The Research and Markets analysts forecast the Multifactor Authentication market in South Korea and Japan to grow at a CAGR of 31.4 and 31.3% in South Korea and Japan respectively over the period 2013-2018. One of the key factors contributing to this market's growth is increased incidences of security attacks in Government departments. The Multifactor Authentication market in South Korea and Japan has also been witnessing increased collaboration between the IT security vendors of these two countries. However, the high implementation costs of multifactor authentication solutions could pose a challenge to the growth of this market.
Commenting on the report, an analyst from the team said: With the increasing competition in the Multifactor Authentication market in South Korea and Japan, vendors are expanding their overseas to tap the untapped potential market.
According to the report, the increase in security attacks on government departments is one of the major factors driving the market. Government departments are currently adopting the latest technologies such as multifactor authentication, which provides two or three levels of security, to replace manual processes of managing and controlling data.
The report states that one of the major challenges is the high cost involved in the implementation of multifactor authentication solutions. Although these solutions are associated with several potential benefits, certain organizations refrain from investing in them because of their high cost.