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.
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