Multi-factor authentication deals with identifying and authenticating an individual based on the factors provided by him/her. The factors come under the following broad categories: “Something he/she knows”, “something he/she has”, and “something he/she is”. The factors can be any of the following: - biological traits, passwords & PINs, hardware tokens and others. One Time Password or OTP, is one of the emerging authentication factor, and is gaining popularity across every region.

MFA is popular due to the high degree of security and is much better than a single username and password combination. Different models of MFA have found various applications in verticals: BFSI, government, immigration & travel, commercial security, electronics and healthcare.

Rise in security needs across enterprises and government agencies, legislative compliances, and growth of cloud technologies are the some of the major drivers for the growth of market. Organizations are preferring cloud-based authentication solutions because of its pay per use model, reliability, and potential in reducing associated maintenance costs. Several central governments are also investing on MFA projects. The Multi-factor Authentication (MFA) market is segmented by type, verticals, and regions. Some of the major vendors present in the market are RSA Security, Gemalto, Fujitsu, NEC, Safran SA, 3M, and HID Global.

The study covers and analyses the “Multi-Factor Authentication” market. Bringing out the complete key insights of the industry, the reports aim to provide an opportunity for players to understand the latest trends, current market scenario, government initiative, and technologies related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.