Multi-Factor Authentication Market Size in 2023 To 2029 | Microsoft (US), Thales (France), Okta (US), Broadcom (US), OneSpan (US), Micro Focus (UK), HID Global (US), Cisco (US), Ping Identity (US), RSA Security (US)

The research report on Multi-Factor Authentication (MFA) is an invaluable asset, offering qualitative and quantitative insights into the market. It meticulously examines key market players, their global roles, and conducts comprehensive analyses covering market definition, segmentation, and an in-depth overview of the landscape.

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𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭:
Major vendors in the global MFA market include Microsoft (US), Thales (France), Okta (US), Broadcom (US), OneSpan (US), Micro Focus (UK), HID Global (US), Cisco (US), Ping Identity (US), RSA Security (US). The study includes an in-depth competitive analysis of the key players in the MFA market, their company profiles, recent developments, and key market strategies.

This report explores specific segments such as types, profiles, applications, regions, and end-users within the Multi-Factor Authentication market. Stakeholders, players, and industry participants can leverage this report to gain a significant advantage, benefiting from its detailed analysis of company profiles, ongoing developments, new product launches, geographical expansions, and investments.

Furthermore, the study provides an extensive analysis of the global Multi-Factor Authentication Market, evaluating its size on regional and country levels. It estimates the Compound Annual Growth Rate (CAGR) during the forecast period, examines revenue, identifies key drivers, analyzes competitive scenarios, and studies consumer trends. Moreover, the report outlines major challenges and potential risks expected in the foreseeable future.

Additionally, it offers deep insights into the performance of key market players based on revenue generation and consumer demands. The research uncovers growth patterns, integration features, breakdowns, and market governance aspects. It also evaluates emerging trends within the global market landscape, recognizing innovative alternatives originating from the parent market.

In conclusion, the Multi-Factor Authentication research report provides comprehensive insights into future prospects, R&D advancements, and product enhancements. Its goal is to provide the most accurate revenue approximations for both the overall market and its various sub-segments across diverse verticals and regions.

"The growth potential of the MFA market is fueled by rising instances of identity theft and fraud in recent years."

The global MFA 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. The MFA market is propelled by key factors shaping its growth trajectory. These include rising security breaches and sophisticated cyberattacks leading to financial and reputational loss. Furthermore, the scarcity of skilled cybersecurity professionals may hinder market growth.

"By end-user industry, BFSI industry holds the largest market size."

The BFSI industry is at the forefront of adopting the latest technologies related to MFA as it holds highly confidential information, such as the financial data of customers, user IDs, passwords, and other personal information. The industry is an early adopter of cutting-edge MFA solutions as they possess highly sensitive financial data. Government mandates such as the Personal Information Protection and Electronic Documents Act (PIPEDA), Gramm-Leach-Bliley Act (GLBA), Federal Financial Institutions Examination Council (FFIEC), along with standards that include Payment Card Industry Data Security Standard (PCI DSS), and Sarbanes-Oxley Act (SOX), require financial institutions to ensure protection from cyber criminals. Such regulations mandate the use of MFA in the BFSI industry to increase security. Moreover, the increased need for digitalization with the rise in online banking services, eCommerce activities, and stringent regulatory compliance are expected to drive the MFA market growth.

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Research Coverage

The report segments the MFA market and forecasts its size by Authentication Type (Password-Based, Passwordless), Component (Hardware, Software, Services), by Model Type (Two-factor authentication, Three-factor authentication, Four-factor authentication, Five-factor authentication), by End-user Industry (BFSI, Government, Travel & Immigration, Military & Defense, Commercial Security, Healthcare, IT & ITeS, Telecom, Media & Entertainment, Other End-user Industry), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).

Key Benefits of Buying the Report

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall MFA market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

This release was published on openPR.