According to 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 (MFA) represents a security system that is built to protect business units and organizations from potential security breaches using a multi-layered verification process. It requires an individual to provide various safety validation variables, such as their login credentials, a security token, one-time password (OTP), biometric verification, etc., which are unique to the user. MFA aims at creating an elaborate defense system against unauthorized individuals accessing a database, network, computer device, physical location, etc. Consequently, it finds wide-ranging applications in 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 rising instances of security breaches, cyber-attacks, online frauds, etc., are among the primary factors driving the multi-factor authentication market. In line with this, MFA systems assist in preventing ransomware attacks by verifying the user identities via computer devices or smartphones, which is further propelling the product demand. Additionally, the growing utilization of these security systems to support training, services, SMS gateway, and hardware and software tokens is acting as another significant growth-inducing factor. Apart from this, the launch of numerous favorable initiatives by government bodies across the globe to enhance national security and the emerging trend of modernizing cybersecurity infrastructures are also augmenting the global market. Furthermore, the introduction of Authentication-as-a-Service (AaaS) solutions, which offer advanced security and authentication to organizations, is anticipated to fuel the multi-factor authentication market over the forecasted period.
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Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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
Breakup by Model:
- Two-Factor Authentication
- Three-Factor Authentication
- Four-Factor Authentication
- Five-Factor Authentication
Breakup by Deployment Type:
- On-Premises
- On-Cloud
Breakup by Application:
- Smart Card Authentication
- Phone-Based Authentication
- Hardware OTP Token Authentication
Breakup by Vertical:
- Banking & Finance
- Government
- Travel & Immigration
- Military & Defence
- Commercial Security
- Healthcare
- Consumer Electronics
- Others
Breakup by Region:
- 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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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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