Multi-Factor Authentication Market

Multi-Factor Authentication Market is projected to reach USD 32 billion by 2028, exhibiting a CAGR of 16.6% during forecast period.

Multi-Factor Authentication Market Overview

Multi-factor authentication is a security framework popular in the global market for its multistep authentication to validate the person’s authority. According to the name multi-factor authentication, it has multi-features, making it more popular among people worldwide. Multi-factor authentication has a unique feature over the conventional authentication techniques that involve username and password verifications and identifications. Moreover, it has advanced biometrics security features for identifying the person that includes iris recognition, facial recognition, fingerprints, and voice recognition techniques.

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Major Catalysts Market Drivers

Multi-Factor Authentication Market size is forecasted to grow gradually over the future due to the increase in network security threats and the growing demand for advanced and reliable authentication systems. Rising smartphone usage with in-built verification technology and the advent of e-commerce is propelling the multi-factor authentication market growth. With the rising incidences of cyber-attacks and data breaches, organizations are investing heavily in cybersecurity to protect businesses from rising attacks. Moreover, legacy network defenses are being substituted with disruptive technologies to prevent hackers from gaining access to networks. Other factors like growing pressure of data security compliances and stringent regulations, with growing adoption of BYOD concept among businesses, are anticipated to help gain significant traction for the multi-factor authentication market over the coming years.

Restraint in the Multi-Factor Authentication Market

However, high maintenance costs and investments are major restraining factors that are hampering the growth of the global multi-factor authentication market.

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Component – Segment Analysis

Based on the Component, the Services segment is expected to grow at a higher CAGR during the forecast period. The services segment includes various services required to deploy, execute, and operate the MFA services in an organization. As the adoption of the MFA systems increases, the demand for these services is also expected to grow. During the COVID-19 pandemic, the growing concern of data breaches and privacy compliance regulations makes companies emphasize adopting MFA systems to gain compliance, improved data security, and improved flexibility in operations. Major MFA vendors are widely assisting organizations with quick support services in the times of pandemic. Financial services, healthcare, and the e-commerce sectors have witnessed huge data losses due to security breaches. Hence, they are highly dependent on MFA solutions for strengthening their cybersecurity capabilities.

End User – Segment Analysis

Based on the End User, the BFSI segment is expected to grow at a higher CAGR during the forecast period. BFSI is the most targeted sector as it deals with huge volumes of sensitive and private financial data. The COVID-19 pandemic has affected every vertical across the globe, especially high-profile and high-value data sectors like BFSI, healthcare, and government. With the rising cyber threat rates and risk surface, the demand for MFA systems is also rising. This segment is an early adopter of cutting-edge MFA systems as it comprises highly sensitive financial data. Financial institutions understand the importance of technological advancements to enhance the customer experience and secure themselves and their customers against the repercussion of security breaches. In addition, these institutions also have a deep understanding of how MFA solutions could be employed to combat threats posed by identity theft and fraud. There are high data security requirements for the BFSI vertical as it deals with sensitive and private data. Various government mandates, like PSD2 and PCI-DSS, necessitate financial institutions to meet the terms and standards related to customer data privacy. MFA services also help the BFSI industry vertical deliver robust security, secure identities, and manage regulatory compliances.

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Regional – Segment Analysis:

Based on the region, the North-America region is projected to dominate the market during the forecast period. Early adoption of MFA and several vendors that provide MFA systems are expected to influence the market growth in the region. Businesses in the North-America are increasingly implementing MFA services for enabling data security, avoid cyber-attacks, identity thefts, and commercial espionage, and ensuring the security and privacy of data to facilitate smooth business operations. The growth of this region can mainly be attributed to key MFA market vendors, a strict regulatory environment, investments and innovations, and high technology adoption rates.

Top Market Players

Various notable players operating in the market include Micro Focus, Broadcom, Microsoft, OneSpan, Okta, Thales Group, RSA Security LLC, Duo, Ping Identity, HID Global Corporation, among others. 

Key Developments:

• • In 2021, Okta signed a definitive agreement to procure Auth0 for USD 6.5 billion. It will focus on serving businesses with IAM, SSO, MFA, cloud directory services, and more will be strengthened by Auth0 acquisition, focusing more on providing customer identity and access markets.
  • In 2020, OneSpan partnered with ForgeRock. The strategic partnership has resulted in integrating OneSpan into the ForgeRock Identity Platform to identity authentication and risk analytics. The combined solution capitalizes OneSpan’s integration with ForgeRock Intelligent Access to simplify authentication and risk management.
  • In 2020, Thales Group launched Fast Identity Online 2.0 (FIDO2), providing passwordless access to Microsoft Azure AD cloud apps, domains, and all connected devices and services. This will consequently help businesses and organizations move securely to the cloud.

