Mar 06, 2023

English - UK

Pramod Pawar

Global Multi-Factor Authentication Market Value 75.30 Bn | CAGR 17.2% by 2032

Market.us Group estimates the global multi-factor authentication market to reach USD 15.4 Billion in 2022, growing at a compound annual growth rate (CAGR) of 17.2% from 2022-2032.

Multi-factor Authentication (MFA) is an authentication process that requires two or more verification factors from users in order to gain access to an application, various online accounts or a Virtual Private Network (VPN). MFA plays an essential role in an efficient Identity and Access Management (IAM) policy since it involves additional checks in addition to username and password verification.

One Time Passwords (OTPs) are a widely-used authentication factor. An OTP is an eight digit or four digit code sent through mails, SMS or mobile applications; it doesn't impact or intrude on digital services or infrastructure of an organization and can be seamlessly integrated in login and start pages of businesses - driving its adoption in several sectors of the market.

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Key Takeaway

  • Due to the rising demand for safe authentication techniques across numerous industries, the worldwide multi-factor authentication market is anticipated to experience substantial expansion over the upcoming years.
  • An increase in cyber risks, a rise in the use of cloud-based services, and the requirement to adhere to data protection laws are driving the market ahead.
  • The market is also gaining from the growing use of biometric authentication technologies like fingerprint and facial recognition.
  • While Asia-Pacific is expected to develop at the fastest rate over the next few years due to rising digitalization and government initiatives for data protection, North America now maintains the largest market share.

Market Dynamics

Drivers

  • Growing Need for Secure Authentication Techniques There is an urgent demand for secure authentication techniques that can safeguard sensitive data and prevent unauthorized access due to the increase in cyber threats.
  • Increasing Use of Cloud-Based Services: As more businesses transfer their operations to the cloud, the demand for secure authentication techniques that can safeguard cloud apps and data is rising.
  • Data protection rules compliance: Companies are increasingly forced to follow data protection laws, which frequently call for the adoption of multi-factor authentication for the protection of sensitive data.

Restraints

  • Implementation and maintenance costs: Adopting and supporting multi-factor authentication systems can be expensive, which could pose a barrier for some organizations - particularly smaller ones.
  • Complexity of Integration: Integrating multi-factor authentication systems into existing IT infrastructure can be a tedious and time-consuming task, which may deter some organizations from adopting this technology.

Opportunities

  • Growing Adoption of Biometric Authentication Technologies: Biometric authentication technologies such as facial recognition and fingerprint scanning are becoming more widely used, leading to significant growth in the multi-factor authentication market.
  • Growing Demand from Developing Economies: As more organizations in emerging economies adopt digital technologies, there is an increasing need for secure authentication methods to safeguard sensitive data.

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Challenges

  • Balancing Security and Convenience: Multi-factor authentication is necessary for security, but can sometimes be inconvenient for users, leading to resistance towards adoption.
  • Maintaining Up With Evolving Threats: As cybercrimes continue to evolve, multi-factor authentication systems must be regularly upgraded and adjusted in order to remain effective - something organizations may find challenging to manage.

Recent Developments

  • Partnership between Microsoft and HID Global: In February 2021, Microsoft and HID Global announced a collaboration to integrate HID's multi-factor authentication solution with Microsoft Azure Active Directory. This arrangement aims to provide secure, seamless access to Microsoft cloud services.
  • Launch of New Biometric Authentication Products: Recently, several companies have unveiled new biometric authentication solutions such as Fujitsu's PalmSecure biometric authentication solution and RSA Security's new biometric authentication platform.
  • Increased Use of Mobile Devices for Authentication: With the increasing prevalence of mobile devices at work, more businesses are adopting multi-factor authentication solutions utilizing these devices. In December 2020, Google announced they would be introducing their new Google Prompt feature which enables users to authenticate their accounts using their phones.

Key Market Segments

Type

  • Two-Factor Authentication
  • Three-Factor Authentication
  • Four-Factor Authentication
  • Five-Factor Authentication

Application

  • Banking and Finance
  • Government
  • Military and Defense
  • Commercial Security
  • Consumer Electronics
  • Healthcare

Key Market Players included in the report

  • Microsoft
  • Duo Secuirty
  • Apersona?Inc
  • Biomio
  • EMC Corp.
  • Entrust Inc.
  • Gemalto NV
  • Deepnet Security
  • VASCO Data Security International Inc.
  • SafeNet Inc.
  • Symantec Corporation
  • CA Technology
  • Censornet Ltd
  • Symitar
  • Crossmatch
  • Okta
  • Fujitsu
  • Amazon
  • Secugen Corporation
  • Iovation Inc

Report Scope

Report AttributeDetails
The market size value in 2022USD 15.4 Bn
Revenue forecast by 2032USD 75.30 Bn
Growth RateCAGR Of 17.2%
Regions CoveredNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World
Historical Years2017-2022
Base Year2022
Estimated Year2023
Short-Term Projection Year2028
Long-Term Projected Year2032

Frequently Asked Questions

1. Q What is the current market size of the global multi-factor authentication market?
A: According to market.us reports, the global multi-factor authentication market size reached USD 15.4 Billion in 2022. Looking forward, Market.us Group expects the market to reach USD 75.30 Billion by 2032, exhibiting a growth rate (CAGR) of 17.2% during 2022-2032.

2. Q What is the market share of the leading vendors in the multi-factor authentication market?
A: The multi-factor authentication market is highly fragmented, with several leading vendors such as Microsoft, Duo Secuirty, Apersona?Inc, Biomio, EMC Corp., Entrust Inc., Gemalto NV, Deepnet Security, VASCO Data Security International Inc., SafeNet Inc., Symantec Corporation, CA Technology, Censornet Ltd, Symitar, Crossmatch, Okta, Fujitsu, Amazon, Secugen Corporation, Iovation Inc.

3. Q Which industry verticals are expected to drive the growth of the multi-factor authentication market?
A: The multi-factor authentication market is expected to be driven by several industry verticals, including banking, financial services, and insurance (BFSI), healthcare, government, and IT and telecom.

For more information, please contact:

Author

Prudour Private Limited



Email:

Pramod@market.biz

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