Multifactor Authentication Market Research Report Includes COVID-19 Analysis And Share

25.09.2023 : Multifactor Authentication Market revenue is expected to grow at 16.34 % through 2023 to 2029, reaching nearly USD 37.28Bn.

Multifactor Authentication Market Report Scope and Research Methodology

Report Scope:

The Multifactor Authentication Market offers robust protection against security breaches through a multi-layered verification process. This approach involves multiple validation factors, such as login credentials, security tokens, one-time passwords (OTPs), or biometric verification, to establish the user's identity. The goal is to create a comprehensive defense system that safeguards computer devices, networks, databases, and physical locations from unauthorized access. These non-intrusive systems have minimal impact on an organization's digital infrastructure and can be seamlessly integrated into login pages.

Research Methodology:

This report analyzes market trends from 2017 to forecast market dynamics up to 2029. The base year for this analysis is 2022, with actual market figures for that year. Special attention is given to the impact of the COVID-19 pandemic on market demand and supply and its lasting effects for the following two years.

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What are Multifactor Authentication Market Dynamics?

Drivers:

The primary driver of market growth is the escalating number of security breaches and cyber-attacks, coupled with a significant increase in online fraud incidents. Small and medium-sized businesses are frequent targets of cyber-attacks, particularly through ransomware attacks aimed at gaining control of internet and financial accounts. Employing multi-factor authentication (MFA) systems on employees' smartphones and computers to verify user identity effectively counters such threats.

Furthermore, the expanding healthcare, retail, and banking, financial services, and insurance (BFSI) sectors are fueling the demand for authentication solutions to protect both businesses and their customers. Banks, for instance, engage in various activities such as core banking, trade finance, international payments, and online banking, all requiring secure connections for seamless transactions and user experiences. The proliferation of the Internet of Things (IoT) and cloud-based services also contributes to market growth.

Restraints:

Despite the benefits of strong authentication methods, some misconceptions have hindered widespread adoption of MFA solutions. Additionally, integration challenges with existing IT infrastructure have posed difficulties for many small businesses. End-user resistance remains a significant barrier to MFA solution adoption.

Multifactor Authentication Market Segmentation?

Model Type:

Two-factor authentication
Multi-factor with three-factor authentication
Multi-factor with four-factor authentication
Multi-factor with five-factor authentication

The Multi-factor with five-factor authentication segment accounted for the largest market share in 2022, ensuring top-secret information remains secure. Government applications, security services, access to national data/files, data security, and innovation in national research institutes benefit significantly from this model.

End-User:

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

BFSI held the largest market share in 2022 due to the handling of vast amounts of sensitive financial data. Healthcare, as the second-largest segment, has adopted MFA to address cybersecurity threats effectively.

Who are Multifactor Authentication Market Key Players?

1. CA Technologies
2. RSA Security
3. SecureAuth Corporation
4. Gemalto
5. Microsoft Corporation
6. HID Global Corporation/ASSA ABLOY AB
7. Symantec Corporation
8. Vasco Data Security International Inc.
9. Safran
10. Okta Inc.
11. NEC Corporation
12. Ping Identity
13. Fujits
14. Entrust Datacard Corporation
15. HID Global Corporation
16. 3M
17. Suprema HQ Inc.
18. Crossmatch

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Table of content for the Multifactor Authentication Market includes:

Part 01: Executive Summary

Part 02: Scope of the Multifactor Authentication Market Report

Part 03: Global Multifactor Authentication Market Landscape

Part 04: Global Multifactor Authentication Market Sizing

Part 05: Global Multifactor Authentication Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

North America led the market in 2022, driven by a conducive environment for significant suppliers, robust regulatory measures, high technology adoption rates, and substantial investments in the region. Businesses in North America are increasingly adopting MFA solutions to protect against cyber-attacks, identity theft, and commercial espionage, ensuring data security and privacy.

Asia Pacific is poised to experience the highest CAGR during the forecast period. The region witnesses increased cyber-attacks and data leaks due to the prevalence of bring your own device (BYOD) and choose your own device (CYOD) policies, as well as the growing use of mobility solutions. Cybersecurity threats are on the rise in countries like China, posing a significant risk, particularly in the financial sector. Hackers targeting financial organizations can easily record usernames and passwords, emphasizing the need for MFA.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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