Multi-factor Authentication Market is Expected to See Impressive Growth, Value to Worth $40,000 Billion by 2030

According to the report published by Allied Market Research, the global multi-factor authentication market generated $10.30 billion in 2020, and is expected to reach $40.00 billion by 2030, witnessing a CAGR of 18% from 2021 to 2030. The report offers an extensive analysis of changing market dynamics, top segments, value chain, key investment pockets, regional landscape, and competitive scenario.

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Rise in cyber-attacks during the Covid-19 pandemic, supportive government policies, and need for improved privacy drive the growth of the global multi-factor authentication market. However, high installation charges and inconvenience and delay for the users hinder the market growth. On the other hand, rise in internet applications and flexibility of multifactor authentication solutions create new opportunities in the coming years.

Covid-19 Scenario:

1. Owing to a sudden increase in cyber-attacks during the Covid-19 pandemic, the demand for multi-factor authentication solutions rose and resulted in high profit margins for multi-factor authentication service providers.

2. According to a study by the security solutions provider F5 Labs, there has been nearly 220% surge in the number of phishing attacks since the first phase of lockdown in 2020. These instances led businesses to adopt enhanced security infrastructure.

3. The adoption of work from home and remote working culture increased among organizations. There has been rapid increase in cyber-criminal activities targeted on many organizations and their employees and customers. This resulted in demand for improved security for critical corporate assets.

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The report offers detailed segmentation of the global multi-factor authentication market based on authentication type, model type, component, end user, and region.

Based on authentication type, the password authentication segment accounted for the largest share in 2020, holding more than three-fourths of the total share, and is estimated to maintain its lead position during the forecast period. However, the passwordless authentication segment is projected to manifest the highest CAGR of 19.4% from 2021 to 2030.

Based on end user, the military and defense segment accounted for the highest share in 2020, contributed to nearly one-third of the global multi-factor authentication market, and is expected to maintain its leadership status during the forecast period. However, the commercial security segment is projected to portray the fastest CAGR of 20.1% from 2021 to 2030.

Based on region, North America contributed to the highest share in 2020, accounting for around two-fifths of the total share, and is expected to continue its dominant share by 2030. However, Asia-Pacific is estimated to register the largest CAGR of 19.8% during the forecast period.

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North America is predicted to lead the multi-factor authentication market throughout the forecast period. Technological advancements, proliferation of smartphones, enhanced network connectivity, and high adoption rate of digital services are a number of the key factors supplementing the expansion of the regional market. Moreover, growing cases of cyber-attacks are triggering the adoption of multi-factor authentication solutions in North America.

Presence of major technology players such as CA Technologies; Symantec Corporation; Vasco Data Security International, Inc.; and RSA Security LLC is anticipated to assist the market in North America to realize tremendous traction over the forecast period. The expansion of the market in North America can primarily be attributed to the presence of key multi-factor authentication market trends, investments and innovations, strict regulatory environment, and technology adoption rates.

Leading players of the global multi-factor authentication market analyzed in the research include Microsoft, Onespan, Broadcom, Micro Focus, Okta, Rsa Security, Thales, Ping Identity, Duo Security (Cisco), and Hid Global.

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