The global multi-factor authentication market size is anticipated to touch USD 11.24 billion at a 13% CAGR between 2017- 2023, as per the current Market Research Future (MRFR) analysis. Multi-factor authentication or MFA, simply put, is a technological tool that helps organizations to protect their confidential data from theft and unwanted access. This technique entails a one-time password (OTP), biometric, password, personal identification number, and username.
Various factors are propelling the global multi-factor authentication market share. According to the recent MRFR report, such factors include the increase in cyber theft cases, growing demand for secured online transactions of banking and other forms of financial services, an increase in data breach across organizations, and increasing stringency in regulations to safeguard sensitive data. Additional factors fuelling market growth comprise the growing adoption of BYOD across different enterprises, rising investments in enterprise mobility and cloud technologies, and the advent of authentication-as-a-service solutions that offer authentication and advanced security to organizations.
On the contrary, high usage service limits, complex maintenance, high initial investment, and the ongoing COVID-19 outbreak may deter the global multi-factor authentication market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global multi-factor authentication market based on application, deployment, and model.
By model, the global multi-factor authentication market is segmented into two-factor, three-factor authentication, four-factor authentication, and five-factor authentication. The two-factor authentication segment is again segmented into smart-card with pin, biometric technology with pin, and biometric technology. The three-factor authentication is again segmented into the smart card with pin & biometric technology, pin with two-factor biometric technologies, smart card with two-factor biometric technologies, and three-factor biometric technology. Of these, the five-factor authentication model segment will lead the market over the forecast period.
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By deployment, the global multi-factor authentication market is segmented into on the cloud and on premises. Of these, on the cloud deployment segment will dominate the market over the forecast period.
By application, the global multi-factor authentication market is segmented into healthcare, consumer electronics, commercial security, military and defense, travel and immigration, government institutions, and banking and finance. Of these, the banking and finance application segment will have a major share in the market over the forecast period.
Based on the region, the global multi-factor authentication (MFA) market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. The presence of several key players, growing need for surveillance and security, and technological advancement related to huge technical expertise are adding to the global multi-factor authentication market growth in the region. Canada and the US hold the utmost share in the market.
The global multi-factor authentication market in the APAC region is predicted to grow at a fast pace over the forecast period. The increasing number of solution providers, coupled with the burgeoning demand for MFA from the business and IT infrastructure, is adding to the global multi-factor authentication market growth in the region. Japan, India, and China hold the utmost share in the market.
The global multi-factor authentication market in Europe is predicted to have notable growth over the forecast period. The rise in data breaches is adding to the global multi-factor authentication market growth in the region.
The global multi-factor authentication market in the RoW is predicted to have sound growth over the forecast period.
Eminent contenders profiled in the global multi-factor authentication market report include Watchdata Technologies (China), Securenvoy Ltd (U.K), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Crossmatch (U.S.), Suprema HQ Inc. (South Korea), RSA Security LLC (U.S.), HID Global Corporation/ASSA ABLOY AB (Sweden), VASCO Data Security International Inc. (U.S), Fujitsu (Japan), CA Technologies (U.S.), 3M (U.S.), NEC Corporation (Japan), Gemalto NV (the Netherlands), and Safran (France).
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