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At a CAGR of 19.0% between 2023 and 2030, the value of the global MFA market is expected to increase from USD 15.12 billion in 2023 to USD 34.18 billion. Increased government regulation to encourage the use of MFA solutions has contributed to the growth of the MFA market.
When logging into a system that necessitates authentication, users who employ multi-factor authentication (MFA) are asked to submit evidence of their identity in more than one form. Multi-factor authentication (MFA) is an integral part of any reliable IAM policy. Two-factor authentication (2FA), also known as two-step verification or dual-factor authentication, is a kind of authentication that requires the user to present two separate forms of identification in order to get access.
The MFA system safeguards businesses and departments by requiring multiple forms of verification before granting access. Login credentials are just one part of a multi-factor authentication process that must be completed before a user may access protected resources. To prevent unauthorized users from obtaining access to a system, network, database, or physical location, this project aims to create a sophisticated defense system. High levels of security are maintained without impacting an organization's digital infrastructure or services thanks to the design of multi-factor authentication systems. The APIs provided by modern multi-factor authentication solutions allow for seamless integration with the organization's login sites.
A variety of industry-specific compliance regulations aim to establish and enforce a baseline level of security for company data. These regulations give businesses confidence that their data is secure and equip them to deal with security challenges head-on. Released in March 2022, PCI DSS v4.0 is a major upgrade from its predecessor, v3.2.1. In the most recent update, multi-factor authentication (MFA) was made mandatory for every account that has access to cardholder data. Earlier editions of the PCI DSS had considered MFA to be a best practice.
Similarly, on October 27, 2021, the Federal Trade Commission (FTC) released amendments to the FTC Safeguards Rule. There are new technology requirements, which are the most significant adjustments in this revision. Multi-factor authentication (MFA) is required by law and is specifically called out in the legislation. The expansion of the MFA market is anticipated to be driven by government mandates and regulatory compliances that require businesses to implement MFA solutions and services to guarantee information security.
When compared to three-, four-, and five-factor authentication, two-factor authentication systems can process a single query more quickly. In high-pressure or fast-paced work contexts, the extra few seconds that users must spend on the authentication procedure may seem like a minor nuisance. The success of an authentication system depends on its ease of use and flawlessness. Technology now allows for the creation and prototyping of authentication systems that use a wide variety of factors. The time it takes to perform a single query would grow, though, because it would necessitate numerous steps for data or user authentication. This would cause delays in service and response and lead to longer wait times. Although this limitation is having a significant effect now, future advances in accessibility will mitigate its effects.
Password-less authentication is predicted to become the fastest growing subsegment of the multi-factor authentication industry as a result of the widespread adoption of IoT and AI in consumer electronics. Fingerprint readers and smart cards are just two examples of the security measures that are facilitating a more seamless experience. Face recognition, speech analysis, and iris recognition are all being used by businesses as methods of personnel verification. Password-less multi-factor authentication is expected to grow as fingerprint and facial recognition find more uses in consumer gadgets around the world.
The study analyzes the Multi-factor Authentication market and discusses its potential growth, challenges, and solutions. The purpose of this study is to provide a Porter's Five Forces analysis of the Multi-factor Authentication industry so that readers can better comprehend the impact of different factors, including supplier bargaining power, competitor competitive intensity, new entrant threat, substitute threat, and buyer bargaining power, on the market's current and future trends.
The trend toward remote work is growing rapidly. This approach also poses new cyber-risks to firms and organizations, which could be good for the market as a whole. Thus, with development of new vulnerabilities and attack points demand for multi-factor authentication systems has increase to a positive scale. Data breaches and cyber-related attacks on federal networks, for example, increased by 250% over the previous two years, as reported by the United States Department of Homeland Security in 2020. Cybercriminals are utilizing the epidemic as a big chance to increase their destructive activity by exploiting the weaknesses of remote employees and capitalizing on public attention. Companies are responding to these threats by increasing security investment and enhancing their security architecture. This bodes well for the future of the multi-factor authentication sector around the world.
Report Coverage
Global Multi-Factor Authentication research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Multi-Factor Authentication report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Multi-Factor Authentication competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Multi-Factor Authentication market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Multi-Factor Authentication market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Multi-Factor Authentication market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Microsoft (US), Thales (France), Okta (US), Broadcom (US), OneSpan (US), Micro Focus (UK), HID Global (US), Cisco (US), Ping Identity (US), RSA Security (US), ESET (Slovakia), Yubico (US0, ForgeRock (US), CyberArk (US), OneLogin (US), SecureAuth (US), Oracle (US), SalesForce (US), Secret Double Octopus (Israel), Silverfort (Israel), Trusona (US), FusionAuth (US), HYPR (US), Keyless (US), Luxchain (China).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Multi-Factor Authentication market based on the below-mentioned segments:
Global Multi-Factor Authentication Market, By Authentication Type
Password authentication
Password less authentication
Global Multi-Factor Authentication market, By Component
Solutions
Hardware
Services
Global Multi-Factor Authentication Market, By End User
BFSI
Government
Travel and Immigration
Military and Defense
Commercial Security
IT
Telecommunication
Healthcare
Media and Entertainment
Other
Global Multi-Factor Authentication market, Regional Analysis
When logging into a system that necessitates authentication, users who employ multi-factor authentication (MFA) are asked to submit evidence of their identity in more than one form. Multi-factor authentication (MFA) is an integral part of any reliable IAM policy. Two-factor authentication (2FA), also known as two-step verification or dual-factor authentication, is a kind of authentication that requires the user to present two separate forms of identification in order to get access.
