Wilmington, Delaware, United States, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The multifactor authentication market was estimated to have acquired US$ 10.30 billion in 2020. It is anticipated to register a 16.08% CAGR from 2021 to 2031 and by 2031; the market is likely to gain US$ 18.17 billion.
The surge in remote work due to the global pandemic has created an urgent need for enhanced MFA solutions. This trend is likely to continue, offering opportunities for MFA providers to tailor their offerings to meet the unique security challenges of remote work environments.
Advances in behavioral biometrics, including keystroke dynamics and mouse movement analysis, are gaining traction. These techniques can passively authenticate users based on their unique behavioral patterns, offering a frictionless and secure experience.
The Internet of Things (IoT) is expanding, and securing these interconnected devices is crucial. MFA solutions can play a significant role in IoT security, providing opportunities for MFA vendors to develop specialized IoT authentication methods.
The Zero Trust security model, which assumes no trust in any user or device, is gaining popularity. MFA is a fundamental component of this approach, offering opportunities for MFA providers to align their solutions with Zero Trust strategies.
With the increasing adoption of mobile and contactless payments, biometric MFA for payment authorization is becoming more relevant. Fingerprint, facial recognition, and iris scanning are all potential avenues for securing digital transactions.
Leveraging block chain technology for decentralized authentication is an emerging trend. It can provide enhanced security and privacy, opening doors for innovative MFA solutions in this space. As data protection regulations like GDPR and CCPA evolve, organizations must ensure compliance. MFA solutions that align with these regulations will see increased demand.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 10.30 Bn | |
| Estimated Revenue | US$ 51.37 Bn | |
| Growth Rate - CAGR | 16.08% | |
| Forecast Period | 2021-2031 | |
| No. of Pages | 159 Pages | |
| Market Segmentation | By Authentication Type, Model type, Component, End Use | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
| Companies Covered | Thales Group, Micro Focus, Broadcom, Microsoft, OneSpan, Okta, RSA Security, Duo Security, Ping Identity, HID Global, ForgeRock, CyberArk, OneLogin, Oracle | |
Key Findings of the Market Report
- Password less authentication is dominating the multifactor authentication market, offering enhanced security and user convenience compared to traditional password-based methods.
- Two-factor authentication is the dominating model type in the multifactor authentication market, striking a balance between security and usability.
- Solutions dominate the multifactor authentication market, providing comprehensive authentication strategies and technologies for enhanced security measures.
Market Trends for Multifactor Authentication
- Multifactor authentication is increasingly incorporating advanced biometrics such as facial recognition, fingerprint scanning, and iris recognition.
- These biometric technologies enhance user convenience and security by providing highly accurate authentication methods. The trend towards biometrics is driven by the need for robust and user-friendly MFA solutions in various sectors, including finance, healthcare, and mobile device security.
- Cloud-based MFA solutions are gaining prominence due to their scalability, flexibility, and cost-efficiency. Organizations are shifting towards cloud-based MFA to accommodate remote workforces and streamline authentication processes.
- This trend aligns with the growing demand for convenient, secure access to data and applications from anywhere, making cloud-based MFA a crucial component of modern cybersecurity strategies.
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Multifactor Authentication Market: Regional Outlook
The global multifactor authentication (MFA) market exhibits diverse regional trends shaped by varying cybersecurity landscapes, regulatory environments, and industry adoption:
- North America leads MFA adoption due to stringent data protection regulations and a tech-savvy user base. Enterprises prioritize cybersecurity, driving the market's growth.
- Europe emphasizes data privacy compliance with GDPR, propelling MFA solutions' deployment across various sectors. Robust cybersecurity practices, especially in finance and healthcare, boost market demand.
- Rapid digitalization in countries like India and China drives MFA adoption, primarily in financial services and e-commerce. Growing awareness of data security and regulatory reforms contribute to Asia Pacific market growth.
Global Multifactor Authentication Market: Key Players
The multifactor authentication market is intensely competitive, featuring established players and innovative startups. Key competitors strive to offer comprehensive MFA solutions, robust hardware, and services that cater to evolving security needs, compliance requirements, and user demands across various industries, including finance, healthcare, and technology.
The following companies are well-known participants in the global multifactor authentication market:
- Thales Group
- Micro Focus
- Broadcom
- Microsoft
- OneSpan
- Okta
- RSA Security
- Duo Security
- Ping Identity
- HID Global
- ForgeRock
- CyberArk
- OneLogin
- Oracle
Product Portfolio
- Thales offers a comprehensive product portfolio encompassing data security solutions, encryption, and access management tools, ensuring robust cybersecurity for organizations worldwide.
- Micro Focus specializes in application security, identity management, and endpoint protection products, providing comprehensive cybersecurity solutions tailored to diverse business needs.
- Broadcom delivers an array of cybersecurity solutions, including identity and access management, data protection, and threat intelligence, safeguarding businesses against evolving cyber threats.
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Global Multifactor Authentication Market Segmentation
Authentication Type
- Password Authentication
- Passwordless Authentication
Model Type
- Two Factor Authentication
- Three Factor Authentication
- Four Factor Authentication
- Five Factor Authentication
Component
- Solutions
- Hardware
- Services
End Use
- IT & Telecommunication
- BFSI
- Retail
- Healthcare
- Others (Media & Entertainment, e- Commerce, etc.)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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