Fort Collins, Colorado, April 06, 2024 (GLOBE NEWSWIRE) --
Multi-factor Authentication Solutions Poised to Grow in the Forecast Period
The demand for multi-factor authentication (MFA) solutions is poised for expansion primarily due to the rise in occurrences of online fraud and scams, wherein hackers gain access to users' credentials and exploit them for unauthorized transactions. Notably, there has been a significant surge in cybersecurity breaches across sectors such as healthcare, banking, insurance, and others in recent years, driving the increased uptake of MFA services.
The widespread digitization of services, including travel bookings, hotel reservations, banking transactions, online shopping, and various other activities, has amplified the risk of cybercrimes, scams, and fraud. According to USAFacts.org, approximately 800,000 cyber-attacks were reported in the United States alone in 2022. In light of the mounting instances of cyber-attacks and the exploitation of personal credentials through phishing, the demand and adoption of MFA solutions were estimated to surge by 400% from 2019 to 2022.
Moreover, governmental agencies worldwide are collaborating to enforce stringent regulations and legal compliances for enterprises to bolster defenses against cyberattacks and safeguard sensitive information. These regulatory measures are expected to drive the further adoption of MFA solutions across various industries.
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Segmentation Overview:
The global multi-factor authentication market has been segmented into component, authentication type, modal type, industry, and region.
Two-factor Authentication dominates the Model Type
Based on the model type, the multi-factor authentication market segmentation includes two-factor authentication, three-factor authentication, four-factor authentication, and five-factor authentication. Two-factor authentication holds a substantial share of the model-type segment.
BFSI dominates the Industry Category
Based on industry, the multi-factor authentication market segmentation includes BFSI, travel & immigration, military & defense, commercial security, healthcare, IT & telecommunication, media & entertainment, and others. BFSI holds a significant share of the multi-factor authentication market industry segment. According to SEON, a fraud detection and prevention company in London, a rise of 65% in online payments was observed in the United States, and a 233% growth in online frauds.
Asia Pacific Accounts for a Significant Share
Asia Pacific holds a major share of the multi-factor authentication market, with countries like India, China, Singapore, and South Korea holding significant shares in this region. India holds a dominant share in adopting multi-factor authentication systems due to the higher rate of online payments in this region, resulting in huge demand for security systems.
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Multi-factor Authentication Market Report Highlights:
- The global multi-factor authentication market growth is anticipated at a CAGR of 18.4% by 2032.
- Multi-factor authentication technologies offer a sound solution to overcome the challenges of unauthorized access to corporate networks by including an additional layer of security to verify the identity of a user.
- Multi-factor authentication (MFA) solutions are complex and require a hefty budget for procurement, implementation, maintenance, and management. The complexity lies with the heterogeneous IT environments of organizations that have been modified to meet business requirements.
- Some prominent players in the multi-factor authentication market report include Hewlett Packard Enterprise, Auconet Inc., Cisco Systems, Inc., Juniper Networks, Inc., Extreme Networks, Fortinet, Inc., IBM Corporation, Broadcom, Macmon Secure GmbH, Microsoft Corporation, VMware, Inc., and Huawei Technologies Co., Ltd.
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