Two-Factor Authentication Market Size, Share, Trends, Analysis and Forecasts To 2021
Market Research analysts forecast the global 2FA market to grow at a CAGR of 23.57 % during the period 2017-2021.
The following companies as the key players in the global 2FA market: Entrust, Gemalto, RSA Security, SecurEnvoy, and VASCO Data Security International
Other Prominent Vendors in the market are: Authenex, Authentify, Authy, Deepnet Security, DynaPass, Fortinet, HID Global, ID Control, Meontrust, Mi-Token, PointSharp, Protectimus Solutions, SecureAuth, SecurEnvoy, SecurStar, and Yubico
Commenting on the report, an analyst said: OOB authentication is a powerful tool used to prevent fraud. The OOB authentication software works with a secured communication channel. Enterprises use this technology for high-risk transactions to verify and authenticate the user ' s identity. The technology is used for authentication for both financial and non-financial transactions.”
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According to the report, consumers depend on the Internet to perform transactions. Online transactions are instant and easy. However, financial transactions are vulnerable to cyber attacks. Major vendors, such as Gemalto, are providing hardware OTP tokens with payment functionality for banking transactions. Some of Gemalto ' s offerings are EZIO onCard PAD, Ezio Talk Token, and EZIO Pico.
Further, the report states that hardware tokens are vulnerable to theft, and there are also possibilities that hardware OTP tokens may not get recognized by the transaction systems in use. The hardware OTP token is an extra device that must be carried around, making it inconvenient for users.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
About Two-factor Authentication( 2FA)
Data security is a primary concern for enterprises, government organizations, and individuals. The popular methods for protecting sensitive data and assets include identity badges, numeric keypads, and PINs. However, these verification methods are vulnerable to hacking attempts. The advanced 2FA solutions prevent data breach by using verification techniques like hardware OTP authentication, smart card-based authentication, phone-based authentication, and biometrics. The 2FA solutions require two types of credentials to verify a person ' s identity or a transaction. This creates an additional