Global Multi-Factor Authentication Market Report 2022-2027: Growing Instances of Data Breaches, Rising Adoption of BYOD Policies, and Stringent Regulations to Drive Growth - ResearchAndMarkets.com

There is also a growing demand for AI/ ML-powered MFA solutions to identify any suspicious activity and detect any anomalous user behavior in real-time.

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Thursday, August 11, 2022
Information
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Technology, Security, Federal, BYOD, Micro Focus, RSA, Personal Information Protection and Electronic Documents Act, GLBA, Identity theft, IDS, RSA Security, Entertainment, Technology, PCI DSS, USD, Hardware, Compound annual growth rate, Microsoft, Compliance, Government, Gramm–Leach–Bliley Act, Federal Financial Institutions Examination Council, BFSI, Health, Fraud, Duo, MFA, CAGR, SOX, Adoption, PCI, Region, Organization, Component, Sarbanes–Oxley Act, Solution, PIPEDA, OneSpan, FFIEC, Video game, Textile, Online shopping, Auth, Broadcom Inc., Health care
Summary
Key Points: 
  • There is also a growing demand for AI/ ML-powered MFA solutions to identify any suspicious activity and detect any anomalous user behavior in real-time.
  • Based on component, the solutions segment to hold the largest market share during the forecast period.
  • Based on model type, the global MFA market is segmented into two-factor authentication, three-factor authentication, four-factor authentication, and five-factor authentication.
  • Growing Instances of Data Breaches, Rising Adoption of BYOD Trends, and Stringent Regulations to Drive the MFA Market


The "Multi-Factor Authentication Market by Component (Hardware, Solutions, and Services), Model Type (Two, Three, Four, Five-factor), Organization Size, Vertical (BFSI, Healthcare, Media & Entertainment, Government) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The MFA market size is projected to grow from an estimated value of USD 12.9 Billion in 2022 to USD 26.7 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.6% from 2022 to 2027. The demand for MFA is driven by the need for more secure digital payments and rising breaches and threats. There is also a growing demand for AI/ ML-powered MFA solutions to identify any suspicious activity and detect any anomalous user behavior in real-time.

Based on component, the solutions segment to hold the largest market share during the forecast period.

The MFA market by component is bifurcated into hardware, solutions, and services. The need for securing highly confidential and sensitive information, a surge in BYOD trends, and an emphasis on stringent regulatory norms are fueling the adoption of MFA solutions. Some of the prominent solution vendors in the MFA market are Micro Focus, Duo Security, Broadcom, Ping Identity, RSA Security, OneSpan, and Microsoft. Key players in the MFA market continuously invest in new product launches/ enhancements and inorganic growth strategies to expand their footprint and improve their MFA portfolio in the market to attract more end-users.

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

Based on model type, the global MFA market is segmented into two-factor authentication, three-factor authentication, four-factor authentication, and five-factor authentication. The two-factor authentication segment is expected to hold the largest market size during the forecast period. According to Duo Labs (Duo Security) State of the Auth report, two-factor authentication has gained significant adoption with 79% of respondents reported to having used it in 2021. The increasing number of online transactions, rising security breaches, and compliance to regulatory norms is expected to boost the two-factor authentication segment market growth.

Based on vertical, the BFSI segment to hold the largest market size during the forecast period.

The overall market for the MFA technology is categorized into several applications, based on its end user usage, such as BFSI, government, military & defense, travel & immigration, commercial security, healthcare, IT, telecom, media & entertainment, and others.

The BFSI vertical is expected to hold the largest market size among other end-users. Financial companies are increasingly embracing digital transformation. The BFSI organizations possess highly confidential and sensitive information (financial data of customers, user IDs, passwords, and other personal information). Hence, this vertical is the major adopter of MFA solutions to avoid any instances of fraud or identity theft. In addition, government mandates such as

Personal Information Protection and Electronic Documents Act (PIPEDA), Gramm-Leach-Bliley Act (GLBA), Federal Financial Institutions Examination Council (FFIEC), along with standards that include Payment Card Industry Data Security Standard (PCI DSS) and Sarbanes-Oxley Act (SOX), require financial institutions to ensure protection from cyber criminals.

Premium Insights

  • Growing Instances of Data Breaches, Rising Adoption of BYOD Trends, and Stringent Regulations to Drive the MFA Market
  • Solutions Segment to Hold the Largest Share During the Forecast Period
  • North America to Hold the Largest Market Size During the Forecast Period
  • BFSI to Hold the Largest Market Size During the Forecast Period
  • Asia-Pacific to Emerge as the Best Market for Investments in the Next 5 Years

Market Dynamics

Drivers

  • Growing Adoption of BYOD, CYOD, and WFH Trends
  • Rising Security Breaches and Sophisticated Cyberattacks Leading to Financial and Reputational Loss
  • Stringent Government Regulations to Increase the Adoption of MFA Solutions
  • Rising Instances of Identity Theft and Fraud

Restraints

  • High Cost and Technical Complexities in Implementing MFA Solutions
  • Increasing Response Time in Higher-Order Authentication Models

Opportunities

  • Proliferation of Cloud-Based MFA Solutions and Services
  • Rising Adoption of Interconnected Devices in the IoT Environment
  • High Volume of Online Transactions

Challenges

  • Lack of Awareness Related to MFA Among Enterprises
  • Scarcity of Skilled Cybersecurity Professionals

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends

6 Multi-Factor Authentication Market, by Type

7 Multi-Factor Authentication Market, by Component

8 Multi-Factor Authentication Market, by Model Type

9 Multi-Factor Authentication Market, by Organization Size

10 Multi-Factor Authentication Market, by Vertical

11 Multi-Factor Authentication Market, by Region

12 Competitive Landscape

13 Company Profiles

14 Adjacent Markets

15 Appendix

Companies Mentioned

  • Broadcom
  • Cisco
  • Cyberark
  • Eset
  • Forgerock
  • Fusionauth
  • Hid Global
  • Hypr
  • Keyless
  • Luxchain
  • Micro Focus
  • Microsoft
  • Okta
  • Onelogin
  • Onespan
  • Oracle
  • Ping Identity
  • Rsa Security
  • Salesforce
  • Secret Double Octopus
  • Secureauth
  • Silverfort
  • Thales
  • Trusona
  • Yubico

For more information about this report visit https://www.researchandmarkets.com/r/tym7bu

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