Multi-Factor Authentication Market Trends Analysis, Market Opportunities, Key Players, Share And Forecast To 2033

The multi-factor authentication market size has grown rapidly in recent years. It will grow from $15.25 billion in 2023 to $17.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to increased cyberattacks, vendor innovations, mfa integration, industry-specific applications , legacy security vulnerabilities.

The multi-factor authentication market size is expected to see rapid growth in the next few years. It will grow to $34.29 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to integration with iam solutions, industry-specific applications , biometric adoption growth , continuous authentication demand, enhanced user experience. Major trends in the forecast period include escalating cyber threats, remote workforce expansion, zero trust security models, advancements in authentication technologies, data privacy concerns .

Market Overview -
The multi-factor authentication refers to an authentication method for which the primary aim is to build a layered authorization that makes it more difficult for an unauthorized person to gain access to user information. This enhances the organization's security by requiring users to identify themselves with more than a username and password.

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Rapid Surge In Cybersecurity Threats
The rise in data breaches and cyber-attacks is expected to propel the growth of the multi-factor authentication market. Cyber data breaches are identified as gaining unauthorized access to a computer system or network to obtain private, sensitive, or confidential personal and financial information from customers or users. Due to the numerous planned breaches, there is a need to enforce multi-factor authentication to prevent data breaches with endpoint detection and response (EDR), biometric technology, cloud security, code audits, and embedded system security assessments. For instance, in July 2021, according to the Cost of a Data Breach Report 2021 published by IBM, a US-based technology corporation, the data breach costs increased significantly year over year, rising from $3.86 million in 2020 to $4.24 million in 2021. Furthermore, in July 2021, according to the Identity Theft Resource Center (ITRC) report, U.S. data breaches were up 38% in the second quarter (Q2) of 2021 compared to the first quarter (Q1). Therefore, the rise in data breaches and cyberattacks is driving the growth of multi-factor authentication.

Competitive Landscape -
Major companies operating in the multi-factor authentication market report are Microsoft Corporation, Broadcom Inc., OneSpan Inc., Okta Inc., Thales Group, Dell Technologies Inc., Cisco Systems Inc., HID Global Corporation, Yubico AB, Micro Focus, OneLogin Inc., Ping Identity Corporation, SecureAuth Corporation, Entrust Datacard Corporation, Oracle Corporation, IBM Corporation, Google LLC, RSA Security LLC, Duo Security, LastPass MFA, ForgeRock, Auth0, Idaptive, CyberArk, Beyond Identity, HYPR, Transmit Security, Idemia, SecureKey Technologies Inc., Trusona

Innovative Authentication Solutions In A Connected World
Technological advancement is the key trend gaining popularity in the multi-factor authentication market. Major companies operating in multi-factor authentication are focused on developing technologically advanced security services and solutions such as smart cards and password-less authentication systems to strengthen their market position. For instance, in June 2022, US-based Xage Security, a computer and network security company, launched multi-layer, multi-factor authentication protection for critical infrastructure. The multi-layer MFA solution from Xage combines zero-trust access control with a defense-in-depth authentication strategy. The users confirm their identity as each layer of access privilege is granted to them, allowing independent user verification at the level of an entire operation.

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Key Segments -
The multi-factor authentication market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Model Type: Two factor, Three Factor, Four Factor, Five Factor
3) By Authentication Type: Password, Passwordless
4) By Organization: Large, SME's
5) By Vertical: BFSI, Government, Travel and Immigration, Military and Defense, Commercial security, Healthacre, IT, Telecommunication, Media and Entertainment, Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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