Global Multi-Factor Authentication Market Report 2022-2027: Proliferation of Cloud-Based MFA Solutions and Services & Adoption of Interconnected Devices in the IoT Environment Presents Opportunities
There is also a growing demand for AI/ ML-powered MFA solutions to identify any suspicious activity and detect any anomalous user behavior in real-time.
DUBLIN, Aug. 12, 2022 /PRNewswire/ -- The "Multi-Factor Authentication Market by Component (Hardware, Solutions, and Services), Model Type (Two, Three, Four, Five-factor), Organization Size, Vertical (BFSI, Healthcare, Media & Entertainment, Government) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The MFA 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. The demand for MFA is driven by the need for more secure digital payments and rising breaches and threats. There is also a growing demand for AI/ ML-powered MFA solutions to identify any suspicious activity and detect any anomalous user behavior in real-time.
Based on component, the solutions segment to hold the largest market share during the forecast period.
The MFA market by component is bifurcated into hardware, solutions, and services. 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. Key players in the MFA market continuously invest in new product launches/ enhancements and inorganic growth strategies to expand their footprint and improve their MFA portfolio in the market to attract more end-users.
By model type, the two-factor authentication segment to hold the largest market size during the forecast period.
Based on model type, the global MFA market is segmented into two-factor authentication, three-factor authentication, four-factor authentication, and five-factor authentication. The two-factor authentication segment is expected to hold the largest market size during the forecast period. According to Duo Labs (Duo Security) State of the Auth report, two-factor authentication has gained significant adoption with 79% of respondents reported to having used it in 2021. The increasing number of online transactions, rising security breaches, and compliance to regulatory norms is expected to boost the two-factor authentication segment market growth.
Based on vertical, the BFSI segment to hold the largest market size during the forecast period.
The overall market for the MFA technology is categorized into several applications, based on its end user usage, such as BFSI, government, military & defense, travel & immigration, commercial security, healthcare, IT, telecom, media & entertainment, and others.
The BFSI vertical is expected to hold the largest market size among other end-users. Financial companies are increasingly embracing digital transformation. The BFSI organizations possess highly confidential and sensitive information (financial data of customers, user IDs, passwords, and other personal information). Hence, this vertical is the major adopter of MFA solutions to avoid any instances of fraud or identity theft. In addition, government mandates such as
Personal Information Protection and Electronic Documents Act (PIPEDA), Gramm-Leach-Bliley Act (GLBA), Federal Financial Institutions Examination Council (FFIEC), along with standards that include Payment Card Industry Data Security Standard (PCI DSS) and Sarbanes-Oxley Act (SOX), require financial institutions to ensure protection from cyber criminals.
Premium Insights
- Growing Instances of Data Breaches, Rising Adoption of BYOD Trends, and Stringent Regulations to Drive the MFA Market
- Solutions Segment to Hold the Largest Share During the Forecast Period
- North America to Hold the Largest Market Size During the Forecast Period
- BFSI to Hold the Largest Market Size During the Forecast Period
- Asia-Pacific to Emerge as the Best Market for Investments in the Next 5 Years
Market Dynamics
Drivers
- Growing Adoption of BYOD, CYOD, and WFH Trends
- Rising Security Breaches and Sophisticated Cyberattacks Leading to Financial and Reputational Loss
- Stringent Government Regulations to Increase the Adoption of MFA Solutions
- Rising Instances of Identity Theft and Fraud
Restraints
- High Cost and Technical Complexities in Implementing MFA Solutions
- Increasing Response Time in Higher-Order Authentication Models
Opportunities
- Proliferation of Cloud-Based MFA Solutions and Services
- Rising Adoption of Interconnected Devices in the IoT Environment
- High Volume of Online Transactions
Challenges
- Lack of Awareness Related to MFA Among Enterprises
- Scarcity of Skilled Cybersecurity Professionals
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Multi-Factor Authentication Market, by Type
7 Multi-Factor Authentication Market, by Component
8 Multi-Factor Authentication Market, by Model Type
9 Multi-Factor Authentication Market, by Organization Size
10 Multi-Factor Authentication Market, by Vertical
11 Multi-Factor Authentication Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Adjacent Markets
15 Appendix
Companies Mentioned
- 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
- Trusona
- Yubico
For more information about this report visit https://www.researchandmarkets.com/r/vjyl81
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