Fast Facts: Enterprises Need Multifactor Authentication

In the fast-paced IT industry, new statistics and data are released daily. Each Friday, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.

A new report released this week by Markets and Markets says the multifactor authentication market is set to grow at a 15.5% CAGR over the next half decade, and is being driven by enterprise need more than anything.

Security has become such a priority in the enterprise, that any and all solutions are being considered or sought to slow the potential of a breach. According to the report, the market is defined by two, three, four, and even five-factor authentication methods in the banking and finance, government, military and defense, commercial security, consumer electronics, and healthcare industries.

So what’s driving the need for “multiauth” solutions? According to the report:

"Factors such as an increase in data breaches and cyber attacks, stringent regulations and the growing pressure of data security compliances, and the growing adoption of BYOD concept among enterprises are driving the growth of the multifactor authentication market.”

Also, due to the sensitivity of data across multiple industries – government and military chief among them – five-factor authentication is predicted to grow at the quickest rate during the five-year period because of its security posture.

Enterprise Mobility Exchange recently released its May Market Report, titled, “Before the Breach: Securing Mobile Endpoints in the Enterprise,” focused on processes, policies, and protocols that can better organizations in preparing for the battle against threats. See the full report here.

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Mobility in Healthcare will be the focus at Enterprise Mobility Exchange's upcoming two-day event in San Antonio, Texas on June 12 and 13 at La Cantera Resort and Spa, where dozens of c-level IT executives from the life sciences, hospital network, pharmaceutical, and insurance industries will network and hear from their peers during two days of speaking sessions. Find out more by visiting the event website here