Segments covered in the Report:

The global Multi-Factor Authentication market has been segmented on the basis of Authentication Type, Model Type, Component, Organization Size, End User and regions. Based on Authentication Type, the market is segmented into Password authentication and Passwordless authentication. Based on Model Type, the market is segmented into Two-factor authentication, Multi-factor with three-factor authentication, Multi-factor with four-factor authentication and Multi-factor with five-factor authentication. The Two-factor authentication is further categorized into Smart card with pin, Smart card with biometric technology, Biometric technology with pin, Two-factor biometric technology and One time password with pin. The Multi-factor with three-factor authenitication is categorized into Smart card with pin and biometric technology, Smart card with two-factor biometric technology, Pin with two-factor biometric technologies and Three-factor biometric technology. Based on Component, the market is segmented into Solutions, Hardware and Services. Based on Organization Size the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, Government, Travel and Immigration, Military and Defense, Commercial Security, IT, Telecommunication, Healthcare, Media and Entertainment and Others. 

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Market Segmentation

Global Multi-Factor Authentication Market by Authentication Type

• • Password authentication
  • Passwordless authentication

Global Multi-Factor Authentication Market by Model Type

• • Two-factor authentication
    • Smart card with pin
    • Smart card with biometric technology
    • Biometric technology with pin
    • Two-factor biometric technology
    • One time password with pin
  • Multi-factor with three-factor authentication
    • Smart card with pin and biometric technology
    • Smart card with two-factor biometric technology
    • Pin with two-factor biometric technologies
    • Three-factor biometric technology
  • Multi-factor with four-factor authentication
  • Multi-factor with five-factor authentication

Global Multi-Factor Authentication Market by Component

• • Solutions
  • Hardware
  • Services

Global Multi-Factor Authentication Market by Organization Size

• • Large Enterprises
  • Small & Medium Enterprises

Global Multi-Factor Authentication Market by End User

• • BFSI
  • Government
  • Travel and Immigration
  • Military and Defense
  • Commercial Security
  • IT
  • Telecommunication
  • Healthcare
  • Media
  • Entertainment
  • Others

Global Multi-Factor Authentication Market by Region

• • North America Multi-Factor Authentication Market (Option 1: As a part of the free 25% customization)

    • North America Multi-Factor Authentication Market by Authentication Type
    • North America Multi-Factor Authentication Market by Model Type
    • North America Multi-Factor Authentication Market by Component
    • North America Multi-Factor Authentication Market by Organization Size
    • North America Multi-Factor Authentication Market by End User
    • US Multi-Factor Authentication Market All-Up
    • Canada Multi-Factor Authentication Market All-Up

  • Europe Multi-Factor Authentication Market (Option 2: As a part of the free 25% customization)

    • Europe Multi-Factor Authentication Market by Authentication Type
    • Europe Multi-Factor Authentication Market by Model Type
    • Europe Multi-Factor Authentication Market by Component
    • Europe Multi-Factor Authentication Market by Organization Size
    • Europe Multi-Factor Authentication Market by End User
    • UK Multi-Factor Authentication Market All-Up
    • Germany Multi-Factor Authentication Market All-Up
    • France Multi-Factor Authentication Market All-Up
    • Spain Multi-Factor Authentication Market All-Up
    • Rest of Europe Multi-Factor Authentication Market All-Up

  • Asia-Pacific Multi-Factor Authentication Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Multi-Factor Authentication Market by Authentication Type
    • Asia-Pacific Multi-Factor Authentication Market by Model Type
    • Asia-Pacific Multi-Factor Authentication Market by Component
    • Asia-Pacific Multi-Factor Authentication Market by Organization Size
    • Asia-Pacific Multi-Factor Authentication Market by End User
    • China Multi-Factor Authentication Market All-Up
    • India Multi-Factor Authentication Market All-Up
    • Japan Multi-Factor Authentication Market All-Up
    • Rest of APAC Multi-Factor Authentication Market All-Up

  • RoW Multi-Factor Authentication Market (Option 4: As a part of the free 25% customization)

    • RoW Multi-Factor Authentication Market by Authentication Type
    • RoW Multi-Factor Authentication Market by Model Type
    • RoW Multi-Factor Authentication Market by Component
    • RoW Multi-Factor Authentication Market by Organization Size
    • RoW Multi-Factor Authentication Market by End User
    • Brazil Multi-Factor Authentication Market All-Up
    • South Africa Multi-Factor Authentication Market All-Up
    • Saudi Arabia Multi-Factor Authentication Market All-Up
    • UAE Multi-Factor Authentication Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Multi-Factor Authentication Market All-Up

Major Players Operating in the Multi-Factor Authentication (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Micro Focus
  • Broadcom
  • Microsoft
  • OneSpan
  • Okta
  • Thales Group
  • RSA Security LLC
  • Duo
  • Ping Identity
  • HID Global Corporation