March 25, 2014 16:34 UTC

Research and Markets: Multifactor Authentication Market in South Korea and Japan 2014-2018: One of the Major Challenges is the High Cost Involved in Implementation

DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/rrt8qv/multifactor) has announced the addition of the "Multifactor Authentication Market in South Korea and Japan 2014-2018" report to their offering.

The analysts forecast the Multifactor Authentication market in South Korea and Japan to grow at a CAGR of 31.4 and 31.3 percent 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.

Key vendors dominating this space include EMC Corp., Entrust Inc., Gemalto NV, SafeNet Inc., and VASCO Data Security International Inc.

Other vendors mentioned in the report are Authentify Inc., CA Technologies Inc., Deepnet Security Ltd., Equifax, ID Control, SecureAuth Corp., SecurStar GmbH, SecurEnvoy plc, and Quest Software Inc.,

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. For instance, in 2012, the South Korea Knowledge Security Industry Association and Singapore Infocomm Technology Federation signed a memorandum of understanding to promote IT security companies in both countries. Some vendors, especially in developing regions, have little knowledge about managed security services. Therefore, most of these vendors are increasingly relying on their partners to deploy such solutions.

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.

Further, 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.

For more information visit http://www.researchandmarkets.com/research/rrt8qv/multifactor

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Source: Research and Markets