Report Ocean recently released a comprehensive report on the global Multi-factor Authentication market, offering valuable insights into various factors impacting the market’s growth. The report covers crucial information on market restraints, drivers, and opportunities, enabling readers to understand the market dynamics. It also provides a detailed analysis of industry developments and trends that are shaping the global Multi-factor Authentication market. Furthermore, the report includes a thorough assessment of the market at both global and regional levels, providing comprehensive insights for businesses and stakeholders.
The Multi-factor Authentication Market is forecast to grow at the CAGR of 17% from 2021 to 2027. The market size was measured at $10,300 million in the year 2020 and is expected to grow to $40,000 million by the year 2027.
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.
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Apart from the highly secured operations, multi-factor authentication solutions specifically aim to secure the organization’s digital infrastructure, services, and data. Organizations get access to multi-factor authentication solutions in the form ofan 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 cost-effectiveness in 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.
Password less authentication is a form of multi-factor authentication (MFA), solely based on fingerprints, pins and other password-free factors. Developing Artificial Intelligence and the Internet of Things(IoT) in smart devices might grow the password less 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. Business organizations prefer 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 password less multi-factor authentication industry.
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.
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Regional Analysis
The increment of data breaches crime cases in BYOD, cloud services, and data centers cases of data breaches is 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, New Zealand, among many 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
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
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By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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Key Market Players
- Microsoft
- Broadcom
- One span
- Okta
- Microfocus
- Thales
- Rsa security
- Duo security (cisco)
- Ping identity
- Hid global
- Other Players
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 (2023-2031).
Multi-factor Authentication Market Research Report Scenario includes:
>The report provides qualitative and quantitative trends of global Multi-factor Authentication Market across type, type of products, service, and geography.
>The report starts with the key takeaways, highlighting the key trends and outlook of the global Multi-factor Authentication Market.
>Provides the research methodology of the study.
>Further provides PEST analysis for each region.
>Highlights the key industry dynamics in the Multi-factor Authentication Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
>Discusses the global Multi-factor Authentication Market scenario, in terms of historical market revenues, and forecast till the year 2031.
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