The latest report by IMARC Group, titled “Multi-Factor Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global multi-factor authentication market reached a value of US$ 12.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.7 Billion by 2027, exhibiting at a CAGR of 17.8% during 2022-2027.
Multi-Factor Authentication Market Overview:
Multi-factor authentication (MFA) is a security system that is built to protect business units and organizations from potential security breaches utilizing a multi-layered verification process. It requires an individual to provide numerous safety validation variables, including login credentials, security tokens, One-Time Passwords (OTPs), biometric verification, etc., that are unique to the user. MFA focuses on creating an elaborate defense system against unauthorized individuals accessing a database, computer device, network, physical location, etc. Consequently, multi-factor authentication finds various applications across several end-use industries, such as healthcare, banking, financial services and insurance (BFSI), defense, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Multi-Factor Authentication Market Trends:
The growing incidences of security breaches, cyber-attacks, online frauds, etc., are among the key factors augmenting the multi-factor authentication market across the globe. In addition to this, the rising utilization of MFA systems to prevent ransomware attacks by verifying user identities through computer devices is also catalyzing the market growth. Furthermore, the expanding usage of these security systems to support training, services, SMS gateways, hardware, etc., is positively influencing the global market.
Besides this, the launch of various favorable initiatives by government bodies to improve national security and modernize cybersecurity infrastructures is acting as another significant growth-inducing factor. Moreover, the introduction of Authentication-as-a-Service (AaaS) solutions, which provide advanced security and authentication to numerous organizations, is expected to stimulate the multi-factor authentication market in the coming years.
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By IMARC group the report has also analyzed the competitive landscape of the market with some of the Top Multi-Factor Authentication Companies being
Some of these key players include:
- Broadcom, Inc.
- HID Global Corporation
- Deepnet Security Ltd.
- Entrust Datacard Corporation
- Fujitsu Limited
- Gemalto N.V.
- Microsoft Corporation
- NEC Corporation of America
- Okta, Inc.
- Ping Identity Corporation
- RSA Security LLC
- SecureAuth Corporation
- SecurEnvoy Limited
- Suprema Inc
Key Market Segmentation Breakup by:
- Two-Factor Authentication
- Three-Factor Authentication
- Four-Factor Authentication
- Five-Factor Authentication
- Smart Card Authentication
- Phone-Based Authentication
- Hardware OTP Token Authentication
- Banking & Finance
- Travel & Immigration
- Military & Defence
- Commercial Security
- Consumer Electronics
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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