Global MFA Market Forecast
From 2013 to 2016, an overall year for MFA market growth will be seen. The growth will be due to the need for more authentication methods in the industry, demand for easier authentication, the advent of new security schemes, and the growing adoption of cloud-based services.
The market is considered to have the potential to grow at a CAGR of 6. 8%, during the forecast period.
Innovation: The major factor that is driving the technology and IT hardware market in the report is the increasing need for authentication. The MFA market is expected to increase with the introduction of improved authentication systems and increasing application of IoT/AI in various industries.
Cloud: The adoption of cloud services is expected to increase exponentially during the forecast period. This will provide a major cost saving opportunity for the business owners.
Automation: Advanced IT has provided a major boost to the market thanks to the increased use of automation. The automation will be used to improve the security by eliminating human errors.
Enterprise: The demand for higher automation is driving the business owners to deploy security devices in the devices. The MFA services will be offered through various applications and will be deployed in enterprises.
Cloud Services: The demand for cloud services can be attributed to the ease of implementation. The deployment of security devices has gained major traction due to the need of higher security. The deployment of MFA services has resulted in security increase and will continue to increase through the forecast period.
The Global MFA Market: A Survey
Our survey was conducted across the globe (Asia, North America, Europe, South America). The following countries were asked to participate: Brazil, Mexico, Russia, and Turkey.
You can find more information about the survey on the Market Survey link.
Software revenue in 2013 increased to $22. It reached an all time high of $24. 5 Billion in 2012. MFA revenue in developing regions increased at the rate of 12. 2 % CAGR during 2013-2015 period. In terms of services revenue, it reached $18. 12 billion in 2013 and $20. 12 billion in 2012. MFA revenue in developing regions was higher than developed regions at the end of 2015.
MFA is the most dynamic market in terms of volume and the majority of its revenue is derived from software services. MFA revenue in developing regions and emerging markets was growing at higher rates than developed regions in 2013 and 2014. MFA is a mature segment and has developed extensively since inception. However, it is still undergoing rapid and unplanned expansion and is expected to grow at approximately 7% CAGR during 2016-2025 period.
North America accounted for the largest share of all the developed markets in 2013. Asia Pacific was the second-largest market accounting for 36 % of all revenue.
The US and Japan emerged as the largest MFA market and Asia Pacific accounted for more than two thirds of the total revenue in 2013.
The MFA market in Europe is going to witness significant growth and will be worth $18 Billion by the end of 2016. The MFA market will be worth $29 Billion in 2015 with an annual growth rate of 16. Global MFA is projected to grow at an annual rate of 6.
Multi-factor authentication smart card with pin –
I have been working on this article that is based on the excellent articles on this website of a professional security consultant who created a comprehensive multi-factor authentication solution for a local bank. This solution can be used for a wide variety of applications including the customer site, banking, employee’s personal account and the POS terminals. This article was written in early 2014 and I have received positive feedback from a number of clients who are using this solution for a variety of use cases. I am happy to share with you the details of this solution. This article is made using a text editor called Microsoft Word, that you can download from Microsoft Office Web apps. Also you can find some pictures that I have created using the free services from Adobe PhotoShop that I used to create this article.
The following is a summary of my article and the steps that I am going to take in writing it. This article is meant to be completed within 24 hours. A copy of the article will be provided upon request.
The first thing that a reader would have to do is to verify that the card is valid and in the correct format. In the example above, the reader would look up and find out that the card format is valid and the pin is correct. As a result, the authentication process is achieved by using the PIN or by using a multi-factor authentication card.
The authentication method selected depends on the application as well as on the kind of application (bank, employee, retail store, POS system, etc).
One-time passwords and biometric are the most common types of authentication methods. This is because these methods can be implemented without any software modification in a hardware setting.
The Global MFA Market Frequently Asked Questions (FAQ)
The software market in India plays an essential role in India’s industrial growth and the country is striving to achieve IT supremacy in all spheres of economic life. Indian IT industry has emerged as a globally competitive industry and it is expected to remain a market dominant in the future. It has significant impact on the entire IT industry and the growth of Indian IT industry is expected to be driven by the IT industry which is a major contributor of jobs for many skilled IT professionals (IT-SPAs) across the country.
This is a comprehensive and detailed report which gives an overview of the software market in India. Software Market is defined by the market research, the key market trends, the global market analysis, and the current industry trends based on extensive market research and analysis of the market.
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Spread the loveFrom 2013 to 2016, an overall year for MFA market growth will be seen. The growth will be due to the need for more authentication methods in the industry, demand for easier authentication, the advent of new security schemes, and the growing adoption of cloud-based services. The market is considered to have the…