Report Ocean (150+ country’s markets analyzed, function on 1,00000+ published and forthcoming reports every year.] presents a research report and top winning strategies for the Multi-factor Authentication. Best subject matter experts, researchers, and market research professionals organized this report in order to ensure that the information in it is compiled from the most authentic sources and that the forecast is of the highest accuracy. To forecast market growth, specialists employ a variety of methodologies and analytical approaches, including S.W.O.T. (analysis methods), P.E.S.T.E.L. analysis, and regression analysis. The Multi-factor Authentication study also looks at the various regulations and policies that the firm has implemented. This report discusses the industry in terms of research technology and precise prospective utilization, innovation, and future advancements in the Multi-factor Authentication.
The Multi-factor Authentication Market is expected to grow at the CAGR of 17% from 2021 to 2027. The market size was measured at $10,300 million in the year 2020.
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Multi-factor authentication (MFA) is a feasible and significant way of adding security to the company’s data and employees’ accounts. Through Multi-factor authentication, users get top-notch security as they have to verify themselves as account holders through multiple authentication methods. The 2 or 3 step verification is crucial to gain access to applications, online accounts, or a VPN.
Apart from the highly secured operations, multi-factor authentication solutions are exclusively designed to secure the organization’s digital infrastructure, services, and data. Organizations get access to multi-factor authentication solutions in the form of an Application Programming Interface.
Factors affecting market
The highest share of the multi-factor authentication market was held by the password-based authentication segment and is forecast to remain dominant in the future. The reason being the feasibility and economic prices providing a required level of security to the businesses.
Growing cases of security gaps and cyber-attacks have made it essential to use the Multi-factor authentication method. In addition to that, the rise in online fraud has been a key reason behind the multi-factor authentication (MFA) market growth.
A passwordless authentication is a form of multi-factor authentication (MFA), which is entirely based on fingerprints and pins and other password-free factors. Developing Artificial Intelligence and the Internet of Things(IoT) in smart devices might grow the passwordless authentication segment in the upcoming years. The fingerprint sensors and smartcards available on mobile phones, laptops are making password-less authentication more convenient for the users.
The protection of consumer data is another factor driving the growth of the multi-factor authentication market. Businesses are preferring face recognition, voice analysis, and iris recognition system to validate the employee’s identity. Apart from that, the emergence of fingerprint recognition applications and face recognition in devices might become the major reason for the surge of the passwordless multi-factor authentication industry.
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Covid-19 Impact On Multi-factor Authentication Market
After COVID-19, the global multi-factor authentication market size might increase due to the surge in cybercrime.
The pandemic period enhanced the requirement for multi-factor authentication solutions which expanded the profit of the market. According to F5 Labs, a security solutions provider, phishing attacks have risen to 220% since the initial stage of lockdown has begun. These concerns prompted the expansion of the multi-factor authentication market as businesses began to strengthen their security infrastructure.
The primary reason for growing cyber-criminal cases was adapting to the remote working culture that enhanced the surge in cybercrime. The growing risks are driving a positive scope for the global multi-factor authentication market growth.
Regional Analysis
The increment of data breaches crime cases in BYOD(Bring your own device), cloud services, and data centers, cases of data breaches are fostering the growth of the multi-factor authentication market in the Asia-Pacific region. Apart from that, severe restrictions implemented to secure sensitive data are prompting the extension of the market.
The market is witnessing expansion in various Asia-pacific countries including Japan, China, India, Australia, South Korea, and New Zealand among others. Multi-factor is also expected to grow in the Asia-Pacific due to the rising online transactions facilities growing in counties like Japan, India, and China.
Key Market Segments
By Authentication Type
- Password authentication
- Passwordless authentication
By Model Type
- Smart card with pin
- Smart card with biometric technology
- Biometric technology with pin
- Two-factor biometric technology
- One time password with pin
- Multi-factor with three-factor authentication
- Smart card with pin and biometric technology
- Smart card with two-factor biometric technology
- Pin with two-factor biometric technologies
- Three-factor biometric technology
- Multi-factor with four-factor authentication
- Multi-factor with five-factor authentication
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By Component
- Solutions
- Hardware
- Services
By End-User
- BFSI
- Government
- Travel and Immigration
- Military and Defense
- Commercial Security
- IT
- Telecommunication
- Healthcare
- Media and Entertainment
- Other
By Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Russia
- Rest of Europe
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- Asia-Pacific
- China
- India
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Microsoft
- Broadcom
- One span
- Okta
- Microfocus
- Thales
- Rsa security
- Duo security (cisco)
- Ping identity
- Hid global
Table of Content
Chapter 1: Global Multi-factor Authentication Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Multi-factor Authentication market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Multi-factor Authentication Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Multi-factor Authentication market Size Forecast (2023-2030).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Multi-factor Authentication market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Multi-factor Authentication market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Multi-factor Authentication market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Multi-factor Authentication business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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