Global Two-Factor Authentication Market Size study, by Type, by Model, by Technology, by End-User, and Regional Forecasts 2022-2032

Description

The Global Two-Factor Authentication Market is valued approximately at USD 7,695.24 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 16.62% over the forecast period 2023-2032. Two-Factor Authentication (2FA) is an additional security layer that goes beyond traditional username and password mechanisms to enhance the security of online accounts. This security method adds an extra degree of protection, preventing unauthorized access even if the password is compromised. Furthermore, Machine learning (ML) technologies are revolutionizing 2FA by enabling adaptive and intelligent authentication techniques. ML algorithms analyze vast amounts of data, including user activity, device information, and network patterns, to detect anomalies and potential security threats in real time. For example, ML-powered 2FA systems can recognize unusual login patterns, such as multiple unsuccessful attempts or access from unfamiliar locations, prompting additional verification steps. Furthermore, integrating 2FA with Zero-Trust principles allows organizations to implement rigorous access controls based on identity verification and contextual factors, reducing the likelihood of unauthorized access and lateral movement within networks.

The surge in online transactions is significantly boosting the demand for the two-factor authentication (2FA) market. As digital transactions and online services proliferate, the need for enhanced security measures becomes critical to protect sensitive information and prevent unauthorized access. Two-factor authentication provides an additional layer of security by requiring users to verify their identity through a second method such as a text message code, email link, or biometric scan beyond just a password. This added verification step helps mitigate the risks of cyber threats and identity theft, which are increasingly prevalent with the rise of e-commerce and digital banking. As businesses and consumers alike prioritize data security, the adoption of 2FA solutions is expected to grow rapidly, driving the expansion of the market.

Key regions considered for the Global Two-Factor Authentication Market study include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2023, North America dominates the market in terms of revenue, driven by the high penetration of digital technology and the increasing risk of cyber-attacks. Europe, with its advanced banking and financial systems, is rapidly adopting 2FA technology to secure transactions. Germany, in particular, leads in technological innovations and the adoption of 2FA. Furthermore, Asia Pacific is projected to see the highest CAGR, driven by increasing investments in connected devices, cloud, and IoT technologies, coupled with stringent regulatory compliances.

Major market players included in this report are:

Thales Group
Fujitsu
OneSpan
NEC Corporation
Broadcom
IBM
HID Global Corporation
Google LLC
Suprema
RSA

The detailed segments and sub-segment of the market are explained below:

By Type:

Public Key Infrastructure
One-Time Passwords

By Model:

Smart Card with Biometric Technology
Smart Card with PIN Service
Biometric Technology with PIN
One-Time Password with PIN

By Technology:

Mobile PKI Office Suite
SafeNet OTP Authenticators
Out-of-Band Authenticators
PKI Authenticators
Logical & Physical Access Control

By End-User:

Consumer Electronics
Banking & Finance
Healthcare
Travel & Immigration
Military & Defense

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Two-Factor Authentication Market Executive Summary

1.1. Global Two-Factor Authentication Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Type
- 1.3.2. By Model
- 1.3.3. By Technology
- 1.3.4. By End-User
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Two-Factor Authentication Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Two-Factor Authentication Market Dynamics

3.1. Market Drivers
- 3.1.1. Increasing Online Transactions
- 3.1.2. Growing Need to Secure Personal Data
- 3.1.3. Government Initiatives for Biometric Authentication
3.2. Market Challenges
- 3.2.1. Inconvenience Of Carrying Hardware Tokens And Vulnerability To Threats
- 3.2.2. Lack Of Proper Security Infrastructure And Technical Skills
3.3. Market Opportunities
- 3.3.1. Integration with Machine Learning
- 3.3.2. Adoption of Zero-Trust Security
- 3.3.3. Increasing Use of Smartphones for Online Payments

Chapter 4. Global Two-Factor Authentication Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Two-Factor Authentication Market Size & Forecasts by Type 2022-2032

5.1. Segment Dashboard
5.2. Global Two-Factor Authentication Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Public Key Infrastructure
- 5.2.2. One-Time Passwords

