Multifactor Authentication Market: Global Industry Analysis and Forecast (2023-2029)

Multifactor Authentication Market size was valued at US$ 12.92 Bn. in 2022 and the total revenue is expected to grow at 16.34 % through 2023 to 2029, reaching nearly US$ 37.28Bn.
Multifactor Authentication Market Overview:
Through a multi-layered verification procedure, the multi-factor authentication (MFA) system protects companies and business units from potential security breaches. Multiple safety validation variables, such as the user's login credentials, are required, followed by a security token, one-time password (OTP), or biometric verification that is unique to the user. This project attempts to develop a complex defence system to prevent unauthorised individuals from gaining access to a computer device, network, database, or physical site.

Multi-factor authentication systems are non-intrusive in design and have no influence on an organization's digital infrastructure or services, resulting in highly secure operations. Also, current multi-factor authentication solutions are available to enterprises in the form of APIs that may be effortlessly integrated with the login pages of the organisation.To know about the Research Methodology:- Request Free Sample Report
COVID-19 Impact:
The COVID19 epidemic had both beneficial and negative consequences for the global authentication industry. The authentication market's demand fell drastically as a result of the global lockdown, and many businesses were forced to close. As a result, commercial places were unable to take advantage of multi-factor authentication technologies to their full potential.

However, the outbreak of the pandemic has prompted healthcare and pharmaceutical companies to increase their artificial intelligence research and development investments. Artificial intelligence was also employed in the insurance sector to save operational costs and improve customer satisfaction for claims, renewal processes, and other services. Also, several schools and colleges have implemented Virtual Reality (VR) and Augmented Reality (AR) systems, both of which have proven to be quite beneficial in e-learning. Also, these solutions have shown to be a useful tool for assisting remote workers and reducing trip time. Covid19 is a prominent market contributor for the authentication market, according to the maximize market research.
Multifactor Authentication Market Dynamics:
One of the primary factors driving the market's growth is the increasing number of security breaches and cyber-attacks, as well as a considerable increase in online frauds. Cyber-attacks primarily target small and medium-sized businesses, with ransomware used to take control of the company's internet and financial accounts. This is avoided by introducing multi-factor authentication (MFA) systems in employees' smartphones and computers to validate the user's identification.

Additionally, the growing healthcare, retail, and banking, financial services, and insurance (BFSI) industries are driving up need for authentication solutions to protect businesses and their customers. Banks, for example, execute a variety of activities, including core banking, trade finance, international payments, and online banking, all of which necessitate secure connections to ensure a smooth transaction and a consistent user experience.

Also, the increasing trend of the Internet of Things (IoT) and cloud-based services is a growth-promoting element. Remote fingerprint scanning, facial recognition and document verification are all possible with cloud-based MFA solutions. Biometrics, software, and hardware advancements, as well as positive government efforts to improve national security, are expected to propel the industry forward. Increased use of digital payment methods, as well as the rising penetration rate of smartphones and wireless devices, is other drivers driving market growth.

Users that added recovery contact information to their accounts (and so enabled SMS-based MFA) also improved account security, according to Google. According to the research, providing a recovery phone number to a Google Account can block up to 100% of automated tools, 99% of mass phishing assaults, and 66% of targeted attacks.

To authenticate data, multi-factor authentication systems are being built with modern technology and numerous processes. As a result, service or response times would be longer, and there would be a long line. This constraint is now increasing, but specialists are working to lessen it in the future by applying tactics and procedures.

Many people feel that the demand for strong authentication techniques has never resulted in a severe security compromise. This misunderstanding has posed a significant issue in the multi-factor authentication business, resulting in lower adoption of MFA solutions for authentication. Also, many small businesses have had difficulty integrating the MFA solution with their existing IT infrastructure. As a result, the MFA market's most significant barrier is end-user resistance to MFA solutions.
Multifactor Authentication Market Segment Analysis:
Based on the Model Type, the Multifactor Authentication market is sub-segmented into Two-factor authentication, Multi-factor with three-factor authentication, Multi-factor with four-factor authentication, Multi-factor with five-factor authentication. The Multi-factor with five-factor authentication segment held the largest market share of xx% in 2022. The Multi-factor with five-factor authentication model ensures that top-secret information is kept secure. There are numerous good solutions for government applications, including security services, homeland access to the highest national data/files, data security, and innovation in national research institutes.

