Multi-Factor Authentication (MFA) Market by Model (Two, Three, Four, and Five Factor), Application (Travel & Immigration, Government, Banking, Defense, Commercial Security, Consumer Electronics, Healthcare), and Geography – Global Forecast to 2020

“Multi-factor authentication is a vast market with a huge scope for growth. The MFA technology plays an important role because it helps to meet legislative compliances, security needs, inter border security requirements, enterprise data securities, and so on. Banking and finance, travel and immigration, defense and cyber security applications are deploying MFA on a large scale.

The major drivers of the MFA market are the initiatives taken by governments of several countries to invest in the government-based operations and the rolling out of regulations for others to increase the security of the user. Moreover, MFA is extensively being used for user authentication and to reduce financial frauds, phishing, to avoid data breach and so on, this is mainly because of the increase in online trading and online transactions. The major restraint for the MFA market is that people in some regions consider multi-model authentication as offensive, unpleasant, invasive, and an awkward act. The major challenge for the market is ensuring the security of data so that it cannot be intercepted and misused. The life cycle of multi-factor authentication market, by model portrays that four-factor and five-factor are in the introduction stage, three-factor is in the growth stage, whereas two-factor is at the maturity stage.

Global MFA market was valued at USD 3.60 billion in 2014 and it is expected to reach USD 9.60 billion by 2020, at an estimated CAGR of 17.7%. Government, banking & finance, and healthcare will be the key application areas of the MFA market.

Two-factor authentication is the most used authentication models followed by three-factor, four-factor, and five-factor authentication, respectively. The U.S. is the global leader in MFA technology consumption. North America leads the market followed by Europe and APAC based on region. In applications, banking & finance is the major contributor, whereas healthcare, government, and commercial security are expected to play an important role.

The major players that offer various products in the MFA market are RSA Security, LLC (U.S.), Vasco Data Security (U.S.), Gemalto NV (Netherlands), Safran SA (France), Fujitsu, Ltd. (Japan), CA Technologies (U.S.), NEC Corporation (Japan), and Cross Match Technologies (U.S.) among others.

1.1 AVAILABLE CUSTOMIZATIONS
With the given market data, MarketsandMarkets offers customizations as per the Company’s specific needs. The following customization options are available for the report:
Geographic Analysis
 Further breakdown of the North American MFA market into countries such as U.S., Canada, Mexico, and Rest of North America
 Comprehensive coverage of regulations followed in each region (Americas, APAC, and Europe)
Company Information
 Detailed analysis and profiling of additional market players (Up to 5).

”

