Multi-Factor Authentication Market worth $34.8 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 10, 2023 /PRNewswire/ -- Due to growing legal requirements, greater remote work, and technological advancements, Multi-Factor Authentication (MFA) is expected to continue growing in the future. MFA is an essential component of contemporary digital security because of its practicality and the persistent occurrence of cyber threats.

The global Multi-Factor Authentication Market size is projected to grow from USD 15.2 billion in 2023 to USD 34.8 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period, according to a new report by MarketsandMarkets™.Growing adoption of BYOD, CYOD, and WFH trends drives the growth of the MFA market. However, a lack of awareness related to MFA among enterprises may hinder market growth.

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348 - Tables
45 - Figures
299 - Pages

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Scope of the Report

Based on components, the services segment is expected to grow at a higher CAGR during the forecasted period.

The services segment helps to deploy, execute, and maintain MFA platforms in organizations. The demand for these services is also expected to increase with the growing adoption of MFA platforms. The services in the MFA market are critical as they support the proper functioning of software and hardware-based solutions. MFA services comprise technical support services that require the effective integration of MFA solutions. Moreover, technical expertise is required to maintain and update MFA hardware and software. The demand for these services is directly related to the adoption level of MFA solutions. Training and education are vital for organizations to maintain the security of their email cloud, endpoints, networks, and application points. Many organizations are providing online training and education services to their customers. Technology advisory and consulting services aim to increase the awareness of MFA technologies with professional services that comprise a highly skilled development team, R&D team, training and education, and extensive expertise to help clients leverage MFA solution offerings. Training and education services are essential because non-IT companies lack the expertise to understand cybersecurity technologies and secure organizational information.

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By model type, the two-factor authentication segment is expected to hold the largest market size during the forecast period.

Two-factor authentication, often called two-step verification, is a security process wherein the user provides two authentication factors. Two-factor authentication (2FA) has become increasingly essential in the business landscape due to its ability to enhance security in an era of growing cyber threats. Two-factor authentication adds a layer of protection, making it harder for attackers to access a person's devices and online accounts because knowing the victim's password alone is insufficient to pass the authentication check. Any two smart cards, PIN, SMS application, tokens, biometrics (iris, face, palm, fingerprint, and so on), passwords, and so on can be used to achieve two-factor authentication. 2FA offers a cost-effective security solution for organizations.

By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.

Asia Pacific experiences considerable security spending owing to the ever-growing threat landscape of the region. Asia Pacific is expected to invest more in security due to the increasing threat of identity and access breaches. The region comprises emerging economies like India, Japan, China, South Korea, Australia, and other Asia Pacific countries. Factors such as increasing internet usage, compliance regulation, and adoption of smartphones are the major factors fueling the adoption of MFA solutions in the region.

Asia Pacific is increasingly targeted by cybercriminals using advanced and sophisticated attack vectors. These attacks often aim to compromise sensitive data, disrupt critical infrastructure, or steal financial assets. MFA acts as a formidable defense against such attacks by adding a layer of security. BFSI is the most targeted vertical in Asia Pacific regarding identity fraud. The proliferation of digital banking services and the growing preference for online transactions have exposed banks to a higher risk of cyber threats. MFA helps secure online banking by requiring customers to provide multiple verification forms before gaining access to their accounts or authorizing transactions.

Top Key Companies in Multi-Factor Authentication Market

Microsoft (US), Thales (France), Okta (US), Broadcom (US), OneSpan (US), Micro Focus (UK), HID Global (US), Cisco (US), Ping Identity (US), RSA Security (US), ESET (Slovakia), Yubico (US0, ForgeRock (US), CyberArk (US), OneLogin (US), SecureAuth (US), Oracle (US), SalesForce (US), Secret Double Octopus (Israel), Silverfort (Israel), Trusona (US), FusionAuth (US), HYPR (US), Keyless (US), Luxchain (China) are the key players and other players in the MFA market.

Recent Developments

• In April 2023, Thales launched the SafeNet eToken Fusion series, a new set of USB tokens. With the help of the SafeNet eToken Fusion Series, businesses may use passwordless authentication techniques resistant to phishing attacks, enhancing the security of company resources used on any device.
• In November 2022, Okta launched Okta Customer Identity Cloud, an easy-to-implement and customizable customer identity solution. The Okta Customer Identity Cloud for Consumer Apps helps any organization with advanced security features like Adaptive MFA.
• In September 2022, Microsoft partnered with Silverfort to bring unified identity protection to on-premises and cloud. Silverfort developed a suitable identity protection system with the aid of Microsoft's MFA.
• In April 2022, HID Global partnered with Microsoft to Improve Certificate-Based Authentication. This partnership will combine HID's smart credentials and credential management capabilities with Azure AD.
• In May 2021, OneSpan announced that Belfius Bank had incorporated OneSpan Mobile Security Suite (MSS) into its mobile application. For the 1.5 million mobile customers of the bank, OneSpan's technology offers biometric authentication, risk analysis, and other best practices for app security in the background.

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Multi-Factor Authentication Market Advantages

• Increasing cybersecurity concerns, legal constraints, an increase in remote work, and technological advancements all point to the growth of Multi-Factor Authentication (MFA) in the future. Because of its practicality and the increasing presence of cyber risks, MFA is an essential component of contemporary digital security.
• Reduced Risk of Data Breaches: By requiring multiple authentication factors, the risk of data breaches caused by passwords that have been lost, stolen, or otherwise compromised is reduced.
• Compliance: MFA, which is frequently demanded in a variety of industries, assists organisations in complying with data protection standards by assuring stronger authentication techniques.
• User Convenience: Many MFA techniques, such biometric authentication or mobile app login, are user-friendly, making it simpler for people to safeguard their accounts.

Report Objectives

• To describe and forecast the global Multi-Factor Authentication (MFA) market by offering, software type, deployment mode, application, vertical, and region.
• To forecast the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
• To provide detailed information on significant factors (drivers, restraints, opportunities, and challenges) influencing the market's growth
• To analyze the opportunities in the market for stakeholders and provide the competitive landscape details of major players
• To profile the key players of the MFA market and comprehensively analyze their market shares and core competencies
• Track and analyze competitive developments, such as mergers and acquisitions (M&A), new product developments, and partnerships and collaborations in the market.

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