Two-factor biometrics to grow 22 percent between 2016 and 2020

The research analysts believe this market growth is due to the increasing use of mobile devices to access critical information. The report finds that many enterprises are increasingly adopting two-factor biometrics to secure their networks from prevalent security threats while providing their employees with secure access to their systems. 

According to Technavio’s findings, North America currently dominates the two-factor biometrics market with nearly 37% of the total market share. The upswing in the use of technologies such as enterprise mobility and cloud services among enterprises and the growing number of cyberattacks are all contributing to growth in the two-factor biometrics market in North America during the forecast period.

Amrita Choudhury, lead analyst of ICT at Technavio Research, said the latest trend in the market is the increasing adoption of out-of-band (OOB) authentication, which includes the use of two separate networks working simultaneously to authenticate a user’s identity.

The OOB authentication methods available in the market are hardware OOB authentication tokens and mobile phone-based OOB authentication tokens.

During 2015, the banking, finance, and insurance services (BFSI) segment comprised of more than 43% of the overall market share to lead the global two-factor biometrics market. Global banks and financial institutions are integrating two-factor biometrics to allow their customers to securely access online accounts through a mobile application.

Meanwhile, the potential surge in hacking, phishing, and other cybercrimes is expected to drive the adoption of two-factor biometrics in the BFSI sector.