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:
Breakup by Deployment Type:
Breakup by Application:
Smart Card Authentication
Hardware OTP Token Authentication
Breakup by Vertical:
Banking & Finance
Travel & Immigration
Military & Defence
IT and Telecom
Retail and Ecommerce
Breakup by Region:
Middle East and Africa
United Arab Emirates
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?
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