“TABLE OF CONTENTS

1 INTRODUCTION 14
1.1 STUDY OBJECTIVES  14
1.2 MARKET DEFINITION 14
1.3 STUDY SCOPE 15
1.3.1 MARKETS COVERED 15
1.3.2 YEARS CONSIDERED FOR THE STUDY 16
1.4 CURRENCY & PRICING 16
1.5 LIMITATIONS 16
1.6 STAKEHOLDERS 16
2 RESEARCH METHODOLOGY 17
2.1 RESEARCH DATA 17
2.1.1 SECONDARY DATA 18
2.1.1.1 Key data from secondary sources 18
2.1.2 PRIMARY DATA 18
2.1.2.1 Key data from primary sources 19
2.1.2.2 Key industry insights 20
2.2 DEMAND SIDE ANALYSIS FOR MULTI-FACTOR AUTHENTICATION MARKET 21
2.2.1 DEMAND-SIDE ANALYSIS 21
2.2.1.1 Government Initiative in Adoption of various Multi-factor Authentication Technology 22
2.2.1.2 Increased Mobile Commerce Spending 22
2.2.1.3 Unification of different Technologies 23
2.3 MARKET SIZE ESTIMATION 23
2.3.1 BOTTOM-UP APPROACH 24
2.3.2 TOP-DOWN APPROACH 25
2.4 MARKET BREAKDOWN AND DATA TRIANGULATION 25
2.5 RESEARCH ASSUMPTIONS 26
2.5.1 ASSUMPTIONS 26
3 EXECUTIVE SUMMARY 27
4 PREMIUM INSIGHTS 32
4.1 ATTRACTIVE MARKET OPPORTUNITIES IN MFA MARKET 32
4.2 TWO-FACTOR AUTHENTICATION MODEL MARKET: BY GEOGRAPHY 32
4.3 MFA MARKET IN THE ASIA-PACIFIC REGION 33
4.4 MFA IN BANKING & FINANCE APPLICATION MARKET, BY GEOGRAPHY 33
4.5 LIFE CYCLE ANALYSIS, BY GEOGRAPHY 34
5 MARKET OVERVIEW 35
5.1 INTRODUCTION 36
5.2 MARKET SEGMENTATION 36
5.2.1 MARKET, BY MODEL 37
5.2.2 MARKET, BY APPLICATION 37
5.2.3 MARKET, BY GEOGRAPHY 38
5.3 MARKET EVOLUTION 38
5.4 MARKET DYNAMICS 39
5.4.1 DRIVERS 39
5.4.1.1 Legislative compliances 40
5.4.1.2 Increasing national and network security threats 40
5.4.1.3 Increasing online transactions 41
5.4.1.4 Smartphone-based mobile device with MFA technology on rise 41
5.4.1.5 Rise of e-commerce 42
5.4.2 RESTRAINTS 44
5.4.2.1 Increase in MFA usage service time 44
5.4.2.2 Low acceptance in several countries due to cultural/religious reasons 44
5.4.3 OPPORTUNITIES 45
5.4.3.1 Introduction of MFA in gaming 45
5.4.3.2 Cloud computing for MFA Technology 45
5.4.3.3 Demand for authentication as a service 46
5.4.4 CHALLENGES 46
5.4.4.1 Security of data 46
5.4.4.2 Reducing the cost of the technology 47
5.4.5 BURNING ISSUE 47
5.4.5.1 Administration of multi-factor authentication 47
5.4.6 WINNING IMPERATIVE 48
5.4.6.1 User friendly 48
6 INDUSTRY TRENDS 49
6.1 INTRODUCTION 50
6.2 VALUE CHAIN ANALYSIS 51
6.3 PORTER’S FIVE FORCES ANALYSIS 52
6.3.1 INTENSITY OF COMPETITIVE RIVALRY 53
6.3.2 THREAT OF SUBSTITUTES 54
6.3.3 BARGAINING POWER OF BUYERS 55
6.3.4 BARGAINING POWER OF SUPPLIERS 56
6.3.5 THREAT OF NEW ENTRANTS 57

7 MULTI-FACTOR AUTHENTICATION MARKET, BY MODEL 58
7.1 INTRODUCTION 59
7.1.1 TWO-FACTOR AUTHENTICATION MODEL 61
7.1.1.1 Smart card with PIN 62
7.1.1.2 Smart card with biometric technology 62
7.1.1.3 Biometric technology with PIN 62
7.1.1.4 Two-factor biometric technology 63
7.1.1.5 One time password with PIN 63
7.1.2 MULTI-FACTOR WITH THREE-FACTOR AUTHENTICATION 66
7.1.2.1 Smart card with PIN and biometric technology 67
7.1.2.2 Smart card with two-factor biometric technologies 67
7.1.2.3 PIN with two-factor biometric technologies 68
7.1.2.4 Three-factor biometric technology 68
7.1.3 MULTI-FACTOR WITH FOUR-FACTOR AUTHENTICATION 71
7.1.4 MULTI-FACTOR WITH FIVE-FACTOR AUTHENTICATION 74
8 MULTI-FACTOR AUTHENTICATION MARKET, BY APPLICATION 78
8.1 INTRODUCTION 79
8.2 TRAVEL & IMMIGRATION 81
8.3 GOVERNMENT 82
8.4 DEFENSE 85
8.5 BANKING & FINANCE 86
8.6 COMMERCIAL SECURITY 87
8.7 CONSUMER ELECTRONICS 89
8.8 HEALTHCARE 90
8.9 OTHERS 92
9 MULTI-FACTOR AUTHENTICATION MARKET, BY GEOGRAPHY 93
9.1 INTRODUCTION 94
9.2 NORTH AMERICA 96
9.2.1 U.S. 99
9.2.2 CANADA 100
9.2.3 MEXICO 101
9.3 EUROPE 102
9.3.1 GERMANY 105
9.3.2 U.K. 106
9.3.3 FRANCE 107
9.3.4 ITALY 107
9.4 APAC 109
9.4.1 AUSTRALIA 112
9.4.2 CHINA 113

