Multi-Factor Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Published Feb 21, 2023

Length 144 Pages

SKU # IMRC17808413

Description

Multi-Factor Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global multi-factor authentication market size reached US$ 15.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 40.3 Billion by 2028, exhibiting a growth rate (CAGR) of 17.2% during 2023-2028.

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.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global multi-factor authentication market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on model, deployment type, application and vertical.

Breakup by Model:

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

Breakup by Deployment Type:

On-Premises
On-Cloud

Breakup by Application:

Smart Card Authentication
Phone-Based Authentication
Hardware OTP Token Authentication

Breakup by Vertical:

Banking & Finance
Government
Travel & Immigration
Military & Defence
IT and Telecom
Healthcare
Retail and Ecommerce
Others

Breakup by Region:

North America
United States
Canada
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Latin America
Brazil
Mexico
Argentina
Colombia
Chile
Peru
Others
Middle East and Africa
Turkey
Saudi Arabia
Iran
United Arab Emirates
Others

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 Datacard Corporation, Fujitsu, Gemalto NV, Microsoft Corporation, NEC Corporation of America, Okta, Ping Identity, RSA Security, SecureAuth, SecurEnvoy Limited (Shearwater Group plc Company), Suprema Inc., Symantec Corporation, etc.

Key Questions Answered in This Report

1. What was the size of the global multi-factor authentication market in 2022?
2. What is the expected growth rate of the global multi-factor authentication market during 2023-2028?
3. What are the key factors driving the global multi-factor authentication market?
4. What has been the impact of COVID-19 on the global multi-factor authentication market?
5. What is the breakup of the global multi-factor authentication market based on the model?
6. What is the breakup of the global multi-factor authentication market based on the deployment type?
7. What is the breakup of the global multi-factor authentication market based on the application?
8. What is the breakup of the global multi-factor authentication market based on the vertical?
9. What are the key regions in the global multi-factor authentication market?
10. Who are the key players/companies in the global multi-factor authentication 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 IT and Telecom; 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 Retail and Ecommerce; 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; 10.1.1.1 Market Trends; 10.1.1.2 Market Forecast; 10.1.2 Canada; 10.1.2.1 Market Trends; 10.1.2.2 Market Forecast; 10.2 Europe; 10.2.1 Germany; 10.2.1.1 Market Trends; 10.2.1.2 Market Forecast; 10.2.2 France; 10.2.2.1 Market Trends; 10.2.2.2 Market Forecast; 10.2.3 United Kingdom; 10.2.3.1 Market Trends; 10.2.3.2 Market Forecast; 10.2.4 Italy; 10.2.4.1 Market Trends; 10.2.4.2 Market Forecast; 10.2.5 Spain; 10.2.5.1 Market Trends; 10.2.5.2 Market Forecast; 10.2.6 Russia; 10.2.6.1 Market Trends; 10.2.6.2 Market Forecast; 10.2.7 Others; 10.2.7.1 Market Trends; 10.2.7.2 Market Forecast; 10.3 Asia Pacific; 10.3.1 China; 10.3.1.1 Market Trends; 10.3.1.2 Market Forecast; 10.3.2 Japan; 10.3.2.1 Market Trends; 10.3.2.2 Market Forecast; 10.3.3 India; 10.3.3.1 Market Trends; 10.3.3.2 Market Forecast; 10.3.4 South Korea; 10.3.4.1 Market Trends; 10.3.4.2 Market Forecast; 10.3.5 Australia; 10.3.5.1 Market Trends; 10.3.5.2 Market Forecast; 10.3.6 Indonesia; 10.3.6.1 Market Trends; 10.3.6.2 Market Forecast; 10.3.7 Others; 10.3.7.1 Market Trends; 10.3.7.2 Market Forecast; 10.4 Latin America; 10.4.1 Brazil; 10.4.1.1 Market Trends; 10.4.1.2 Market Forecast; 10.4.2 Mexico; 10.4.2.1 Market Trends; 10.4.2.2 Market Forecast; 10.4.3 Argentina; 10.4.3.1 Market Trends; 10.4.3.2 Market Forecast; 10.4.4 Colombia; 10.4.4.1 Market Trends; 10.4.4.2 Market Forecast; 10.4.5 Chile; 10.4.5.1 Market Trends; 10.4.5.2 Market Forecast; 10.4.6 Peru; 10.4.6.1 Market Trends; 10.4.6.2 Market Forecast; 10.4.7 Others; 10.4.7.1 Market Trends; 10.4.7.2 Market Forecast; 10.5 Middle East and Africa; 10.5.1 Turkey; 10.5.1.1 Market Trends; 10.5.1.2 Market Forecast; 10.5.2 Saudi Arabia; 10.5.2.1 Market Trends; 10.5.2.2 Market Forecast; 10.5.3 Iran; 10.5.3.1 Market Trends; 10.5.3.2 Market Forecast; 10.5.4 United Arab Emirates; 10.5.4.1 Market Trends; 10.5.4.2 Market Forecast; 10.5.5 Others; 10.5.5.1 Market Trends; 10.5.5.2 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; 14.3.1.1 Company Overview; 14.3.1.2 Product Portfolio; 14.3.2 Crossmatch; 14.3.2.1 Company Overview; 14.3.2.2 Product Portfolio; 14.3.2.3 Financials; 14.3.2.4 SWOT Analysis; 14.3.3 Deepnet Security Ltd.; 14.3.3.1 Company Overview; 14.3.3.2 Product Portfolio; 14.3.4 Entrust Datacard Corporation; 14.3.4.1 Company Overview; 14.3.4.2 Product Portfolio; 14.3.5 Fujitsu; 14.3.5.1 Company Overview; 14.3.5.2 Product Portfolio; 14.3.5.3 Financials; 14.3.5.4 SWOT Analysis; 14.3.6 Gemalto NV; 14.3.6.1 Company Overview; 14.3.6.2 Product Portfolio; 14.3.7 Microsoft Corporation; 14.3.7.1 Company Overview; 14.3.7.2 Product Portfolio; 14.3.7.3 Financials; 14.3.7.4 SWOT Analysis; 14.3.8 NEC Corporation of America; 14.3.8.1 Company Overview; 14.3.8.2 Product Portfolio; 14.3.8.3 Financials; 14.3.8.4 SWOT Analysis; 14.3.9 Okta; 14.3.9.1 Company Overview; 14.3.9.2 Product Portfolio; 14.3.9.3 Financials; 14.3.10 Ping Identity; 14.3.10.1 Company Overview; 14.3.10.2 Product Portfolio; 14.3.11 RSA Security; 14.3.11.1 Company Overview; 14.3.11.2 Product Portfolio; 14.3.12 SecureAuth; 14.3.12.1 Company Overview; 14.3.12.2 Product Portfolio; 14.3.13 SecurEnvoy Limited (Shearwater Group plc Company); 14.3.13.1 Company Overview; 14.3.13.2 Product Portfolio; 14.3.14 Suprema Inc.; 14.3.14.1 Company Overview; 14.3.14.2 Product Portfolio; 14.3.14.3 Financials; 14.3.15 Symantec Corporation; 14.3.15.1 Company Overview; 14.3.15.2 Product Portfolio; 14.3.15.3 Financials

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