2014-02-05 14:40:03 - Global Multi-factor Authentication Market 2012-2016 - a new market research report on companiesandmarkets.com
The Global Multi-factor Authentication market is to grow at a CAGR of 19.1 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing number of government regulatory requirements. The Global Multi-factor Authentication market has also been witnessing an increasing popularity of phone-based authentication solutions. However, the high cost of deploying multi-factor authentication solutions could pose a challenge to the growth of this market.
One of the main trends witnessed in the Global Multi-factor Authentication market is increased popularity of phone-based authentication solutions. Advantages such as high scalability, no requirement to carry extra hardware, and easy implementation have increased the adoption of phone-based authentication solutions in comparison with traditional hardware tokens. Furthermore, phone-based authentication
can generate an OTP and at the same time it can be used for biometric scanning. Thus, the device can be used for three-factor authentication as well. Since virtually everyone carries a mobile phone, there is no need for further investment in hardware tokens.
One of the main factors driving the market is the increasing number of regulatory requirements. . Enterprises are required to comply with these regulations and standards in order to secure their data. In cases of non-compliance, these enterprises may have to pay penalties, which could damage their reputation.
One of the main challenges is high cost of deployment. The initial cost of hardware tokens is high because it includes the hardware cost, support services, and the deployment cost. The loss or damage of hardware tokens would further increase the overall cost of hardware tokens.
The key vendors dominating this space include EMC Corp., Entrust Inc., Gemalto N.V., and VASCO Data Security International Inc.
The other vendors mentioned in the report are ActivIdentity Corp., Aladdin, Anakam, Arcot, Authentify, CryptoCard, Deepnet Security, ID Control, PhoneFactor, PortWise, Quest Software, SafeNet, SecureAuth, Secure Envoy, SecurStar, Swivel Secure, Tricerion, and TriCipher.
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