9.4.3 JAPAN 113
9.4.4 SOUTH KOREA 114
9.4.5 INDIA 115
9.5 ROW 117
10 COMPETITIVE LANDSCAPE 122
10.1 OVERVIEW 122
10.2 MARKET RANKING FOR MULTI-FACTOR AUTHENTICATION MARKET, 2014 123
10.3 COMPETITIVE SCENARIO 124
10.4 RECENT DEVELOPMENTS 125
10.4.1 NEW PRODUCT LAUNCHES 125
10.4.2 PARTNERSHIPS, AGREEMENTS, AND CONTRACTS & COLLABORATIONS 127
10.4.3 MERGERS AND ACQUISITIONS 128
11 COMPANY PROFILES 129
(Overview, Products and Services, Financials, Strategy & Development)*
11.1 INTRODUCTION 129
11.2 SAFRAN SA 130
11.3 NEC CORPORATION 134
11.4 3M 138
11.5 GEMALTO NV 141
11.6 RSA SECURITY LLC. 144
11.7 CA TECHNOLOGIES 146
11.8 FUJITSU LTD. 148
11.9 SUPREMA, INC. 151
11.10 VASCO DATA SECURITY INTERNATIONAL, INC. 153
11.11 CROSS MATCH TECHNOLOGIES, INC 156
11.12 HID GLOBAL CORPORATION 158
*Details on Overview, Products and Services, Financials, Strategy & Development might not be Captured in case of Unlisted Companies.
12 APPENDIX 160
12.1 INSIGHTS OF INDUSTRY EXPERTS 160
12.2 DISCUSSION GUIDE 161
12.3 INTRODUCING RT: REAL TIME MARKET INTELLIGENCE 164
12.4 AVAILABLE CUSTOMIZATIONS 166
12.5 RELATED REPORTS 167
“
“LIST OF TABLES

