Market
Analysis
The global multi-factor
authentication market size is anticipated to touch USD 11.24 billion at a 13%
CAGR between 2017- 2023, as per the current Market Research Future (MRFR)
analysis. Multi-factor authentication or MFA, simply put, is a technological tool
that helps organizations to protect their confidential data from theft and
unwanted access. This technique entails a one-time password (OTP), biometric,
password, personal identification number, and username.
Various factors are
propelling the global MFA
Industry share. According to the recent MRFR report, such factors
include the increase in cyber theft cases, growing demand for secured online
transactions of banking and other forms of financial services, an increase in
data breach across organizations, and increasing stringency in regulations to
safeguard sensitive data. Additional factors fuelling market growth comprise
the growing adoption of BYOD across different enterprises, rising investments
in enterprise mobility and cloud technologies, and the advent of
authentication-as-a-service solutions that offer authentication and advanced
security to organizations.
On the contrary, high
usage service limits, complex maintenance, high initial investment, and the
ongoing COVID-19 outbreak may deter the global multi-factor authentication
market growth over the forecast period.
Market
Segmentation
The MRFR report
highlights an inclusive segmental analysis of the global multi-factor
authentication market based on application, deployment, and model.
By model, the global
multi-factor authentication market is segmented into two-factor, three-factor
authentication, four-factor authentication, and five-factor authentication. The
two-factor authentication segment is again segmented into smart-card with pin,
biometric technology with pin, and biometric technology. The three-factor
authentication is again segmented into the smart card with pin & biometric
technology, pin with two-factor biometric technologies, smart card with two-factor
biometric technologies, and three-factor biometric technology. Of these, the
five-factor authentication model segment will lead the market over the forecast
period.
By deployment, the global
multi-factor authentication market is segmented into on the cloud and on
premises. Of these, on the cloud deployment segment will dominate the market
over the forecast period.
By application, the
global multi-factor authentication market is segmented into healthcare,
consumer electronics, commercial security, military and defense, travel and
immigration, government institutions, and banking and finance. Of these, the
banking and finance application segment will have a major share in the market
over the forecast period.
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Regional Analysis
Based on the region, the
global multi-factor authentication (MFA) market report covers the recent trends
and growth opportunities across the Asia Pacific (APAC), North America, Europe,
& the Rest of the World (RoW). Of these, North America will spearhead the
market over the forecast period. The presence of several key players, growing
need for surveillance and security, and technological advancement related to
huge technical expertise are adding to the global multi-factor authentication
market growth in the region. Canada and the US hold the utmost share in the
market.
The global multi-factor
authentication market in the APAC region is predicted to grow at a fast pace
over the forecast period. The increasing number of solution providers, coupled
with the burgeoning demand for MFA from the business and IT infrastructure, is
adding to the global multi-factor authentication market growth in the region.
Japan, India, and China hold the utmost share in the market.
The global multi-factor
authentication market in Europe is predicted to have notable growth over the
forecast period. The rise in data breaches is adding to the global multi-factor
authentication market growth in the region.
The global multi-factor
authentication market in the RoW is predicted to have sound growth over the
forecast period.
Key Players
Eminent contenders
profiled in the global multi-factor authentication market report include
Watchdata Technologies (China), Securenvoy Ltd (U.K), Microsoft Corporation
(U.S.), IBM Corporation (U.S.), Crossmatch (U.S.), Suprema HQ Inc. (South
Korea), RSA Security LLC (U.S.), HID Global Corporation/ASSA ABLOY AB (Sweden),
VASCO Data Security International Inc. (U.S), Fujitsu (Japan), CA Technologies
(U.S.), 3M (U.S.), NEC Corporation (Japan), Gemalto NV (the Netherlands), and
Safran (France).
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Multi-Factor Authentication Market Research Report:
Information by Technology (Hall Effect, Magneto Resistive, Variable
Reluctance), By Application (Automotive, Industrial, Aerospace & Defense,
Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle
East & Africa, and South America)—Forecast till 2030
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