Northrook, IL -- (SBWIRE) -- 03/04/2020 -- The multifactor authentication market to grow from USD 6.0 billion in 2016 to USD 12.5 billion by 2022, at a compound annual growth rate (CAGR) of 15.52% during the forecast period.

The major factors that are expected to be driving the multifactor authentication market are increase in data breaches & cyber-attacks and growing adoption of bring-your-own-device (BYOD) among enterprises. The objective of the report is to define, describe, and forecast the multifactor authentication market size based on model, application, technology and region.

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Market Dynamics

Driver: Growing adoption of bring-your-own-device (BYOD) among enterprises

Automotive The growing bring-your-own-device (BYOD) movement continues to draw authentication concerns for the enterprise security, which is dealing with the ways to seal the cracks that exist between employee authentication and enterprise security.

Companies can implement MFA to allow employees and consultants to use BYODs to access firm applications securely while saving on company-issued devices. For easy onboarding, firms can implement MFA to manage employee access on enterprise applications. In the context of providing high security, secure authentication and authorization of a user are as crucial as applying strong authentication techniques/methods to protect the user's personal information, where in the end, the security of the whole infrastructure is involved. Thus, the growing adoption of BYOD concept acts as a driving factor for the growth of MFA market.

Restraint: Increasing response time in higher order authentication models

The average time required to handle a single query for two-factor authentication systems is less, as compared to that of three-, four-, and five-factor authentication. Authentication system has to be simple and perfect, to implement it successfully. Authentication systems with multiple factors are being designed and prototyped with the advancement of technology, but this would increase the time required to handle a single query as it would involve multiple processes for the authentication of data or user. As a result, this would result in long queues and increase service/response time. The impact of this restraint is currently high but will reduce in the future because of the ease in access techniques.

Opportunity: Demand for MFA for data security in the cloud environment

The adoption of cloud is rapidly increasing among industries, giving rise to many security challenges for the cloud service providers and other ecosystem vendors, especially in dealing with the complexity of privacy and data protection regulations. To guarantee the security and safety of data on the cloud, the cloud service providers are adopting technologies such as tokenization, biometric authentication etc. by implementing various models of MFA which can provide authentication for the safety of data stored on the cloud. The demand for MFA for securing the data and information on the cloud environment is likely to provide huge opportunities to MFA solution providers and the cloud service providers.

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Challenge: Uncertainty and pushback from end users

The general perception is that there has never been a serious security breach, which requires robust authentication methods. This ignorance results in the lesser adoption of MFA solutions for the authentication purpose, which acts as a major challenge in the MFA market. Small and mid-size organizations find it difficult to integrate the existing IT infrastructure with the MFA solution. Thus, the uncertainty and pushback from end users for the adoption of MFA solutions act as a major challenge for the MFA market.

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