Chicago, April 06, 2023 (GLOBE NEWSWIRE) -- The global Multi-Factor Authentication Market size is projected to grow from an estimated value of USD 12.9 billion in 2022 to USD 26.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.6% from 2022 to 2027, according to a new report by MarketsandMarkets™. Growing instances of data breaches, rising adoption of BYOD trends, stringent regulations, and growing pressure of data security compliances are some of the factors that are driving the market growth.
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Scope of the Report
| Report Metrics | Details |
| Market size value in 2022 | USD 12.9 Billion |
| Market size value in 2027 | USD 26.7 Billion |
| Growth rate | CAGR of 15.6% |
| Market size available for years | 2016–2027 |
| Base year considered | 2021 |
| Forecast period | 2022–2027 |
| Forecast units | Value (USD Billion/Million) |
| Segments covered | Component, Authentication Type, Model Type, Organization Size, Vertical, and Region |
| Geographies covered | North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America |
| Major companies covered | Microsoft (US), Broadcom (US), OneSpan (US), Okta (US), Micro Focus (UK), Thales (France), RSA Security (US), Cisco (US), Ping Identity (US), HID Global (US), ESET (Slovakia), Yubico(US), 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), and Luxchain (Hong Kong). |
The COVID-19 pandemic has had a positive impact on the MFA market. The adoption of MFA has increased due to the rising cyber threats and incidents and increasing trends of BYOD and WFH globally; the use of MFA has increased. During the COVID-19 pandemic, access to sensitive government information through unsecured platforms has increased the risk of cyberattacks. These cyberattacks include data and identity thefts, are expected to drive the adoption of MFA in the government vertical.
The four-factor authentication segment by model type is projected to grow with a highest CAGR in the forecast period. The fourth factor is most referred to as location (where you are) but could also be a matter of time, or in some people’s opinion, even a performance, an exhibition, or even other people. Four-factor authentication is achieved by requiring possession, location, a biometric, and a knowledge factor, or by requiring location, a biometric, and two knowledge factors. Additional security parameters have encouraged companies to adopt such solutions to avoid cyberattacks.
The solutions segment by component is projected to have the larger market size. The need for securing highly confidential and sensitive information, a surge in BYOD trends, and an emphasis on stringent regulatory norms are fueling the adoption of MFA solutions. Some of the prominent solution vendors in the MFA market are Micro Focus, Duo Security, Broadcom, Ping Identity, RSA Security, OneSpan, and Microsoft. MFA is a core component of a strong IAM policy, and these solutions are designed for organizations to enhance and safeguard their security posture against brute force attacks. These solutions are deployable in cloud models, or software appliances.
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The growing scale of cyberattacks has heightened the need for MFA solutions. Despite the rising technology needs, it is noticeable that many organizations still do not provide a ’cyber-safe’ remote-working environment. Where business meetings were traditionally held in person, they now mostly take place virtually. While the COVID-19 outbreak continues to drive cybersecurity trends, it has also inspired new attacks that capitalize on the desire of citizens for news, assistance, or guidelines that could help keep them safe. Capabilities offered by MFA using the technologies such as out-of-band authentication, built-in fingerprint readers, and baked-in authentication hold huge potential for the market to grow in future.
Key and innovative vendors in the Multi-Factor Authentication Market include Microsoft (US), Broadcom (US), OneSpan (US), Okta (US), Micro Focus (UK), Thales (France), RSA Security (US), Cisco (US), Ping Identity (US), HID Global (US), ESET (Slovakia), Yubico (US), 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), and Luxchain (Hong Kong).
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