TABLE 1 LEGISTATVE COMPLIANCES AND INCREASING NATIONAL AND NETWORK SECURTY THREATS PROPELS THE GROWTH OF THE MULTI-FACTOR AUTHENTICATION MARKET 43
TABLE 2 INCREASE IN MFA USAGE SERVICE TIME ACT AS A HINDERANCE TO THE MULTI-FACTOR AUTHENTICATION MARKET 45
TABLE 3 INTRODUCTION OF MFA IN GAMING INDUSTRY IS A HUGE OPPORTUNITY FOR 
THE MULTI-FACTOR AUTHENTICATION MARKET 46
TABLE 4 SECURITY OF DATA IS THE MAJOR CHALLENGE FOR THE MULTI-FACTOR AUTHENTICATION MARKET 47
TABLE 5 THE PORTER’S FIVE FORCES ANALYSIS: HIGH DEGREE OF COMPETITION IS LIKELY TO HAVE A MAXIMUM IMPACT ON THE OVERALL MARKET,2014 52
TABLE 6 GLOBAL MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODELS, 
2013–2020 (USD MILLION) 60
TABLE 7 GLOBAL TWO-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL TYPE, 
2013–2020 (USD MILLION) 61
TABLE 8 TWO-FACTOR AUTHENTICATION MARKET SIZE, BY GEOGRAPHY, 
2013–2020 (USD MILLION) 64
TABLE 9 NORTH AMERICA: TWO-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 2013–2020 (USD MILLION) 64
TABLE 10 EUROPE: TWO-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 65
TABLE 11 APAC: TWO-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 65
TABLE 12 ROW: TWO-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 66
TABLE 13 GLOBAL THREE-FACTOR AUTHENTICATION MARKET SIZE, BY TYPE, 
2013–2020 (USD MILLION) 67
TABLE 14 THREE-FACTOR AUTHENTICATION MARKET SIZE, BY GEOGRAPHY, 
2013–2020 (USD MILLION) 69
TABLE 15 NORTH AMERICA: THREE-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 2013–2020 (USD MILLION) 69
TABLE 16 EUROPE: THREE-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 70
TABLE 17 APAC: THREE-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 70
TABLE 18 ROW: THREE-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 71
TABLE 19 FOUR-FACTOR AUTHENTICATION MARKET SIZE, BY GEOGRAPHY, 
2013–2020 (USD MILLION) 72
TABLE 20 NORTH AMERICA: FOUR-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 2013–2020 (USD MILLION) 73
TABLE 21 EUROPE: FOUR-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 73
TABLE 22 APAC: FOUR-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 74
TABLE 23 ROW: FOUR-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 74
TABLE 24 FIVE-FACTOR AUTHENTICATION MARKET SIZE, BY GEOGRAPHY, 
2013–2020 (USD MILLION) 75
TABLE 25 NORTH AMERICA: FIVE-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 2013–2020 (USD MILLION) 76
TABLE 26 EUROPE: FIVE-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 76
TABLE 27 APAC: FIVE-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 77
TABLE 28 ROW: FIVE-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 77
TABLE 29 MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY APPLICATION, 
2013–2020 (USD MILLION) 80
TABLE 30 MULTI-FACTOR AUTHENTICATION MARKET SIZE FOR TRAVEL & IMMIGRATION APPLICATION, BY GEOGRAPHY, 2013–2020 (USD MILLION) 82
TABLE 31 MULTI-FACTOR AUTHENTICATION MARKET SIZE FOR GOVERNMENT APPLICATION, 
BY REGION , 2013–2020 (USD MILLION) 84
TABLE 32 MULTI-FACTOR AUTHENTICATION MARKET SIZE FOR DEFENSE APPLICATION, 
BY REGION , 2013–2020 (USD MILLION) 85
TABLE 33 MULTI-FACTOR AUTHENTICATION MARKET SIZE FOR BANKING & FINANCE APPLICATION, BY REGION , 2013-2020 (USD MILLION) 87
TABLE 34 MULTI-FACTOR AUTHENTICATION MARKET SIZE FOR COMMERCIAL SECURITY APPLICATION, BY REGION , 2013–2020 (USD MILLION) 88
TABLE 35 MULTI-FACTOR AUTHENTICATION MARKET SIZE FOR CONSUMER ELECTRONICS APPLICATION, BY REGION , 2013–2020 (USD MILLION) 89
TABLE 36 MULTI-FACTOR AUTHENTICATION MARKET SIZE FOR HEALTHCARE APPLICATION, 
BY REGION , 2013–2020 (USD MILLION) 91
TABLE 37 MULTI-FACTOR AUTHENTICATION MARKET SIZE FOR OTHER APPLICATION, 
BY GEOGRAPHY, 2013–2020 (USD MILLION) 92
TABLE 38 MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY REGION, 
2013–2020 (USD MILLION) 95
TABLE 39 NORTH AMERICA: MULTI-FACTOR AUTHENTICATION MARKET SIZE, 
BY MODEL, 2013–2020 (USD MILLION) 98
TABLE 40 NORTH AMERICA: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY APPLICATION, 2013–2020 (USD MILLION) 98
TABLE 41 NORTH AMERICA: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 2013-2020 (USD MILLION) 99
TABLE 42 U.S.: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013-2020 (USD MILLION) 99
TABLE 43 CANADA: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013-2020 (USD MILLION) 100
TABLE 44 MEXICO: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 101
TABLE 45 EUROPE: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 104
TABLE 46 EUROPE: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY APPLICATION, 
2013–2020 (USD MILLION) 104
TABLE 47 EUROPE: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 105
TABLE 48 GERMANY: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 106
TABLE 49 U.K.: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 106
TABLE 50 FRANCE: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 107
TABLE 51 ITALY: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 108
TABLE 52 REST OF EUROPE: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 2013–2020 (USD MILLION) 108
TABLE 53 APAC: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 111
TABLE 54 APAC: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY APPLICATION, 
2013–2020 (USD MILLION) 111
TABLE 55 APAC: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY COUNTRY, 
2013–2020 (USD MILLION) 112
TABLE 56 AUSTRALIA: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 112
TABLE 57 CHINA: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 113
TABLE 58 JAPAN: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 114
TABLE 59 SOUTH KOREA: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 115
TABLE 60 INDIA: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD THOUSAND) 116
TABLE 61 REST OF APAC: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD THOUSAND) 116
TABLE 62 ROW: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 119
TABLE 63 ROW: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY APPLICATION, 
2013–2020 (USD MILLION) 119
TABLE 64 ROW: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY REGION, 
2013–2020 (USD MILLION) 120
TABLE 65 MIDDLE EAST: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 120
TABLE 66 AFRICA: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 121
TABLE 67 OTHERS: MULTI-FACTOR AUTHENTICATION MARKET SIZE, BY MODEL, 
2013–2020 (USD MILLION) 121
TABLE 68 MARKET RANKING OF THE TOP 5 PLAYERS IN THE MULTI-FACTOR AUTHENTICATION MARKET, 2014 123
TABLE 69 NEW PRODUCT LAUNCHES, 2013-2015 125
TABLE 70 PARTNERSHIPS, AGREEMENTS, AND CONTRACTS & COLLABORATION, 2013-2015 127
TABLE 71 MERGERS AND ACQUISITIONS, 2012-2015 128″
“LIST OF FIGURES

