The latest report by IMARC Group, titled “Multi-Factor Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
Multi-Factor Authentication Industry Growth Analysis & Future Forecast:
The global multi-factor authentication market reached a value of US$ 12.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.7 Billion by 2027, exhibiting at a CAGR of 17.8% during 2022-2027.
Multi-factor authentication (MFA) is a security system that is built to protect business units and organizations from potential security breaches utilizing a multi-layered verification process. It requires an individual to provide numerous safety validation variables, including login credentials, security tokens, One-Time Passwords (OTPs), biometric verification, etc., that are unique to the user. MFA focuses on creating an elaborate defense system against unauthorized individuals accessing a database, computer device, network, physical location, etc. Consequently, multi-factor authentication finds various applications across several end-use industries, such as healthcare, banking, financial services and insurance (BFSI), defense, etc.
Global Multi-Factor Authentication Market Trends:
The growing incidences of security breaches, cyber-attacks, online frauds, etc., are among the key factors augmenting the multi-factor authentication market across the globe. In addition to this, the rising utilization of MFA systems to prevent ransomware attacks by verifying user identities through computer devices is also catalyzing the market growth. Furthermore, the expanding usage of these security systems to support training, services, SMS gateways, hardware, etc., is positively influencing the global market.
Besides this, the launch of various favorable initiatives by government bodies to improve national security and modernize cybersecurity infrastructures is acting as another significant growth-inducing factor. Moreover, the introduction of Authentication-as-a-Service (AaaS) solutions, which provide advanced security and authentication to numerous organizations, is expected to stimulate the multi-factor authentication market in the coming years.
Competitive Landscape:
By IMARC group the report has also analyzed the competitive landscape of the market with some of the Top Multi-Factor Authentication Companies being
Some of these key players include:
- Broadcom, Inc.
- HID Global Corporation
- Deepnet Security Ltd.
- Entrust Datacard Corporation
- Fujitsu Limited
- Gemalto N.V.
- Microsoft Corporation
- NEC Corporation of America
- Okta, Inc.
- Ping Identity Corporation
- RSA Security LLC
- SecureAuth Corporation
- SecurEnvoy Limited
- Suprema Inc
Key Market Segmentation Breakup by:
Model:
- Two-Factor Authentication
- Three-Factor Authentication
- Four-Factor Authentication
- Five-Factor Authentication
Deployment Type:
- On-Premises
- On-Cloud
Application:
- Smart Card Authentication
- Phone-Based Authentication
- Hardware OTP Token Authentication
Vertical:
- Banking & Finance
- Government
- Travel & Immigration
- Military & Defence
- Commercial Security
- Healthcare
- Consumer Electronics
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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