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