Northbrook, IL 60062 -- (SBWIRE) -- 10/23/2023 -- The global Multi-Factor Authentication 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, according to research report by MarketsandMarkets™. Growing adoption of BYOD, CYOD, and WFH trends drives the growth of the MFA market. However, a lack of awareness related to MFA among enterprises may hinder market growth.

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Based on components, the services segment is expected to grow at a higher CAGR during the forecasted period.

The services segment helps to deploy, execute, and maintain MFA platforms in organizations. The demand for these services is also expected to increase with the growing adoption of MFA platforms. The services in the MFA market are critical as they support the proper functioning of software and hardware-based solutions. MFA services comprise technical support services that require the effective integration of MFA solutions. Moreover, technical expertise is required to maintain and update MFA hardware and software. The demand for these services is directly related to the adoption level of MFA solutions. Training and education are vital for organizations to maintain the security of their email cloud, endpoints, networks, and application points. Many organizations are providing online training and education services to their customers. Technology advisory and consulting services aim to increase the awareness of MFA technologies with professional services that comprise a highly skilled development team, R&D team, training and education, and extensive expertise to help clients leverage MFA solution offerings. Training and education services are essential because non-IT companies lack the expertise to understand cybersecurity technologies and secure organizational information.

By model type, the two-factor authentication segment is expected to hold the largest market size during the forecast period.

Two-factor authentication, often called two-step verification, is a security process wherein the user provides two authentication factors. Two-factor authentication (2FA) has become increasingly essential in the business landscape due to its ability to enhance security in an era of growing cyber threats. Two-factor authentication adds a layer of protection, making it harder for attackers to access a person's devices and online accounts because knowing the victim's password alone is insufficient to pass the authentication check. Any two smart cards, PIN, SMS application, tokens, biometrics (iris, face, palm, fingerprint, and so on), passwords, and so on can be used to achieve two-factor authentication. 2FA offers a cost-effective security solution for organizations.

By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.

Asia Pacific experiences considerable security spending owing to the ever-growing threat landscape of the region. Asia Pacific is expected to invest more in security due to the increasing threat of identity and access breaches. The region comprises emerging economies like India, Japan, China, South Korea, Australia, and other Asia Pacific countries. Factors such as increasing internet usage, compliance regulation, and adoption of smartphones are the major factors fueling the adoption of MFA solutions in the region.

Asia Pacific is increasingly targeted by cybercriminals using advanced and sophisticated attack vectors. These attacks often aim to compromise sensitive data, disrupt critical infrastructure, or steal financial assets. MFA acts as a formidable defense against such attacks by adding a layer of security. BFSI is the most targeted vertical in Asia Pacific regarding identity fraud. The proliferation of digital banking services and the growing preference for online transactions have exposed banks to a higher risk of cyber threats. MFA helps secure online banking by requiring customers to provide multiple verification forms before gaining access to their accounts or authorizing transactions.

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Market Players

Microsoft (US), Thales (France), Okta (US), Broadcom (US), OneSpan (US), Micro Focus (UK), HID Global (US), Cisco (US), Ping Identity (US), RSA Security (US), ESET (Slovakia), Yubico (US0, ForgeRock (US), CyberArk (US), OneLogin (US), SecureAuth (US), Oracle (US), SalesForce (US), Secret Double Octopus (Israel), Silverfort (Israel), Trusona (US), FusionAuth (US), HYPR (US), Keyless (US), Luxchain (China) are the key players and other players in the MFA market.

Key Dynamic Factors For Multi-Factor Authentication Market:

Rising Cybersecurity risks: The adoption of MFA is being driven by the increase in cyber risks, such as data breaches, phishing attacks, and identity theft. Organisations are searching for more robust security solutions as threats change.

Regulatory Compliance: To protect sensitive data, organisations must establish robust authentication measures in accordance with laws like GDPR, HIPAA, and PCI DSS. This forces businesses to spend money on MFA solutions.

Trends for remote work: The shift to remote work was increased by the COVID-19 epidemic. MFA is necessary to safeguard remote access to company systems and data as more workers work from different places and gadgets.

Mobile Device Proliferation: MFA solutions that rely on mobile devices for authentication have gained popularity as people use smartphones and tablets more frequently. This is brought on by users' comfort and familiarity with mobile devices.

Biometric Authentication: The market is expanding as a result of improvements in biometric technologies such as voice recognition, fingerprint scanning, and facial recognition.

User Experience: As MFA usage grows, user experience is a crucial factor. Push notifications and biometrics are two examples of security-friendly solutions that are favoured.

Adoption of Cloud Services: Businesses are rapidly migrating their IT systems and apps to the cloud. MFA solutions that are cloud-based are in demand because they offer scalability and flexibility.

Industrial IoT and IoT Security: MFA is required to protect IoT devices and the data they create due to the expanding use of these devices across a number of businesses.

Budgets for cybersecurity: As businesses increase their spending on cybersecurity, they are more likely to invest in reliable MFA solutions to fend off data breaches and cyberattacks.

Integration of AI and Machine Learning: To identify anomalies and boost authentication accuracy, MFA solutions are integrating AI and machine learning. The MFA market is becoming more dynamic thanks to this technological advancement.

Passwordless Authentication: Passwordless authentication is becoming more and more popular. Solutions that use on biometrics, tokens, or other techniques instead of conventional passwords are becoming more and more common.

Competitive and Segmentation Analysis:

MFA systems provide a number of authentication options, including those based on what you know (passwords, PINs), what you have (smart cards, tokens), and what you are (biometrics like fingerprints, facial recognition, and iris scans). Depending on their user preferences and security requirements, many firms may require various approaches.

End-User Industry: The MFA market serves a range of industries, including e-commerce, healthcare, government, and finance. The selection of MFA solutions is influenced by the unique compliance and security requirements of each business.

MFA solutions can be set up on-premises, in the cloud, or using a hybrid strategy for deployment. The IT infrastructure and scalability needs of an organisation determine the deployment mode to be used.

Company Size: Compared to large organisations, small and medium-sized businesses (SMBs) may require distinct MFAs. MFA solutions are frequently adapted to fit the needs of various organisations' varying sizes and financial constraints.

Geographical Region: The adoption of MFA solutions is influenced by regional differences in regulatory and compliance norms. Regional tastes and needs are taken into account during market segmentation.

Use Cases: MFA systems may be used for a variety of purposes, such as secure mobile app authentication, network and data access, and transaction verification. To offer specialised solutions, the market is divided based on these particular uses.

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