Demand for Impeccable Security to drive the Multi-Factor Authentication Market, reaching US$ 31.12 Billion by the year 2033 at a staggering CAGR of 13.5$ in the forecast period 2023 to 2033

NEWARK, Del: The global multi-factor authentication market is worth US$ 8.77 Billion as of now and is expected to reach US$ 31.12 Billion by the year 2033 at a stellar CAGR of 13.5% between 2023 and 2033.

Multi-factor authentication (MFA) calls for users to make provisions for two or more verification factors for accessing any of the online accounts, an app, or even a VPN. The diverse kinds of multi-factor authentication technologies include mobile authentication, biometric authentication, out-of-band authentication, and hardware tokens.

Properly designed as well as implemented multi-factor authentication is more reliable and effective against sophisticated attacks in comparison with single-factor authentication as hackers could easily compromise it through broadly available hacking tools. Along these lines, multi-factor authentication is compulsory to cater to the need for strong authentication of PSD2 (Payment Services Directive Two) for SCA (Strong Customer Authentication).

At the same time, the fact that the majority of apps are unable to cope with the alterations like password strength and various other schemes can’t be ignored. Factors like these are expected to restrain the multi-factor authentication market in the near future.

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Future Market Insights has walked through these facets with insights in its latest market study entitled ‘Multi-Factor Authentication Market’. It has a team of analysts and consultants to look through a 360-degree view in its primary, secondary, and tertiary modes of research.

“Call to mitigate account takeover fraud (ATO) is expected to drive the multi-factor authentication market in the forecast period”, says an analyst from Future Market Insights.

Key Takeaways from Multi-Factor Authentication Market

• North America holds the largest market share with the US being subject to socio-economic development coupled with an upswing in consumers’ lifestyles.
• Europe is expected to hold the second-largest market share due to advancements in payment technology all across.
• The Asia-Pacific is expected to grow at the fastest rate in the multi-factor authentication market going forward countries like South Korea, Japan, and China are home to big online retail markets going forward.

Competitive Authentication

• Microsoft, in May 2021, did announce launching new products for tackling large-scale cyberattacks. They are inclusive of additional support rendered regarding security protection for the customers along with its transition to have employees go for the Zero trust approach.
• Okta, in March 2021, inked a definitive agreement for acquiring Auth0 for US$ 6.5 Billion. The company is known for emphasizing on catering to businesses with the products for cloud directory services, MFA, SSO, and IAM, and likewise; would be widening its scope regarding authenticating customer identity.
• Ping Identity, in July 2020, entered into a partnership with One Identity for providing end-to-end identity management strategies for strengthening access security as well as control. This partnership would facilitate combining the former’s access management technology and the latter’s IGA (Identity Governance and Administration) technology.
• Thales, in February 2020, came up with Fast Identity Online 2.0 (FID02) providing access to Microsoft Azure AD cloud apps, domains, and connected services and devices, that too, without password.
• Fetican Technologies, in February 2021, entered into a partnership with Northamber for providing the former’s multi-factor authentication as well as biometric solutions to the market of the UK.
• HID Global, in April 2021, did launch WorkforceID Authentication – a workforce multi-factor authentication solution for giving enterprises a cloud solution to manage, issue, and use identity credentials for physical and logical access control.
• CEQUENS, a CPaaS (Communication Platform as a Service) provider based out of Egypt, did announce that it had launched ‘Verify’, its new product. The companies could make use of these companies for verifying online identities and protecting online accounts by using two-factor authentication.
• Google, in August 2021, did confirm that YouTube creators would be needing 2-step verification for accessing YouTube Studio for accessing the key functions.
• Secret Double Octopus, in October 2021, did report releasing new MFA (multi-factor authentication) offerings as an extension of its Octopus Authentication Platform.

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Multi-Factor Authentication Market Segmentation

The multi-factor authentication market can be segmented on the basis of model, application and region.

By Model:

• Two-factor authentication
• Three-factor authentication
• Four-factor authentication
• Five-factor authentication

By Application:

• BFSI
• Government & Defense
• Healthcare
• Manufacturing
• Energy and Utilities
• Telecom and IT
• Retail
• Others

What does the Report Cover?

• The research study is based on the model (two-factor authentication, three-factor authentication, four-factor authentication, and five-factor authentication), and by application (BFSI, government & defense, healthcare, manufacturing, energy and utilities, telecom and IT, retail, and likewise).
• With hordes of IoT devices connected through the internet and enhancing quality of life daily, the demand for multi-factor authentication is expected to soar in the upcoming period.

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Explore FMI’s Extensive Ongoing Coverage in Technology Domain

3D Secure Payment Authentication Market Size: The 3D secure payment authentication market is anticipated to reach US$ 1.28 billion in 2023 and record a CAGR of 12.2% between 2023 and 2033. The 3D secure payment authentication market is expected to reach US$ 4.06 billion in 2033.  

Cloud Authentication Market Value: By 2032, the cloud authentication market is expected to be worth US$ 12,753.4 million, with a CAGR of 14.4%. The market value in 2022 is US$ 11,279.2 million. With a lower demand rate of 12.6% from 2018 to 2022, the market had a worth of US$ 10,002.0 million in 2021.

Authentication Solution Market Trends: The global authentication solution market revenue totalled ~US$ 13.1 Bn in 2021. The authentication solution market is expected to reach ~US$ 56.3 Bn by 2032, growing at a CAGR of 14.4% for 2022 – 2032.

About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce, headquartered in Delaware, USA. As a recipient of the Clutch Leaders Award 2022 for a high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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