FIGURE 1 RESEARCH DESIGN 17
FIGURE 2 BREAKDOWN OF PRIMARIES INTERVIEWS: BY COMPANY TYPE, DESIGNATION, 
AND REGION 21
FIGURE 3 INCREASE IN NUMBER OF MOBILE RETAIL COMMERCE BUYER, IN MILLIONS 22
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 24
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 25
FIGURE 6 ASSUMPTIONS FOR THE RESEARCH STUDY 26
FIGURE 7 BANKING & FINANCE APPLICATION ACCOUNTED FOR THE MAXIMUM SHARE IN 
THE MULTI-FACTOR AUTHENTICATION MARKET DURING THE FORECAST PERIOD 28
FIGURE 8 MARKET GROWTH FOR THREE-FACTOR AUTHENTICATION MODEL IS EXPECTED TO BE HIGHER THAN TWO-FACTOR AUTHENTICATION MODEL FROM 2014 TO 2020 29
FIGURE 9 NORTH AMERICA IS EXPECTED TO HAVE THE HIGHEST MARKET SHARE IN THE GOVERNMENT APPLICATION MARKET FOR MFA FROM 2014–2020 30
FIGURE 10 THE APAC MULTI-FACTOR AUTHENTICATION MARKET ANALYSIS, BY COUNTRY, DURING THE FORECAST PERIOD 31
FIGURE 11 INCREASING SECURITY THREATS AND GOVERNMENT REGULATIONS ACROSS COUNTRIES ARE THE MAJOR DRIVING FACTOR FOR MFA MARKET 32
FIGURE 12 NORTH AMERICA IS EXPECTED TO GROW AT THE HIGHEST SHARE DURING 
THE FORECAST PERIOD 32
FIGURE 13 TWO-FACTOR AUTHENTICATION MODELS CAPTURE THE LION’S SHARE IN 
THE EMERGING ASIA-PACIFIC MARKET 33
FIGURE 14 THE APAC REGION IS EXPECTED TO GROW AT THE HIGHEST GROWTH RATE COMPARED TO OTHER REGIONS BY 2020 33
FIGURE 15 THE MFA MARKET IS CURRENTLY IN THE GROWTH STAGE IN THE APAC AND 
EUROPE REGION 34
FIGURE 16 MULTI-FACTOR AUTHENTICATION MARKET: SEGMENTATION 36
FIGURE 17 MULTI-FACTOR AUTHENTICATION MARKET: BY MODEL 37
FIGURE 18 MULTI-FACTOR AUTHENTICATION MARKET: BY APPLICATION 37
FIGURE 19 MULTI-FACTOR AUTHENTICATION MARKET: BY GEOGRAPHY 38
FIGURE 20 EVOLUTION OF THE MULTI-FACTOR AUTHENTICATION MARKET 38
FIGURE 21 INCREASING NATIONAL AND NETWORK SECURITY THREATS AND INCREASING ONLINE TRANSACTIONS IS THE MAJOR DRIVING FACTOR FOR THE MFA MARKET 39
FIGURE 22 GLOBAL SMARTPHONE SHIPMENTS, 2010–2014 (MILLION UNITS) 42
FIGURE 23 GLOBAL RETAIL E-COMMERCE SALES, 2010–2014 (USD BILLION) 43
FIGURE 24 LIFE CYCLE OF MULTI-FACTOR AUTHENTICATION MARKET, BY MODEL, 2014 50
FIGURE 25 VALUE CHAIN ANALYSIS (2014): MAJOR VALUE IS ADDED DURING 
THE ASSEMBLY AND DISTRIBUTION PHASES 51
FIGURE 26 THE PORTER’S FIVE FORCES ANALYSIS (2014): 52
FIGURE 27 MULTI-FACTOR AUTHENTICATION MARKET: PORTER’S FIVE FORCES ANALYSIS, 2014 53
