Multifactor Authentication Market Executive Summary, Demand, Challenges And Forecast 2027

Multifactor Authentication Market size was valued at US$ 9.55 Bn. in 2020 and the total revenue is expected to grow at 16.34 % through 2021 to 2027, reaching nearly US$ 27.38 Bn.

Multifactor Authentication Market Overview:

The Multifactor Authentication Market The multi-factor authentication (MFA) system protects enterprises and business units from potential security breaches by using a multi-layered verification mechanism. A security token, one-time password (OTP), or biometric verification that is unique to the user is required after multiple safety validation variables, such as the user’s login credentials. This project aims to create a complicated defence system that prevents unauthorised users from accessing a computer device, network, database, or physical location. Multi-factor authentication solutions are designed to be non-intrusive and have no impact on a company’s digital infrastructure or services, resulting in extremely secure operations. Multi-factor authentication solutions are also accessible to businesses in the form of APIs that may be easily integrated with the company’s login pages.

Historical & Forecast Period:

Maximize Market Research report presents the analysis of each segment from 2021 to 2027 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020to 2027.

Multifactor Authentication Market Overview and Dynamics:

The report covers comprehensive data on market drivers, restraints, emerging trends, and growth opportunities that can change the market dynamics of the end use industry. It provides an in-depth analysis of the Multifactor Authentication Market segments which include products, applications, and competitor analysis.

The rising number of security breaches and cyber-attacks, as well as a significant increase in online frauds, are two of the key reasons driving the market’s growth. Small and medium-sized enterprises are the primary targets of cyber-attacks, with ransomware being used to take control of the company’s internet and bank accounts. This can be avoided by using multi-factor authentication (MFA) systems in employees’ smartphones and PCs to verify their identity. Furthermore, the expanding healthcare, retail, and banking, financial services, and insurance (BFSI) industries are increasing the demand for authentication solutions to secure organisations and their customers. Core banking, trade finance, foreign payments, and internet banking, for example, all require secure connections to ensure a seamless transaction and consistent user experience.

In addition, the growing trend of the Internet of Things (IoT) and cloud-based services promotes growth. Cloud-based MFA solutions provide remote fingerprint scanning, facial recognition, and document verification. Advancements in biometrics, software, and hardware, as well as positive government efforts to improve national security, are projected to move the business ahead. Another driver of market expansion is the increased usage of digital payment methods, as well as the rising penetration rate of smartphones and wireless devices. According to Google, users who provided recovery contact information to their accounts (and thus enabled SMS-based MFA) increased account security. According to the study, giving a Google Account a recovery phone number can block up to 100% of automated tools, 99 percent of mass phishing attacks, and 66% of targeted attacks.

Multi-factor authentication systems are being designed with modern technology and many steps to authenticate data. As a result, service or response times would be delayed, and a long line would form. This constraint is presently becoming more severe, but experts are attempting to mitigate it in the future by implementing techniques and processes.
Many individuals believe that the desire for strong authentication methods has never resulted in a significant security breach. This misperception has caused a huge problem in the multi-factor authentication industry, resulting in a decreased adoption of MFA authentication solutions. Furthermore, many small organisations have struggled to integrate the MFA solution with their current IT infrastructure. As a result, end-user resistance to MFA solutions is the most major hurdle in the MFA market.

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Segmentation:

the Multifactor Authentication market is sub-segmented into Two-factor authentication, Multi-factor with three-factor authentication, Multi-factor with four-factor authentication, Multi-factor with five-factor authentication. The Multi-factor with five-factor authentication segment held the largest market share of xx% in 2020. The Multi-factor with five-factor authentication model ensures that top-secret information is kept secure. There are numerous good solutions for government applications, including security services, homeland access to the highest national data/files, data security, and innovation in national research institutes.

BFSI, Government, Travel and Immigration, Military and Defense, Commercial Security, IT and Telecommunication, Healthcare, and Others are the sub-segments of the Multifactor Authentication market. In 2020, the BFSI sector had the greatest market share of percent. BFSI is the most targeted industrial category because it deals with massive amounts of sensitive and confidential financial documents. The BFSI sector is an early user of cutting-edge MFA solutions since they handle very sensitive financial data. Financial institutions are rapidly recognising the value of technological advancements in enhancing customer experience and preventing security breaches for both themselves and their consumers. In 2020, the healthcare industry had the second-largest market share of percent. Multi-factor authentication (MFA) at end-point systems, managing authentication of on-premise and cloud databases, and cybersecurity have all been adopted by the industry.

Key Players:

• CA Technologies
• RSA Security
• SecureAuth Corporation
• Gemalto
• Microsoft Corporation
• HID Global Corporation/ASSA ABLOY AB
• Symantec Corporation
• Vasco Data Security International Inc.
• Safran
• Okta Inc.
• NEC Corporation
• Ping Identity
• Fujits
• Entrust Datacard Corporation
• HID Global Corporation
• 3M
• Suprema HQ Inc.

Regional Analysis:

Regional analysis is another highly comprehensive part of the research and analysis study of the Multifactor Authentication Market presented in the MMR report. Local development plans are often affected by the performance of Multifactor Authentication market. Our report briefly explains all the factors, market size, growth rate, import and export in regions covering North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. This research has provided market trends, key opportunities, factors affecting of particular regions, to examine the global and domestic Multifactor Authentication market and these findings have been strategically presented in the report.

Competition Landscape:

Most of the key players present in the Multifactor Authentication Market are focusing on mergers and acquisitions to expand their geographic presence and gain a competitive edge. Meanwhile, some of the other players are updating their existing product portfolios and adding innovative screens to keep up with the high consumer demand and generate more sales.

Key questions answered in Multifactor Authentication Market report

  • What was the market size of Multifactor Authentication Market in 2020 and forecast up to 2027?
  • Which is the largest regional Multifactor Authentication Market?
  • What are the major trends followed in Multifactor Authentication Market across different regions?
  • Who is the key Multifactor Authentication Market companies leading the market?
  • What are the key strategies adopted by the leading Multifactor Authentication Market companies in market?
  • Unique data points of this report
  • Statistics on Multifactor Authentication Market penetration and spending worldwide
  • Recent trends across different regions in terms of adoption of Multifactor Authentication Market for various end-use.
  • Notable developments going on in Multifactor Authentication Market
  • Attractive investment proposition for segments as well as geography
  • Comparative scenario for all the segments for years 2020 (actual) and 2027 (forecast)

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