Chapter 6. Global Two-Factor Authentication Market Size & Forecasts by Model 2022-2032

6.1. Segment Dashboard
6.2. Global Two-Factor Authentication Market: Model Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Smart Card with Biometric Technology
- 6.2.2. Smart Card with PIN Service
- 6.2.3. Biometric Technology with PIN
- 6.2.4. One-Time Password with PIN

Chapter 7. Global Two-Factor Authentication Market Size & Forecasts by Technology 2022-2032

7.1. Segment Dashboard
7.2. Global Two-Factor Authentication Market: Technology Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. Mobile PKI Office Suite
- 7.2.2. SafeNet OTP Authenticators
- 7.2.3. Out-of-Band Authenticators
- 7.2.4. PKI Authenticators
- 7.2.5. Logical & Physical Access Control

Chapter 8. Global Two-Factor Authentication Market Size & Forecasts by End-User 2022-2032

8.1. Segment Dashboard
8.2. Global Two-Factor Authentication Market: End-User Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 8.2.1. Consumer Electronics
- 8.2.2. Banking & Finance
- 8.2.3. Healthcare
- 8.2.4. Travel & Immigration
- 8.2.5. Military & Defense

Chapter 9. Global Two-Factor Authentication Market Size & Forecast by Region 2022-2032

9.1. North America Two-Factor Authentication Market
- 9.1.1. U.S. Two-Factor Authentication Market
  - 9.1.1.1. Type breakdown size & forecasts, 2022-2032
  - 9.1.1.2. Model breakdown size & forecasts, 2022-2032
  - 9.1.1.3. Technology breakdown size & forecasts, 2022-2032
  - 9.1.1.4. End-User breakdown size & forecasts, 2022-2032
- 9.1.2. Canada Two-Factor Authentication Market
9.2. Europe Two-Factor Authentication Market
- 9.2.1. U.K. Two-Factor Authentication Market
- 9.2.2. Germany Two-Factor Authentication Market
- 9.2.3. France Two-Factor Authentication Market
- 9.2.4. Spain Two-Factor Authentication Market
- 9.2.5. Italy Two-Factor Authentication Market
- 9.2.6. Rest of Europe Two-Factor Authentication Market
9.3. Asia-Pacific Two-Factor Authentication Market
- 9.3.1. China Two-Factor Authentication Market
- 9.3.2. India Two-Factor Authentication Market
- 9.3.3. Japan Two-Factor Authentication Market
- 9.3.4. Australia Two-Factor Authentication Market
- 9.3.5. South Korea Two-Factor Authentication Market
- 9.3.6. Rest of Asia-Pacific Two-Factor Authentication Market
9.4. Latin America Two-Factor Authentication Market
- 9.4.1. Brazil Two-Factor Authentication Market
- 9.4.2. Mexico Two-Factor Authentication Market
- 9.4.3. Rest of Latin America Two-Factor Authentication Market
9.5. Middle East & Africa Two-Factor Authentication Market
- 9.5.1. Saudi Arabia Two-Factor Authentication Market
- 9.5.2. South Africa Two-Factor Authentication Market
- 9.5.3. Rest of Middle East & Africa Two-Factor Authentication Market

Chapter 10. Competitive Intelligence

10.1. Key Company SWOT Analysis
10.2. Top Market Strategies
10.3. Company Profiles
- 10.3.1. NEC Corporation
  - 10.3.1.1. Key Information
  - 10.3.1.2. Overview
  - 10.3.1.3. Financial (Subject to Data Availability)
  - 10.3.1.4. Product Summary
  - 10.3.1.5. Market Strategies
- 10.3.2. Broadcom
- 10.3.3. IBM
- 10.3.4. HID Global Corporation
- 10.3.5. Google LLC
- 10.3.6. Suprema
- 10.3.7. RSA
- 10.3.8. Thales Group
- 10.3.9. Fujitsu
- 10.3.10. OneSpan

Chapter 11. Research Process

11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
11.2. Research Attributes