Multi-Factor Authentication Market Analysis, Share, Growth, Statistics, Competitor Landscape, Trends and Forecasts

Market Growth

The global multi-factor authentication market size is anticipated to touch USD 37.4 billion at a 15.70% CAGR between 2023- 2030, as per the current Market Research Future (MRFR) analysis. Multi-factor authentication or MFA, simply put, is a technological tool that helps organizations to protect their confidential data from theft and unwanted access. This technique entails a one-time password (OTP), biometric, password, personal identification number, and username.

Various factors are propelling the global multi-factor authentication market share. According to the recent MRFR report, such factors include the increase in cyber theft cases, growing demand for secured online transactions of banking and other forms of financial services, an increase in data breach across organizations, and increasing stringency in regulations to safeguard sensitive data. Additional factors fuelling market growth comprise the growing adoption of BYOD across different enterprises, rising investments in enterprise mobility and cloud technologies, and the advent of authentication-as-a-service solutions that offer authentication and advanced security to organizations.

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Market Analysis

The MRFR report highlights an inclusive segmental analysis of the global multi-factor authentication market based on application, deployment, and model.

By model, the global multi-factor authentication market is segmented into two-factor, three-factor authentication, four-factor authentication, and five-factor authentication. The two-factor authentication segment is again segmented into smart-card with pin, biometric technology with pin, and biometric technology. The three-factor authentication is again segmented into the smart card with pin & biometric technology, pin with two-factor biometric technologies, smart card with two-factor biometric technologies, and three-factor biometric technology. Of these, the five-factor authentication model segment will lead the market over the forecast period.

By deployment, the global multi-factor authentication market is segmented into on the cloud and on premises. Of these, on the cloud deployment segment will dominate the market over the forecast period.

Market Segmentation 

By model

According to the multifactor authentication market segmentation, the global market is segmented into four models such as:

Two Factor Authentication

Three-Factor Authentication

Four Factor Authentication

Five-Factor Authentication

Multi-factor authentication is preferred based upon its functionality and security features that are also differentiating factors.

By application

Based on the application segmentation, the multi-factor authentication market has been classified into different applications such as:

Healthcare

Travel & Immigration

BFSI

Government & Defense

Retail & E-commerce

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Industry News

The Asian Pacific region in the multifactor authentication market consisting of countries like India and China, is the fastest-growing region to register more market share in the multi-factor authentication market. It has introduced market inclusions like choose your own device (CYOD), brings your own device (BYOD)policies and mobility services, increasing data breaches and cyber-attacks.

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Created: 30/03/2023 12:08:04
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