and secure way to deploy multi-factor authentication.
- Various apps can be used across tablets, laptops, and phones. Some of them can support only laptops, while others support phones.
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- Presently, excessive integration of smartphones is expected to be a key factor driving the multifactor authentication system market
- Demand over complex maintenance, high usage service limit, and increased initial investment are also boosting the multifactor authentication market
Rise in Regulation to Drive Global Market
- Stringent government regulations to increase the adoption of MFA solutions are expected to drive the multifactor authentication market
- The ever-changing and dangerous landscape has resulted in a slew of new government rules, including General Data Protection Regulation (GDPR), Payment Services Directive 2 (PSD2), and Anti-Money Laundering Directive 5 (AMLD5)
- These regulations have made it obligatory for every business to have sound identity authentication checks integrated into their system in order to combat frauds such as money laundering, identity theft, and terrorist funding
Stringent compliances and regulations have been a primary driver for the rapid adoption of MFA (Multifactor Authentication) solutions among organizations, owing to the large penalties assessed for non-compliance with regulatory mandates
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