Boonton, NJ -- (SBWIRE) -- 10/19/2018 -- Market Analysis:

According to Verified Market Intelligence, the Global Multifactor Authentication Market was valued at USD 5.19 billion in 2016 and is projected to reach USD 18.96 billion by 2025, growing at a CAGR of 15.48% from 2017 to 2025.

Multifactor Authentication is a security system in which there is a requirement for more than one process of authentication in order for access to be provided. This increase in the number of validation procedures allows for the decrease in the chance for security breaches such as data theft and hacking. The multifactor authentication comprises systems with an amalgamation of biometric, logical as well as physical procedures in order to surpass the security system. This layered defense system allows for more security surveillance and therefore more data security.

There are several factors that are driving the market for the Global Multifactor Authentication Market such as the increase in the strength of the overall security of an organization's network, the high usability of the system in several industries for several organizations, as well as the increased flexibility of the service. Factors such as the concern for the chance of false security as well as the cost of the service is restraining the market from growth.

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The "Global Multifactor Authentication Market" study report will provide a valuable insight with an emphasis on global market including some of the major players such as NEC Corporation, Rsa Security LLC, 3M, Fujitsu, Suprema HQ Inc., Crossmatch, Safran, Gemalto NV, Hid Global Corporation/Assa Abloy Ab, CA Technologies and Vasco Data Security International, Inc. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis.