Global two-factor biometrics market to grow at a CAGR of over 22%

• Increasing use of mobile devices drives market growth
• The BFSI sector is the dominant market shareholder
• Key vendors include EMC, Entrust, Gemalto, and VASCO

Technavio’s market research analysts predict the global two-factor biometrics market to grow at CAGR of over 22% between 2016 and 2020, driven by the increasing use of mobile devices to access critical information. In 2015, the banking, finance, and insurance services (BFSI) segment accounted for more than 43% of the overall market share to dominate the global two-step biometrics market.

As a precautionary measure, many enterprises are increasingly adopting two-factor biometrics to secure their networks while providing their employees with secure access to their systems. “The latest trend in the market is the increasing adoption of out-of-band (OOB) authentication. The OOB authentication includes the use of two separate networks working simultaneously to authenticate a user's identity. This authentication technology works well even if a fraudulent user gains all security credentials to a user’s account. The OOB authentication methods available in the market are hardware OOB authentication tokens and mobile phone-based OOB authentication tokens, inclusive of SMS and backup calls,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research.

The key vendors in the market include EMC, Entrust, Gemalto, and VASCO. Regional vendors struggle to compete with international vendors, and established vendors are likely to acquire small-scale regional vendors to gain a better share of the market. 

Interested?

Buy the Global Two-factor Biometrics Market 2016-2020 report

Read the TechTrade Asia blog post about biometrics in APAC