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Multi-factor Authentication Market worth $43.32 billion by 2030, growing at a CAGR of 12.07% - Exclusive Report by 360iResearch
Multi-factor Authentication Market | 360iResearch
The Global Multi-factor Authentication Market to grow from USD 19.50 billion in 2023 to USD 43.32 billion by 2030, at a CAGR of 12.07%.
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Multi-factor authentication is a security protocol that directs users to verify their identities using multiple independent factors before gaining access to a system or an application. The advanced authentication mechanism significantly enhances digital security by preventing unauthorized individuals from compromising user accounts or sensitive information. The rapid digitization of businesses worldwide has increased dependence on interconnected systems and data sharing, leading to greater cyber-attack vulnerability. The General Data Protection Regulation (GDPR) mandates stringent security measures for data protection, which further necessitates robust authentication mechanisms, including multi-factor authentication. Additionally, growing awareness of consumer privacy rights encourages enterprises to adopt multi-factor authentication to enhance trust among their customer base. However, the complexity of implementing and managing multi-factor authentication may deter some organizations from adopting these solutions. Additionally, concerns around user inconvenience, particularly with biometric identification methods, might inhibit widespread acceptance among end users. Nevertheless, advancements in biometric technologies and the emergence of adaptive authentication mechanisms are expected to create growth opportunities for the multi-factor authentication market in the coming years.
The Americas represents a highly developing multi-factor authentication market owing to the strong focus on security regulations, an upsurge in investment initiatives around cybersecurity, and growing concern over data breaches due to increased digital transactions. The regional governmental frameworks are exploring opportunities to strengthen the cyberinfrastructure through various strategic partnerships. In Europe, multi-factor authentication solutions are witnessing significant demand due to stringent data protection norms such as the General Data Protection Regulation (GDPR). The Middle East has seen increased demand for multi-factor authentication solutions due to its rapidly expanding financial services sector and escalating threats targeting sensitive information and critical infrastructure. In Africa, organizations adopt multi-factor authentication solutions to mitigate the risks of increased digital transactions and financial services. The African Development Bank has taken various initiatives to strengthen the continent's cybersecurity ecosystem by promoting public-private partnerships and capacity building. The economies in the Asia-Pacific region are actively investing in advanced authentication technologies such as biometrics and facial recognition. Meanwhile, the Asia-Pacific region's developed economies involve major tech companies continually driving innovation in multi-factor authentication solutions. The rapidly evolving digital landscape in emerging Asian economies driven by government initiatives further expands the demand for multi-factor authentication solutions.
Market Segmentation & Coverage:
This research report categorizes the Multi-factor Authentication Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Authentication, market is studied across Password-Based Authentication and Passwordless Authentication. The Password-Based Authentication commanded largest market share of 53.84% in 2023, followed by Passwordless Authentication.
Based on Component, market is studied across Hardware, Services, and Software. The Software commanded largest market share of 42.98% in 2023, followed by Hardware.
Based on Level of Authentication, market is studied across Five-Factor Authentication, Four Factor Authentication, Three Factor Authentication, and Two Factor Authentication. The Two Factor Authentication commanded largest market share of 36.51% in 2023, followed by Three Factor Authentication.
Based on Deployment, market is studied across On-Cloud and On-Premises. The On-Cloud commanded largest market share of 65.29% in 2023, followed by On-Premises.
Based on Industry, market is studied across Aerospace & Defense, Automotive & Transportation, Banking, Financial Services & Insurance, Building, Construction & Real Estate, Consumer Goods & Retail, Education, Energy & Utilities, Government & Public Sector, Healthcare & Life Sciences, Information Technology & Telecommunication, Manufacturing, Media & Entertainment, and Travel & Hospitality. The Banking, Financial Services & Insurance commanded largest market share of 16.36% in 2023, followed by Information Technology & Telecommunication.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas commanded largest market share of 39.45% in 2023, followed by Europe, Middle East & Africa.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Multi-factor Authentication Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Multi-factor Authentication Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Multi-factor Authentication Market, highlighting leading vendors and their innovative profiles. These include 3M Company, Amazon Web Services, Inc., aPersona, Inc., Authy by TWILIO, INC., Broadcom Inc., Cisco Systems, Inc., Cloudflare, Inc., Entrust Corporation, ForgeRock, Inc., Fortinet, Inc., Fujitsu Limited, FusionAuth, Google LLC by Alphabet Inc., HCL Technologies Limited, Imperva, Inc., International Business Machines Corporation, JumpCloud Inc., LastPass US LP, LogMeOnce, ManageEngine by Zoho Corporation Pvt. Ltd., Microsoft Corporation, miniOrange Security Software Pvt Ltd., NEC Corporation, Okta, Inc., OneSpan Inc., Open Text Corporation, Ping Identity Corporation, Quest Software Inc., Red Hat, Inc., RSA Security LLC, Rublon sp. z o.o., Safran S.A., Salesforce, Inc., SAP SE, Schneider Electric SE, SecureAuth Corporation, Silverfort, Inc., Thales Group, Uniqkey A/S, Verizon Communications Inc., VMware, Inc., WatchGuard Technologies, Inc., and Yubico AB.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Multi-factor Authentication Market, by Authentication
7. Multi-factor Authentication Market, by Component
8. Multi-factor Authentication Market, by Level of Authentication
9. Multi-factor Authentication Market, by Deployment
10. Multi-factor Authentication Market, by Industry
11. Americas Multi-factor Authentication Market
12. Asia-Pacific Multi-factor Authentication Market
13. Europe, Middle East & Africa Multi-factor Authentication Market
14. Competitive Landscape
15. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Multi-factor Authentication Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Multi-factor Authentication Market?
3. What is the competitive strategic window for opportunities in the Multi-factor Authentication Market?
4. What are the technology trends and regulatory frameworks in the Multi-factor Authentication Market?
5. What is the market share of the leading vendors in the Multi-factor Authentication Market?
6. What modes and strategic moves are considered suitable for entering the Multi-factor Authentication Market?
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