Report Ocean conducted research on the global Multi Factor Authentication market, some important discoveries were made. First, the market is expanding steadily, and over the coming years, demand is expected to rise. Second, there is a lot of market competition, yet only a few major businesses control the sector. Last but not least, there are numerous chances for market innovation and improvement, notably in terms of product offerings and marketing tactics.
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 password less 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 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. 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 password less 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.
A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Multi-factor Authentication Market.
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According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.
This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).
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
Europe
UK
Germany
France
Spain
Italy
Russia
Rest of Europe
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
What is the goal of the report?
? The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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