New York, US, Nov. 22, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Multi-Factor Authentication Market: by Model, by Deployment Type – Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 36.87 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 15.71% during the assessment timeframe.
Multi-Factor Authentication Market Overview:
The Multi-Factor Authentication Market is likely to garner rapid traction worldwide. Growing data security concerns in enterprises, government organizations, and individuals would support the market growth. Multi-factor authentication (MFA) can help organizations verify users' accounts efficiently & effortlessly and allow users to log into multiple accounts with a single sign-in. The technology ensures that only trusted/authorized users log in from secure devices and can access applications, data, and other critical resources. Passwordless MFAs can easily replace phishable MFA using cryptographic passkeys and providing a high-trust authentication method.
Cybersecurity agencies strongly urge all organizations to implement phishing-resistant MFA to respond to phishing and other known cyber threats. Government initiates mandates to promote passwordless and anti- phishable MFA solutions. MFA solution providers ensure that customers have the right tools to implement phishing-resistant MFA to meet Zero Trust standards.
Players active in the global multi-factor authentication market include-
- 3M (US)
- HID Global Corporation/ASSA ABLOY AB (Sweden)
- Fujitsu (Japan)
- Suprema HQ Inc. (South Korea)
- Safran (France)
- Gemalto NV (the Netherlands)
- Securenvoy Ltd (UK)
- Watchdata Technologies (China)
- CA Technologies (US)
- NEC Corporation (Japan)
- RSA Security LLC (US)
- VASCO Data Security International Inc. (US)
- IBM Corporation (US)
- Crossmatch (US)
- Microsoft Corporation (US)
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Multi-Factor Authentication Market Report Scope:
| Report Metric | Details |
| Multi-Factor Authentication Market Revenue forecast in 2030 | USD 36.87 Billion |
| Multi-Factor Authentication Market Growth Rate | CAGR of 15.71% from 2020 to 2030 |
| Base Year | 2019 |
| Study Period | 2020-2030 |
| Key Market Opportunities | The increasing demand for securing the data and information on the cloud environment |
| Key Market Drivers | The elevated risk of security threats |
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Industry Trends
The rise in the development of new viruses and implementations of multi-factor authentication solutions among organizations of sizes to improve their cybersecurity posture drives the growth of the market. Moreover, the increase in cybercriminal activities, such as hacking of identity badges and numeric pins, promotes investing in MFA and passwordless technology as mandatory costs for doing business.
The rising uptake of IoT securities in BSFI and telecom sectors creates substantial market demand. Also, the spurring rise in demand for the latest security and authentication technologies in various information-sensitive industries escalates the market value. Advances in authentication techniques such as push notifications and one-time codes sent over SMS/email, phone-based authentication, and biometrics push the multi-factor authentication industry.
Many organizations are increasingly shifting their traditional data storage methods to cloud-based data storage, thereby requiring high-security services. Additionally, the high adoption of cloud-based technology by organizations and government agencies accelerates market growth. Also, increasing digital payments via smartphones and evolving network services create substantial market demand.
Multi-Factor Authentication Market Segments
The multi-factor authentication market is segmented into models, deployments, applications, and regions. The model segment is sub-segmented into two-factor authentication, three-factor authentication, four-factor authentication, and five-factor authentication.
The application segment is sub-segmented into healthcare, travel & immigration, BFSI, government & defense, retail & e-commerce, and others. The deployment segment is sub-segmented into on-premise and on-cloud. The region segment is sub-segmented into the Asia-Pacific, Americas, MEA, Europe, and rest-of-the-world.
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Multi-Factor Authentication Market Regional Analysis
North America dominates the global multi-factor authentication market. The market growth attributes to the rapid deployments of multi-factor authentication solutions and services, mainly in BFSI, eCommerce, and mobile payments. Besides, a large number of MFA solution providers and efficient agencies working against cybercrimes drives market growth in the region.
The rapid uptake of mobile and cloud applications in banking, government, energy & utility services boosts the market demand colossally. The US holds the largest share in the multi-factor authentication market in North America, followed by Canada and Mexico, respectively. Recently, the US government mandated that from January 2024, no federal supplier will use phishable MFA, marking 2023 the year of going passwordless.
Europe is another lucrative market for multi-factor authentication market. The increasing uptake of multi-factor authentication solutions in government establishments like cyber authorities & policies and organizations of all sizes to protect confidential data escalates the market value. Additionally, the growing adoption of multi-factor analytics and increased data security issues propel regional market growth.
The Asia Pacific multi-factor authentication market is growing rapidly. Factors such as the increasing cyber-attacks and the rising demand from banking & financial service providers positively impact the market growth in the region. Moreover, large technological advancements and investments in developing this authentication technology foster market revenues. The APAC multi-factor authentication market is forecasted to register the highest CAGR over the review period.
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Multi-Factor Authentication Market Competitive Analysis
Fiercely competitive, the multi-factor authentication market appears fragmented, with various notable players forming a competitive landscape. These players increasingly focus on product development and incorporate strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches, to gain a larger competitive share.
Industry players acquire leading risk analytics providers and cyber-intelligence companies to drive active directory security and authentication attack detection. Such acquisitions enhance their capability to boost multi-factor security data fusion use cases for industrial control systems security and continuous monitoring applications using shared expertise, software, and analytics.
For instance, on Nov. 17, 2022, Climb Channel Solutions, a leading multinational distributor of specialty/ cybersecurity technology, announced a partnership with Beyond Identity to bring a passwordless multi-factor authentication solution to its network of value-added resellers. Climb will continue to represent proven technologies that can dramatically impact organizations' cybersecurity preparedness.
Climb is also working on adding ransomware and account takeover attack prevention capability, topping any organization's list of priorities and zero trust strategy. Beyond Identity offers the industry's most secure multi-factor authentication/ passwordless MFA to eliminate security vulnerabilities and user friction for organizations keen on enhancing security.
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