Multi-Factor Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Multi-Factor Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

The global multi-factor authentication market exhibited strong growth during 2015-2020. The multi-factor authentication (MFA) system is designed to protect organizations and business units from potential security breaches through a multi-layered verification process. The authentication requires the individual to present multiple safety validation variables, such as their login credentials, followed by a security token, one-time password (OTP) or biometric verification, which is unique to the user. This aims to create and elaborate defense system against any unauthorized individual from accessing a computer device, network, database or a physical location.

The growing instances of security breaches and cyber-attacks, along with a significant increase in online frauds, is among the key factors driving the growth of the market. Cyber-attacks are majorly targeted toward small and medium-sized organizations with ransomware to hijack the corporate’s online and financial accounts. This is prevented by deploying MFA systems in the employees’ smartphones and computer devices to verify the identity of the user. In addition, the growth of the healthcare, retail, and banking, financial services and insurance (BFSI) industries is boosting the demand for authentication systems to ensure the security of the enterprises and their customers. For instance, banks perform various functions, such as core banking, trade finance, international payments and online banking, which require secure connections for ensuring smooth transaction and seamless user experience. Moreover, the emerging trend of the Internet of Things (IoT) and cloud-based services is further acting as a growth-inducing factor. Cloud-integrated MFA solutions allow remote fingerprint scanning, facial recognition and document verification. Advancements in biometrics, software and hardware technologies, coupled with the favorable government measures to enhance national security, are projected to drive the market further. Other factors driving the market growth include increased usage of digital payment methods and the rising penetration rate of smartphones and wireless devices. Looking forward, IMARC Group expects the global multi-factor authentication market to grow at a CAGR of around 17% during 2021-2026.

Breakup by Model:

Two-Factor Authentication
Three-Factor Authentication
Four-Factor Authentication
Five-Factor Authentication

Breakup by Deployment Type:


Breakup by Application:

Smart Card Authentication
Phone-Based Authentication
Hardware OTP Token Authentication

Breakup by Vertical:

Banking & Finance
Travel & Immigration
Military & Defence
Commercial Security
Consumer Electronics

Breakup by Region

North America
United States
United Kingdom
Asia Pacific
South Korea
Latin America
Middle East and Africa
Saudi Arabia
United Arab Emirates

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being CA Technologies, Crossmatch, Deepnet Security Ltd., Entrust, Fujitsu, Gemalto NV, Microsoft Corporation, NEC Corp, Okta, Ping Identity, RSA Security, SecureAuth, SecurEnvoy, Suprema HQ, Symantec VIP, etc.

Key Questions Answered in This Report:

How has the global multi-factor authentication market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global multi-factor authentication market?
What are the key regional markets?
What is the breakup of the market based on the model?
What is the breakup of the market based on the deployment type?
What is the breakup of the market based on the application?
What is the breakup of the market based on the vertical?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the market?
What is the structure of the global multi-factor authentication market and who are the key players?
What is the degree of competition in the market?

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Multi-Factor Authentication Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Model
6.1 Two-Factor Authentication
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Three-Factor Authentication
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Four-Factor Authentication
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Five-Factor Authentication
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Deployment Type
7.1 On-Premises
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 On-Cloud
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Application
8.1 Smart Card Authentication
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Phone-Based Authentication
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Hardware OTP Token Authentication
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Vertical
9.1 Banking & Finance
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Government
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Travel & Immigration
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Military & Defence
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Commercial Security
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 Healthcare
9.6.1 Market Trends
9.6.2 Market Forecast
9.7 Consumer Electronics
9.7.1 Market Trends
9.7.2 Market Forecast
9.8 Others
9.8.1 Market Trends
9.8.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States Market Trends Market Forecast
10.1.2 Canada Market Trends Market Forecast
10.2 Europe
10.2.1 Germany Market Trends Market Forecast
10.2.2 France Market Trends Market Forecast
10.2.3 United Kingdom Market Trends Market Forecast
10.2.4 Italy Market Trends Market Forecast
10.2.5 Spain Market Trends Market Forecast
10.2.6 Russia Market Trends Market Forecast
10.2.7 Others Market Trends Market Forecast
10.3 Asia Pacific
10.3.1 China Market Trends Market Forecast
10.3.2 Japan Market Trends Market Forecast
10.3.3 India Market Trends Market Forecast
10.3.4 South Korea Market Trends Market Forecast
10.3.5 Australia Market Trends Market Forecast
10.3.6 Indonesia Market Trends Market Forecast
10.3.7 Others Market Trends Market Forecast
10.4 Latin America
10.4.1 Brazil Market Trends Market Forecast
10.4.2 Mexico Market Trends Market Forecast
10.4.3 Argentina Market Trends Market Forecast
10.4.4 Columbia Market Trends Market Forecast
10.4.5 Chile Market Trends Market Forecast
10.4.6 Peru Market Trends Market Forecast
10.4.7 Others Market Trends Market Forecast
10.5 Middle East and Africa
10.5.1 Turkey Market Trends Market Forecast
10.5.2 Saudi Arabia Market Trends Market Forecast
10.5.3 Iran Market Trends Market Forecast
10.5.4 United Arab Emirates Market Trends Market Forecast
10.5.5 Others Market Trends Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 CA Technologies Company Overview Product Portfolio
14.3.2 Crossmatch Company Overview Product Portfolio Financials SWOT Analysis
14.3.3 Deepnet Security Ltd. Company Overview Product Portfolio
14.3.4 Entrust Company Overview Product Portfolio
14.3.5 Fujitsu Company Overview Product Portfolio Financials SWOT Analysis
14.3.6 Gemalto NV Company Overview Product Portfolio
14.3.7 Microsoft Corporation Company Overview Product Portfolio Financials SWOT Analysis
14.3.8 NEC Corp. Company Overview Product Portfolio Financials SWOT Analysis
14.3.9 Okta Company Overview Product Portfolio Financials
14.3.10 Ping Identity Company Overview Product Portfolio
14.3.11 RSA Security Company Overview Product Portfolio
14.3.12 SecureAuth Company Overview Product Portfolio
14.3.13 SecurEnvoy Company Overview Product Portfolio
14.3.14 Suprema HQ Company Overview Product Portfolio Financials
14.3.15 Symantec VIP Company Overview Product Portfolio Financials

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