Pune, India, December, 2017/MRFR Press Release/- Market Research Future published a Half Cooked research report on “Global Two-factor Authentication Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.Â
Two-factor Authentication Global Market – Overview
The global two-factor authentication market is showing high growth; mainly due to the increasing demand for advanced security solutions. Increase in volume of online transactions is one major factor driving the growth of two-factor authentication market. Two-factor authentication is considered to be the best thing happened for pushing digital payments on a global scale. High level of security provided by software OTP tokens is a major factor driving the growth of two-factor authentication market.
According to a recent study report published by Market Research Future, The global market of two-factor authentication is increasing and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). Two-factor authentication refers to a strong authentication process which requires another proof other than password, in order to assure a person’s identity. Two factor authentication usually requires two or three proofs to be met in order to gain access to any network or application. Two-factor authentication has various benefits such as it can streamline the workflow associated with distributing and managing two-factor authentication to global and mobile workforces with the help of software tokens. With software tokens, two-factor authentication offerings are also being provided for mobile devices, laptops, desktops and various other devices. Common methods for two-factor authentication include chip and PIN card readers, tokens, and TANs.
On the other hand, rise in security threats and risks associated with transactions over internet are some of the major factors hindering the market growth. Also, implementation of two-factor authentication will require upgradation of infrastructure and lack of telecom infrastructure in developing countries may hamper the market growth.
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