Multi-Factor Authentication Market : Integrating Data Insights for Enhanced Decision-Making

The Global Multi-Factor Authentication Market Size accounted for USD 12.3 Billion in 2021 and is projected to occupy a market size of USD 50.3 Billion by 2030 growing at a CAGR of 17.1% from 2022 to 2030.

MFA is a security solution that protects users' and businesses' sensitive data as well as their money. MFA necessitates the use of more than one factor to log into a device or system. It simply adds another layer of security to online accounts and devices, which is becoming increasingly important as the number of fraudulent activities and cyberattacks grows. According to data from the United States Federal Trade Commission (FTC), over 5.88 million people reported fraud activities in 2021, a 19% increase from the previous year. Furthermore, the FTC reported financial losses of approximately US$ 6.1 billion in 2021, a 77% increase over 2020.

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Multi-Factor Authentication Market Dynamics

The global increase in the number of cyberattacks and data theft incidents is primarily driving the multi-factor authentication market. Furthermore, the increase in online fraud is driving the multi-factor authentication industry from 2022 to 2030. Users who are unfamiliar with MFA and SMEs who do not have MFA in their business modules are vulnerable to cyberattacks. Keeping this in mind, regulatory bodies in several countries have imposed stringent guidelines for the implementation of MFA. This factor is also expected to fuel MFA market demand during the forecast period of 2022 to 2030.

Identity theft is on the rise, owing to the growing motivation for financial gain. In 2021, there was an increase in fraud and identity theft, which appeared to be fueled by criminals taking advantage of the public's fear and confusion about the COVID-19 pandemic. Financial losses from these crimes increased both overall and per incident. As per FTC data, people reported more than USD 6 billion in financial losses in 2021. Furthermore, with 1,434,695 complaints, identity theft complaints led to the record of fraud reports received by the FTC in 2021. ID theft accounted for approximately 24% of the 5,883,409 complaints of fraud, identity theft, and other complaints received. Given the numbers and growing financial losses, key players and government organizations have collaborated to launch several MFA solutions for all possible cyberattacks. As a result of this factor, the number of identity frauds has decreased in the middle of 2022 compared to the middle of 2021.

However, high cost and technical complexities for the implementation of multi-factor authentication are some of the factors that are expected to restrict the market from growing. Furthermore, the increased volume of online transactions, growth in mobile banking applications, and the rapidly growing e-commerce sector are all expected to generate numerous growth opportunities for the market in the coming years. According to the FTC report, online shopping fraud cost consumers approximately US$ 393 million in reported losses, up from USD 251 million in 2020.

Multi-Factor Authentication Market Statistics:

Global multi-factor authentication market revenue valued at USD 12.3 Billion in 2021, with a 17.1% CAGR from 2022 to 2030
As per the FTC data, global online shopping reported US$ 393 million in financial loss from consumers
According to FTC, consumer identity theft reports accounted for 1.43 million in the world
North America multi-factor authentication market share occupied over US$ 4.4 billion in revenue in 2021
Asia-Pacific multi-factor authentication market growth is estimated to attain a 19% CAGR from 2022 to 2030
By model type, the two-factor authentication sub-segment seized USD 5.5 billion in market revenue in 2021
Based on end-use, the BFSI sub-segment gathered 36% shares in 2021
The growing adoption of interconnected devices is a key trend in the multi-factor authentication industry

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Multi-Factor Authentication Market Segmentation

The global market has been split into model type, authentication type, component, end-use, and region.

The model type segment is further categorized into two-factor, three-factor, four-factor, and five-factor authentication. Based on authentication type, the industry is split into password authentication and passwordless authentication. Software, hardware, and solution are the splits of the component segment. By end-use, the segmentation includes BFSI, government & defense, healthcare, retail & e-commerce, media & entertainment, and others. Furthermore, the regional categorization is comprised of North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.

Multi-Factor Authentication Market Share

According to our multi-factor authentication industry analysis, the password authentication sub-segment will have a significant market share in 2021,. The passwordless authentication sub-segment, on the other hand, is expected to grow significantly between 2022 and 2030. According to our market forecast for multi-factor authentication, the two-factor authentication model type segment is expected to gain a significant market share by 2030. Solutions by component generated the most revenue in 2021 and are expected to do so in the future. In addition, the BFSI industry has increased demand for multi-factor authentication platforms, and the healthcare industry is expected to grow in popularity in the coming years.

Multi-Factor Authentication Market Regional Outlook

According to our regional analysis, North America is expected to dominate the market in the coming years. Some of the factors driving the North American multi-factor authentication market include an increase in the number of large identity frauds, an increase in data theft, and consumers losing hundreds of dollars due to online. Furthermore, the presence of key players and key consumers in the US, such as banking and healthcare behemoths, will benefit the North American industry. However, the Asia-Pacific region is expected to grow the fastest during the forecasted timeframe of 2022 to 2030. Growing e-commerce, increasing online transactions, the presence of an uninformed population, and rising government initiatives are expected to provide significant impetus to the APAC market in the coming years.

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Multi-Factor Authentication Market Players

Some prominent multi-factor authentication companies covered in the industry are Broadcom, Cisco, CyberArk, ESET, ForgeRock, HID Global, Microsoft, Micro Focus, OneSpan, Okta, Oracle, Ping Identity, RSA Security, Salesforce, Thales, and Yubico.

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