Dublin, Sept. 19, 2022 (GLOBE NEWSWIRE) -- The "Multi-Factor Authentication Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The multi-factor authentication market is projected to grow at a CAGR of 16.88% during the forecast period to reach US$34.497 billion by 2027, from US$11.543 billion in 2020.
The main advantage of MFA is that it increases the security of the organization by requiring users to identify themselves with more than just a username and password. While usernames and passwords are important, they are vulnerable to brute force attacks and can be easily compromised.
Enforcing the use of an MFA factor that serves as a thumbprint or physical hardware key increases the organization's confidence in its security. Increasing adoption of cloud-based networking in the core operations by multiple private and public organizations and the subsequent threat of security breaches are growing the demand for multifactor authentication solutions in the market. The global market landscape of MFA is segmented based on the model type, applications, and geographical regions.
Growth Factors
The increasing adoption of cloud computing and the growing security breaches are attributed to the growth of the MFA market.
The emergence of cloud computing has necessitated the need for MFA to become even more indisputable. As organizations are transitioning towards cloud computing technology, security has become the main concern. The number of security breaches in recent years has grown exponentially. According to the Identity Theft Resource Centre's 2021 Data Breach report, the number of data breaches increased by 68% in the said year when compared to the previous year. Banking and financial services, for instance, are more vulnerable to such attacks.
According to the statistical inferences of the UK's HM Revenue and Customs department, the period between August 2020 and July 2021 saw more than 450 financial support scams related to COVID 19. Furthermore, in December 2021, a crypto trading platform, Bitmart, suffered a cyberattack wherein hackers withdrew assets worth a whopping $200 million. In November of the same year, hackers breached a decentralized finance platform, bZx, and reportedly stole an estimated amount of $55 million.
Also, at the beginning of the same month, the FBI issued a warning related to increasing scams related to cryptocurrency ATMs and QR codes. Multiple such cyberattacks are prompting organizations and individuals to adopt better and more stringent authentication solutions. Consequently, additional security measures must be implemented to ensure that access is only restricted to the related personnel. Furthermore, MFA further prompts additional authentication factors that are more difficult to imitate or crack using brute force methods.
Growing stringent compliances and multiple organizations' initiatives to develop and deploy better authentication solutions are adding impetus to the growth of the MFS market.
The growing concerns over cyber security and the enterprise's initiatives to seek a better security solution to restrict the security breach is one of the main factors attributed to the surge in demand for the Threat Intelligence market. Amidst rising data breaches, the stringent compliances issued by various governments from multiple regions is further propelling the market. Europe's General Data Protection Regulation, Brazil's Lei Geral de Protecao de Dados, the California Consumer Privacy Act, China's Personal Data Protection Law, India's Personal Data Protection Bill, and Nigeria's Data Protection Regulation are a few of the prime examples of this. Non-compliance with these regulations would result in a hefty fines ranging as high as 5% of the global turnover. Thus, in such a scenario, to meet the increasing demand, authentication solution providers are gearing up to produce new offerings and various other strategic deployments to expand brand presence and meet their client's demands.
The growing trend of digitization has mandated businesses to deploy efficient, secure, and reliable preventive solutions. At the same time, digitization is also transforming authentication solutions like never before. Such changes are expected to propel the MFA market onward during the forecasted period.
Restraints
Though MFA solutions aid in strengthening the company's security, they also have a few cons and aren't without any risks either. Firstly, setting up multi-factor authentication can be taxing, time-consuming, and expensive. As the number of authentication factors increases, the time taken to complete a single action also increases. Furthermore, acts like sim swapping or switching deployed by cybercriminals can provide them with easy access to the user's physical sim card and access IDs. Such factors are expected to hinder the market growth.
Market Segmentation:
By Model
- Two-Factor Authentication
- Three-Factor Authentication
- Four-Factor Authentication
- Five-Factor Authentication
By Application
- BFSI
- Defence
- Travel and Transport
By Geography
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. MULTI-FACTOR AUTHENTICATION By MODEL
6. MULTI-FACTOR AUTHENTICATION BY APPLICATION
7. MULTI-FACTOR AUTHENTICATION BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
9. COMPANY PROFILES
Companies Mentioned
- RSA
- Entrust
- Thales Group
- HID Global
- Deepnet Securities
- OneLogin
- Okta
- AuthO
- Broadcom Inc
- Microsoft
For more information about this report visit https://www.researchandmarkets.com/r/z9o0wv
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