Based on the End-User, the Multifactor Authentication market is sub-segmented into BFSI, Government, Travel and Immigration, Military and Defense, Commercial Security, IT and Telecommunication, Healthcare and Others. The BFSI segment held the largest market share of xx% in 2022. Because it deals with enormous amounts of sensitive and private financial documents, BFSI is the most targeted industry segment. Because they handle highly sensitive financial data, the BFSI sector is an early adopter of cutting-edge MFA solutions.

Financial institutions are increasingly recognising the importance of technological improvements in improving customer experience and preventing security breaches for themselves and their customers. The healthcare segment held the 2nd largest market share of xx% in 2022. The industry has adapted to multi-factor authentication (MFA) at end-point systems, managing authentication of on-premise and cloud databases, cybersecurity, and compliance suites as a result of numerous healthcare-related cybercrime incidents over the last year.


Multifactor Authentication Market Regional Insights:
North America held the largest market share of xx% in 2022. The presence of significant suppliers, the regulatory environment, innovations and investments, and a high rate of technology adoption are all driving factors. In the region, businesses are progressively deploying MFA solutions to avoid cyber-attacks, identity theft, and commercial espionage by providing a high level of data protection and preserving the privacy and security of sensitive information in order to facilitate corporate growth.

Asia Pacific is expected to grow at a highest CAGR of xx% in the Multifactor Authentication market during the forecast period. Because of the increased use of bring your own device (BYOD) and choose your own device (CYOD) policies, as well as mobility solutions, cyber-attacks and data leaks are becoming more common.

Additionally, in places like China, hacking and monetary losses are on the rise. The primary goal of black hat hackers is to steal information for monetary benefit. This is a big risk for all financial organisations, as they handle both personal and financial information. It is relatively simple for an individual to record usernames and passwords of other people using a variety of tactics such as sniffing, implementing Keylogger, and so on.

The objective of the report is to present a comprehensive analysis of the global Multifactor Authentication Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the global Multifactor Authentication Market dynamic, structure by analyzing the market segments and project the global Multifactor Authentication Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Multifactor Authentication Market make the report investor’s guide.
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Global Multifactor Authentication Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 12.92Bn.


Forecast Period 2023 to 2029 CAGR:
16.24 %
Market Size in 2029:
US $ 37.28 Bn.


 Segments Covered:
by Authentication Type
Password authentication
Password less authentication


by Model Type
Two-factor authentication
1.Smart card with pin
2.Smart card with biometric technology
3.Biometric technology with pin
4.Two-factor biometric technology
5.One time password with pin
Multi-factor with three-factor authentication
1.Smart card with pin and biometric technology
2.Smart card with two-factor biometric technology
3.Pin with two-factor biometric technologies
4.Three-factor biometric technology
Multi-factor with four-factor authentication
Multi-factor with five-factor authentication


by Component
Solutions
Hardware
Services


by End-User
BFSI
Government
Travel and Immigration
Military and Defense
Commercial Security



Multifactor Authentication Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Multifactor Authentication Market, Key Players are
1. CA Technologies
2. RSA Security
3. SecureAuth Corporation
4. Gemalto
5. Microsoft Corporation
6. HID Global Corporation/ASSA ABLOY AB
7. Symantec Corporation
8. Vasco Data Security International Inc.
9. Safran
10. Okta Inc.
11. NEC Corporation
12. Ping Identity
13. Fujits
14. Entrust Datacard Corporation
15. HID Global Corporation
16. 3M
17. Suprema HQ Inc.
18. Crossmatch
Frequently Asked Questions:
1] What segments are covered in Multifactor Authentication Market report?
Ans. The segments covered in Multifactor Authentication Market report are based on Authentication Type, Model Type, Component and End-User.

2] Which region is expected to hold the highest share in the global Multifactor Authentication Market?
Ans. North America is expected to hold the highest share in the global Multifactor Authentication Market.

3] What is the market size of global Multifactor Authentication Market by 2029?
Ans. The market size of global Multifactor Authentication Market is expected to reach US $ 37.28 Bn. by 2029.

4] Who are the top key players in the global Multifactor Authentication Market?
Ans. CA Technologies, RSA Security, SecureAuth Corporation, Gemalto, Microsoft Corporation, HID Global Corporation/ASSA ABLOY AB and Symantec Corporation are the top key players in the global Multifactor Authentication Market.

5] What was the market size of global Multifactor Authentication Market in 2022?
Ans. The market size of global Multifactor Authentication Market in 2022 was US $ 12.92 Bn.