Press release
Multi-factor Authentication Market Expansion Strategies: Exploring New Growth Opportunities
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The global multi-factor authentication market is expected to grow from USD 13.8 billion in 2021 to USD 48.1 billion by 2030, at a CAGR of 14.9% during the forecast period 2022-2030. The increasing demand for high-level security technologies, especially in the BFSI industry, to provide effective risk management systems and help tackle the issues of identity theft and fraud drives the market's growth. Furthermore, the increasing number of stringent government regulations to curb the risk of data breaches and identity theft adds impetus to the market's growth during the forecast period. However, a drawback of this market is its high cost, which limits the market's growth. The time up-gradation and maintenance cost add to the multi-factor services' overall cost and hampers the market's growth. However, the increasing penetration of the internet and the wide adoption of IoT devices are also promoting the wide use of multi-factor solutions to ensure data safety, which is an opportunity for the market's growth during the forecast period.
The two-factor authentication segment dominated the market with market revenue of 6.3 billion in 2021
The authentication model segment is divided into two-factor authentication, three-factor authentication, and four-factor authentication. In 2021, the two-factor authentication segment dominated the market with a market revenue of 6.3 billion. The increasing demand to reduce password resets and authentication time drives the segment's growth.
The BFSI segment is expected to grow at the fastest CAGR of 16.6% over the forecast period.
The industry vertical segment is divided into automotive, consumer, enterprise, BFSI, retail, healthcare, government, military, education, legal, and others. Over the forecast period, the BFSI segment is expected to grow at the fastest CAGR of 16.6%. The BFSI industry deals with a large volume of data from private and government enterprises, increasing the need for multi-factor authentication solutions.
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Regional Segmentation Analysis:
The multi-factor authentication market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, Middle East, and Africa. North America is expected to be the largest market during the forecast period. The demand for multi-factor authentication in North America has been growing owing to the faster evolution of technology and rapid penetration of the internet in the daily life of humans. The increasing trend for online transactions also adds to the market's growth in the region.
Competitive Analysis:
The major players in the multi-factor authentication market include 3M, Microsoft Corporation, CA Technologies, Fujitsu, IBM Corporation, HID Global Corporation/ASSA ABLOY AB, VASCO Data Security International Inc., Crossmatch, Gemalto NV, and Safran, among others.
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