Dublin, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The "Multi-Factor Authentication Market by Authentication Type (Password-Based Authentication, Passwordless Authentication), Component (Hardware, Software, Services), Model Type, End User Industry and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
In today's rapidly digitalizing landscape, the specter of cybersecurity threats looms larger than ever. The critical need for robust security solutions is underscored by the burgeoning Multi-Factor Authentication (MFA) market. Driven by the explosive growth in online banking services, eCommerce activities, and the increasing emphasis on regulatory compliance, the MFA market is poised for remarkable expansion. Understanding this market is now imperative for business leaders and decision-makers.
The MFA market report delves into the pivotal factors fueling its growth, particularly the rising number of security breaches and cyberattacks that inflict significant financial and reputational damage. This trend is especially embraced by industries holding sensitive data, with the Banking, Financial Services, and Insurance (BFSI) sector leading the charge. The demand for robust MFA solutions is predicted to surge further. The report also addresses potential inhibitors to market growth, such as the scarcity of skilled cybersecurity professionals.
One of the notable trends in the MFA market is the emergence of the four-factor authentication model, set to revolutionize the sector with its advanced authentication parameters and impregnable security design. This trend empowers businesses to bolster their cybersecurity profiles significantly, reducing the risk of potentially catastrophic cyberattacks.
Key Highlights:
- Rapid Growth: The global MFA market is expected to expand from USD 15.2 billion in 2023 to USD 34.8 billion by 2028, reflecting a robust Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period. This growth is steered by factors such as the escalating number of security breaches and sophisticated cyberattacks, resulting in financial and reputational losses.
- BFSI Dominance: The BFSI industry occupies the largest share of the MFA market. With its possession of highly confidential information, such as customer financial data and personal information, the BFSI sector is at the forefront of adopting cutting-edge MFA solutions. Regulatory mandates and the need for enhanced security further drive the adoption of MFA within this industry.
- Four-Factor Authentication: The four-factor authentication segment is projected to witness the highest CAGR during the forecast period. This advanced authentication method involves multiple identification factors, making it highly secure and resilient against cyberattacks.
- North America Leads: North America is the frontrunner in the MFA market. The region is renowned for its advanced security technology adoption and strict adherence to data compliance regulations. The presence of major MFA vendors like Microsoft, Broadcom, OneSpan, OKTA, and Micro Focus bolsters the adoption of MFA solutions in North America.
Competitive landscape
Microsoft (US), Thales (France), Okta (US), Broadcom (US), OneSpan (US), Micro Focus (UK), HID Global (US), Cisco (US), Ping Identity (US), RSA Security (US), ESET (Slovakia), Yubico (US0, ForgeRock (US), CyberArk (US), OneLogin (US), SecureAuth (US), Oracle (US), SalesForce (US), Secret Double Octopus (Israel), Silverfort (Israel), Trusona (US), FusionAuth (US), HYPR (US), Keyless (US), Luxchain (China) are the key players and other players in the MFA market.
Premium Insights
- Growing Instances of Data Breaches, Rising Adoption of BYOD Trends, and Stringent Regulations to Drive Market
- Password-based Authentication Segment to Hold Larger Market Share During Forecast Period
- Software Segment to Hold Largest Market Size During Forecast Period
- Two-Factor Authentication to Hold Largest Market Size During Forecast Period
- BFSI End-use Industry and North America to Account for Largest Market Share in 2023
- Asia-Pacific to Emerge as Best Market for Investments in the Next Five Years
Market Dynamics
Drivers
- Growing Adoption of BYOD, CYOD, and WFH Trends
- Rising Security Breaches and Sophisticated Cyberattacks to Lead to Financial and Reputational Loss
- Stringent Government Regulations to Increase Adoption of MFA Solutions
- Rising Instances of Identity Theft and Fraud
Restraints
- High Cost and Technical Complexities
- More Time-Consuming Than Two-Factor Authentication Systems
Opportunities
- Proliferation of Cloud-based MFA Solutions and Services
- Growing Adoption of Interconnected Devices in IoT Environment
- Increasing Digital Banking and Online Transactions
Challenges
- Lack of Awareness Regarding MFA Solutions
- Scarcity of Skilled Cybersecurity Professionals
Case Study Analysis
- Ping Identity Improved Booking Reconciliation Process of Pameijer Across All Business Units
- Amerigas Deployed Duo Security's MFA to Achieve PCI-DSS Compliance
- Broward College Implemented OneLogin Multi-Factor Authentication to Offer Access Management
- Okta Delivered Blackhawk Network Centralized, Scalable Platform and Safeguarded Backend by Extending SSO and MFA
Competitive Portfolio
- Broadcom
- Cisco
- Cyberark
- Eset
- Forgerock
- Fusionauth
- Hid Global
- Hypr
- Keyless
- Luxchain
- Micro Focus
- Microsoft
- Okta
- Onelogin
- Onespan
- Oracle
- Ping Identity
- Rsa Security
- Salesforce
- Secret Double Octopus
- Secureauth
- Silverfort
- Thales Group
- Trusona
- Yubico
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 286 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $15.2 Billion |
| Forecasted Market Value (USD) by 2028 | $34.8 Billion |
| Compound Annual Growth Rate | 18.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/2f0k4k
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