Recently, researchers at TechNavio, an independent tech-focused global research firm, produced a new market research report on the Global Multi-Factor Authentication Market, which is growing at a CAGR of 19.31 percent from 2013-2018.
According to the findings presented in a report summary shared with MMW, TechNavio has uncovered what the first calls a “major trend.”
The report pinpoints employee mobility and a major increase in attacks on government installations as key drivers prompting market growth. Further, the report looks at several prominent market trends, including the use of phone-based authentication, which will be of interest over the forecast period.
“Multi-factor authentication is being widely adopted as a technique for enhancing security systems with the help of two or more unrelated forms of authentication, thereby protecting against unauthorized access and confirmations,” reads a statement from TechNavio describing the report’s findings.
These authentication systems mainly use credentials such as passwords, PINs, cell phones, security tokens, smart cards, and biometrics for authentication. Research from TechNavio finds increased popularity of phone-based authentication solutions to be a significant market trend.
“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,” says Faisal Ghaus, Vice President of TechNavio.
For more information about TechNavio’s research and projections regarding Multi-factor Authentication, click here.