Multifactor Authentication Market - Expected to be Worth US$20,444.9 Mn by the End of 2025

The global multifactor authentication market is highly fragmented due to presence of several players. The report anticipates that mergers and acquisitions will remain important to established players in order to gain entry into the untapped markets. For instance, in November 2017, Gemalto formed a partnership with Computer Gross to expand its geographical servings for security and authentication based products. Innovation and introduction of technically-sound products are expected to be the two most important strategies of the global market in the near future.

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The global market for multifactor authentication is expected to witness a soaring demand in the near future as the need for better security solutions will always be consistent. Multifactor authentication models are predominantly used for guarding sensitive information of utmost importance. Thus, it is readily being adopted by governments and banking and finance sectors to secure their top level data, files, and information about services.

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This multilayered authentication system is based on the parameters of genetics, possession, knowledge, and location to access the system. Possession requirements include software and hardware tokens including keyfob, OTP and others. Genetic parameters include items such as facial biometric, fingerprint, and retina scanning. Knowledge parameters are inclusive of user name and password, PIN’s and answers to secret questions.

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Such tight security measures are thus likely to revolutionize the way financial transactions are being secured. Furthermore, adoption of these models is expected to bring about tremendous security for projects that are under research and development.

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