FIGURE 28 INTENSITY OF COMPETITIVE RIVALRY: HIGH COMPETITION IN THE MARKET DUE TO THE NEW PRODUCT LAUNCHES AND INNOVATIONS 53
FIGURE 29 THREAT OF SUBSTITUTES WOULD BE LOW DUE TO THE NEW TECHNOLOGY INNOVATIONS IN THE MARKET 54
FIGURE 30 BARGAINING POWER OF BUYERS WILL BE MEDIUM AS THE COST OF SWITCHING TO NEW MFA SYSTEM IS HIGH 55
FIGURE 31 BARGAINING POWER OF SUPPLIERS: TECHNOLOGICAL FACTORS IN MULTI-FACTOR AUTHENTICATION TECHNOLOGY ARE EXPECTED TO DRIVE THE MARKET FOR SUPPLIERS DURING THE FORECAST PERIOD 56
FIGURE 32 THREAT OF NEW ENTRANTS: WITH INNOVATIVE PRODUCT DEVELOPMENTS NEW ENTRANTS ARE LIKELY TO ENTER THIS MARKET 57
FIGURE 33 THE MULTI-FACTOR AUTHENTICATION MARKET, BY MODEL 59
FIGURE 34 TWO-FACTOR AUTHENTICATION: LARGEST MARKET SHARE IN 
THE MFA MARKET BETWEEN 2015 AND 2020 60
FIGURE 35 SMART CARD WITH PIN IS EXPECTED TO DOMINATE THE TWO-FACTOR AUTHENTICATION MARKET DURING THE FORECAST PERIOD 61
FIGURE 36 NORTH AMERICA IS EXPECTED TO HAVE THE LARGEST MARKET SHARE FOR 
THE TWO-FACTOR MFA MARKET DURING THE FORECAST PERIOD 63
FIGURE 37 PIN WITH TWO BIOMETRIC TECHNOLOGY IS EXPECTED TO GROW AT 
THE HIGHEST RATE FROM 2015 TO 2020 66
FIGURE 38 NORTH AMERICA IS EXPECTED TO HAVE THE LARGEST MARKET VALUE IN 
THE THREE-FACTOR MFA MARKET FROM 2015 TO 2020 68
FIGURE 39 APAC REGION IS EXPECTED TO GROW WITH A HIGH GROWTH RATE IN 
THE FOUR-FACTOR MFA MARKET FROM 2015 TO 2020 72
FIGURE 40 NORTH AMERICA IS EXPECTED TO HAVE THE HIGH MARKET SHARE IN 
THE FIVE-FACTOR MFA MARKET FROM 2015 TO 2020 75
FIGURE 41 SEGMENTATION OF THE MULTI-FACTOR AUTHENTICATION MARKET: BY APPLICATION 79
FIGURE 42 BANKING & FINANCE APPLICATION IS EXPECTED TO HAVE THE HIGHEST MARKET SHARE FROM 2015 TO 2020 80
FIGURE 43 TRAVEL & IMMIGRATION APPLICATION: THE APAC REGION IS EXPECTED TO GROW AT A HIGH CAGR BETWEEN 2015 AND 2020 81
FIGURE 44 TWO-FACTOR E-SECURITY METHODS 83
FIGURE 45 ATTACKS PREVENTED USING AUTHENTICATION IN HOMELAND SECURITY 83
FIGURE 46 NORTH AMERICA IS EXPECTED TO LEAD THE GOVERNMENT APPLICATION MARKET IN MFA BY 2020 84
FIGURE 47 THE ROW REGION IS EXPECTED TO GROW AT THE HIGHEST GROWTH RATE IN 
THE GOVERNMENT APPLICATION IN THE MFA MARKET BETWEEN 2015 AND 2020 85
FIGURE 48 ASIA-PACIFIC REGION IS EXPECTED TO GROW AT THE HIGHEST CAGR IN BANKING & FINANCE APPLICATION FROM 2015 TO 2020 86
FIGURE 49 COMMERCIAL SECURITY APPLICATION: THE APAC REGION TO SHOW A HIGH GROWTH RATE IN MFA BETWEEN 2015 AND 2020 88
FIGURE 50 THE APAC REGION IS EXPECTED TO GROW AT THE A HIGHEST MARKET VALUE IN CONSUMER ELECTRONICS APPLICATION FOR MFA FROM 2015 TO 2020 89
FIGURE 51 NORTH AMERICA EXPECTED TO GROW AT A HIGH RATE FOR HEALTHCARE APPLICATION IN MFA MARKET BY 2020 91
FIGURE 52 NORTH AMERICA IS EXPECTED TO LEAD THE OTHER APPLICATIONS IN 
THE MFA MARKET BY 2020 92
FIGURE 53 MULTI-FACTOR AUTHENTICATION MARKET, BY GEOGRAPHY 94
FIGURE 54 GEOGRAPHIC SNAPSHOT- ROW REGION IS ESTIMATED TO REGISTER 
THE HIGHEST GROWTH RATE DURING THE FORECAST PERIOD 94
FIGURE 55 THE U.S. IS ESTIMATED TO DOMINATE THE MFA MARKET BETWEEN 2015 AND 2020 95
FIGURE 56 SEGMENTATION: NORTH AMERICA 96
FIGURE 57 THE NORTH AMERICAN MARKET SNAPSHOT: THE MARKET IS EXPECTED TO BE DRIVEN BY THE GROWING DEMAND FROM BANKING & FINANCE APPLICATION DURING THE FORECAST PERIOD 97
FIGURE 58 SEGMENTATION: EUROPE 102
FIGURE 59 EUROPE MARKET SNAPSHOT: THE DEMAND FOR MFA WOULD BE DRIVEN FROM 
THE BANKING & FINANCE APPLICATION DURING THE FORECAST PERIOD 103
FIGURE 60 SEGMENTATION: ASIA-PACIFIC 109
FIGURE 61 APAC MARKET SNAPSHOT: THE DEMAND WOULD BE DRIVEN BY THE PRESENCE OF MAJOR PLAYERS IN THE REGION AND GROWING REGIONAL ECONOMY 110
FIGURE 62 SEGMENTATION: REST OF THE WORLD 117
FIGURE 63 ROW MARKET SNAPSHOT: THE DEMAND WOULD BE DRIVEN BY THE DEVELOPING ECONOMIES AND GROWING INFRASTRUCTURE OF THE REGION 118
FIGURE 64 KEY GROWTH STRATEGIES ADOPTED BY TOP COMPANIES BETWEEN 
2012 AND 2015 122
FIGURE 65 MARKET EVALUATION FRAMEWORK-NEW PRODUCT LAUNCHES FUELLED GROWTH AND INNOVATION IN 2013 AND 2014 124
FIGURE 66 BATTLE FOR MARKET SHARE: NEW PRODUCT LAUNCHES WAS THE KEY STRATEGY 125
FIGURE 67 GEOGRAPHIC REVENUE MIX OF MAJOR MARKET PLAYERS 129
FIGURE 68 SAFRAN SA: COMPANY SNAPSHOT 131
FIGURE 69 SAFRAN SA : SWOT ANALYSIS 133
FIGURE 70 NEC CORPORATION: COMPANY SNAPSHOT 135
FIGURE 71 NEC CORPORATION : SWOT ANALYSIS 137
FIGURE 72 3M: COMPANY SNAPSHOT 138
FIGURE 73 3M : SWOT ANALYSIS 140
FIGURE 74 GEMALTO NV: COMPANY SNAPSHOT 141
FIGURE 75 GEMALTO NV : SWOT ANALYST 143
FIGURE 76 RSA SECURITY LLC. : SWOT ANALYSIS 145
FIGURE 77 CA TECHNOLOGIES: COMPANY SNAPSHOT 146
FIGURE 78 FUJITSU LTD.: COMPANY SNAPSHOT 148
FIGURE 79 SUPREMA, INC.: COMPANY SNAPSHOT 151
FIGURE 80 VASCO DATA SECURITY INTERNATIONAL, INC.: COMPANY SNAPSHOT 153
“