Multi-Factor Authentication Market Size Research Report
Multi-Factor Authentication Market
Global Multi-Factor Authentication Market is predicted to reach USD 32 billion by 2028, expanding at a compound annual growth rate of 16.6% over the forecast period, owing to the accelerating incidences of cyberattacks across enterprises.
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Growing penetration of smartphones, emergence of e-commerce, and surging trend of bring your own device are some prominent factors fueling the multi-factor authentication market. Also, the growing cases of data breaches has persuaded organizations to invest in cyber security to prevent business safety, which has driven the market growth. Multi-factor authentication has replaced traditional authentication techniques owing to its unique features which include username and password verification. Additionally, the growing adoption of cloud-based services and IoT has boosted the demand for multi-factor authentication systems to certify the safety of their customers. However, the huge maintenance and investment needed for these systems might hamper the Multi-Factor Authentication Market size.
By Component, the Services segment is forecast to surge at a faster CAGR over the forecast period. The demand for services is directly related to the adoption of MFA systems.
By End User, the BFSI segment is projected to witness a higher CAGR over the forecast period, owing to the increasing risk of cyber threat as the industry deals with huge volumes of sensitive financial data. As per the Multi-Factor Authentication Market analysis, services help BFSI industry vertical to provide better security, secure identities, and handle regulatory compliances.
By region, the North America region is anticipated to lead the market during the forecast period, owing to the presence of vendors that offer MFA systems. Businesses across the North American region have enforced MFA services for ensuring data safety, avoid cyber-attacks, identity thefts, and to facilitate business operations.
Leading players operating in the market include Broadcom, Microsoft, Micro Focus, Ping Identity, OneSpan, Okta, Thales Group, RSA Security LLC, Duo, HID Global Corporation, among others.
Key Developments:
In 2021, Okta entered in an agreement to acquire Auth0 for USD 6.5 billion. This agreement emphasizes on offering businesses with IAM, SSO, MFA, cloud directory services.
In 2020, OneSpan entered in a partnership with ForgeRock. The partnership helped incorporating OneSpan into the ForgeRock Identity Platform to identity validation and risk analytics. This combined solution capitalizes OneSpan’s incorporation with ForgeRock Intelligent Access to expedite authentication and risk management.
In 2020, Thales Group introduced Fast Identity Online 2.0 (FIDO2), offering passwordless access to domains, Microsoft Azure AD cloud apps, and all connected devices and services. Thus, helping businesses and organizations move securely to the cloud.
Multi-Factor Authentication Market Segmentation:
Multi-Factor Authentication Market by Authentication Type
· Password authentication
· Passwordless authentication
Multi-Factor Authentication Market by Model Type
· Two-factor authentication
o Smart card with pin
o Smart card with biometric technology
o Biometric technology with pin
o Two-factor biometric technology
o One time password with pin
· Multi-factor with three-factor authentication
o Smart card with pin and biometric technology
o Smart card with two-factor biometric technology
o Pin with two-factor biometric technologies
o Three-factor biometric technology
· Multi-factor with four-factor authentication
· Multi-factor with five-factor authentication
Multi-Factor Authentication Market by Component
· Solutions
· Hardware
· Services
Multi-Factor Authentication Market by Organization Size
· Large Enterprises
· Small & Medium Enterprises
Multi-Factor Authentication Market by End User
· BFSI
· Government
· Travel and Immigration
· Military and Defense
· Commercial Security
· IT
· Telecommunication
· Healthcare
· Media
· Entertainment
· Others
Multi-Factor Authentication Market by Region:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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