The Multi-Factor Authentication market is expected to grow from USD 10.72 Billion in 2020 to USD 33.95 Billion by 2028, at a CAGR of 15.8% during the forecast period 2021-2028.
Multi-factor Authentication (MFA) is a security solution that requires more than one authentication method to get access. The danger of security breaches, such as data theft and hacking, is reduced as the number of validation stages increases. To get beyond the security system, multi-factor authentication uses biometric, logical, and physical techniques.
Multiple safety validation variables, such as the user’s login credentials, must be presented, followed by a security token, one-time password (OTP), or biometric verification unique to the user. This project seeks to develop a sophisticated defensive system to prevent unauthorized individuals from gaining access to a computer device, network, database, or physical place. This tiered defensive system provides improved safety monitoring and, as a result, better data security.
Increased national and network security concerns and strict legal compliances must be observed across numerous applications, driving the worldwide multi-factor authentication market. Multi-factor authentication systems are gaining traction as investments in cloud technologies, business mobility, and BYOD usage grow. The introduction of authentication-as-a-service solutions, which provide improved security and authentication to businesses, is also responsible for market development. To combat frauds like money laundering, identity theft, and terrorist funding, these rules have made it necessary for every firm to have sound identity authentication checks integrated into their system. Cyber-attacks, such as identity-related attacks, are becoming more common, resulting in a surge in fraud across nearly all verticals globally, particularly in the BFSI and healthcare sectors. Market constraints are likely to include factors such as rising service prices and concerns about the risk of false security. Customers are expected to increase the number of online transactions, particularly in high digital banking. As mobile banking becomes more popular for online transactions, the demand for OTP authenticators will rise, giving the Multi-Factor Authentication market growth prospects.
The significant players in the Multifactor Authentication market include Micro Focus, Broadcom, Microsoft, OneSpan, Okta, Thales, RSA Security, Duo Security, Ping Identity, HID Global, ESET, ForgeRock, CyberArk, OneLogin, SecureAuth, Oracle, Salesforce, Secret Double Octopus, Silverfort, Trusona, FusionAuth, HYPR, Keylesz, and Luxchain. Key competitors are currently focusing on product innovations, mergers and acquisitions, latest advancements, joint ventures, collaborations, and partnerships to obtain a significant market share in the global Multi-Factor Authentication market.
The Five-factor Authentication dominated the market with the largest market share of 34% in the year 2020.
Based on the model type, the Multifactor Authentication market is segmented into Two-factor, Three-factor, Four-factor, and Five-factor Authentication. The Five-factor Authentication dominated the market with the largest market share of 34% in the year 2020. This is an excellent pick for government applications such as national defense, access to top-secret national data/files, data security, and technology at federal research institutions. It’s used in applications that require a greater level of safety. Using numerous characteristics such as knowledge-based factors, possession-based factors, and inherence-based factors, this approach allows businesses to verify individuals’ digital identities.
The BFSI segment dominated the market with the largest market share of 31% in the year 2020.
Based on the end-user, the Multifactor Authentication market is segmented into BFSI, Healthcare, Government, Defence, Travel & Transport/Logistics, and Others. The BFSI segment dominated the market with the largest market share of 31% in the year 2020. This vertical deals with large volumes of sensitive and confidential financial data. The BFSI industry is an early user of cutting-edge Multi-Factor Authentication systems since they handle extremely sensitive financial data. Financial institutions are rapidly recognizing the value of technological advancements in enhancing the customer experience and protecting themselves and their clients from security threats. MFA uses a multi-layered method to add a layer of protection and make it harder for an unauthorized individual to obtain access.
