What is the current size of the Multifactor Authentication (MFA) market?
The global multifactor authentication (MFA) market size was US$ 10.9 billion in 2021. The global multifactor authentication (MFA) market is forecast to grow to US$ 35.9 billion by 2030, registering a compound annual growth rate (CAGR) of 15.3% during the forecast period from 2022 to 2030.
Multifactor authentication is a sophisticated security technique that includes two or more validation steps so that users can access components, online accounts, and Virtual Private Networks (VPN). The increasing number of verification processes will reduce the likelihood of security breaches such as hacking and data theft, making MFA systems a helpful choice to save the data.
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COVID-19 Impact Analysis
The COVID-19 outbreak was observed to be beneficial for the multifactor authentication (MFA) market as the players witnessed significant revenue growth. During the pandemic, cyber-based attack cases increased abruptly. Thus, industries started adopting MFA solutions in order to keep the data safe. Moreover, the work-from-home culture prompted the demand for MFA solutions, so the data stays safe from any theft. Thus, the global multifactor authentication (MFA) market is witnessing considerable growth due to the COVID-19 pandemic.
Regional Analysis
Because of increasing smartphone usage, technological advancements, rising consumption of digital services, and improved network connectivity, North America is expected to dominate the multifactor authentication (MFA) market. Additionally, the increasing number of cyber-attacks and the presence of key firms such as CA Technologies, Vasco Data Security International Inc., Symantec Corporation, and others will contribute to the region’s growth.
Factors Influencing the Market
- The growing number of cyber-attacks during the COVID-19 pandemic will fuel the growth of the market during the forecast period.
- The growing trend of remote working is likely to prompt the growth of the global multifactor authentication (MFA) market. Due to the remote working culture, the chances of cyberattacks are increasing. The U.S. Department of homeland security registered around 250% hike in the number of data breaches and cyber-related attacks on federal systems in 2020. Thus, the data depicts the necessity to take measures in order to boost security, which will create a positive scope for the multifactor authentication (MFA) market.
- Favorable government policies and efforts to improve privacy will play a notable role in the multifactor authentication (MFA) market growth. Government policies, such as the European Union’s General Data Protection Regulation (GDPR), intending to improve customer data protection, are likely to benefit the global multifactor authentication (MFA) market. Additional policies, such as the European Payment Service Providers Directive 2 (PSD2) and the California Consumer Privacy Act of 2018 (CCPA) in the United States, will drive the growth of the global multifactor authentication (MFA) market.
- The complexity of the multifactor authentication (MFA) may hamper the market growth during the study period.
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Competitors in the Market
- Microsoft
- Broadcom
- Onespan
- Okta
- Micro Focus
- Thales
- RSA Security
- Duo Security (Cisco)
- Ping Identity
- Hid Global
- Other Prominent Players
Market Segmentation
The global multifactor authentication (MFA) market segmentation focuses on Authentication Type, Model, Component, End-User, and Region.
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 prominent players
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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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