The MFA system safeguards businesses and departments by requiring multiple forms of verification before granting access. Login credentials are just one part of a multi-factor authentication process that must be completed before a user may access protected resources. To prevent unauthorized users from obtaining access to a system, network, database, or physical location, this project aims to create a sophisticated defense system. High levels of security are maintained without impacting an organization's digital infrastructure or services thanks to the design of multi-factor authentication systems. The APIs provided by modern multi-factor authentication solutions allow for seamless integration with the organization's login sites.
A variety of industry-specific compliance regulations aim to establish and enforce a baseline level of security for company data. These regulations give businesses confidence that their data is secure and equip them to deal with security challenges head-on. Released in March 2022, PCI DSS v4.0 is a major upgrade from its predecessor, v3.2.1. In the most recent update, multi-factor authentication (MFA) was made mandatory for every account that has access to cardholder data. Earlier editions of the PCI DSS had considered MFA to be a best practice.
Similarly, on October 27, 2021, the Federal Trade Commission (FTC) released amendments to the FTC Safeguards Rule. There are new technology requirements, which are the most significant adjustments in this revision. Multi-factor authentication (MFA) is required by law and is specifically called out in the legislation. The expansion of the MFA market is anticipated to be driven by government mandates and regulatory compliances that require businesses to implement MFA solutions and services to guarantee information security.
When compared to three-, four-, and five-factor authentication, two-factor authentication systems can process a single query more quickly. In high-pressure or fast-paced work contexts, the extra few seconds that users must spend on the authentication procedure may seem like a minor nuisance. The success of an authentication system depends on its ease of use and flawlessness. Technology now allows for the creation and prototyping of authentication systems that use a wide variety of factors. The time it takes to perform a single query would grow, though, because it would necessitate numerous steps for data or user authentication. This would cause delays in service and response and lead to longer wait times. Although this limitation is having a significant effect now, future advances in accessibility will mitigate its effects.
Password-less authentication is predicted to become the fastest growing subsegment of the multi-factor authentication industry as a result of the widespread adoption of IoT and AI in consumer electronics. Fingerprint readers and smart cards are just two examples of the security measures that are facilitating a more seamless experience. Face recognition, speech analysis, and iris recognition are all being used by businesses as methods of personnel verification. Password-less multi-factor authentication is expected to grow as fingerprint and facial recognition find more uses in consumer gadgets around the world.
The study analyzes the Multi-factor Authentication market and discusses its potential growth, challenges, and solutions. The purpose of this study is to provide a Porter's Five Forces analysis of the Multi-factor Authentication industry so that readers can better comprehend the impact of different factors, including supplier bargaining power, competitor competitive intensity, new entrant threat, substitute threat, and buyer bargaining power, on the market's current and future trends.
The trend toward remote work is growing rapidly. This approach also poses new cyber-risks to firms and organizations, which could be good for the market as a whole. Thus, with development of new vulnerabilities and attack points demand for multi-factor authentication systems has increase to a positive scale. Data breaches and cyber-related attacks on federal networks, for example, increased by 250% over the previous two years, as reported by the United States Department of Homeland Security in 2020. Cybercriminals are utilizing the epidemic as a big chance to increase their destructive activity by exploiting the weaknesses of remote employees and capitalizing on public attention. Companies are responding to these threats by increasing security investment and enhancing their security architecture. This bodes well for the future of the multi-factor authentication sector around the world.
Report Coverage
Global Multi-Factor Authentication research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Multi-Factor Authentication report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Multi-Factor Authentication competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Multi-Factor Authentication market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Microsoft (US), Thales (France), Okta (US), Broadcom (US), OneSpan (US), Micro Focus (UK), HID Global (US), Cisco (US), Ping Identity (US), RSA Security (US), ESET (Slovakia), Yubico (US0, ForgeRock (US), CyberArk (US), OneLogin (US), SecureAuth (US), Oracle (US), SalesForce (US), Secret Double Octopus (Israel), Silverfort (Israel), Trusona (US), FusionAuth (US), HYPR (US), Keyless (US), Luxchain (China). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Multi-Factor Authentication Market from 2021 to 2030.
- Market Forecast for Multi-Factor Authentication Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Multi-Factor Authentication competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Multi-Factor Authentication
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Multi-Factor Authentication market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Multi-Factor Authentication market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Microsoft (US), Thales (France), Okta (US), Broadcom (US), OneSpan (US), Micro Focus (UK), HID Global (US), Cisco (US), Ping Identity (US), RSA Security (US), ESET (Slovakia), Yubico (US0, ForgeRock (US), CyberArk (US), OneLogin (US), SecureAuth (US), Oracle (US), SalesForce (US), Secret Double Octopus (Israel), Silverfort (Israel), Trusona (US), FusionAuth (US), HYPR (US), Keyless (US), Luxchain (China).
Primary Target Market
- Market Players of Multi-Factor Authentication
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Multi-Factor Authentication market based on the below-mentioned segments:
Global Multi-Factor Authentication Market, By Authentication Type
Password authentication
Password less authentication
Global Multi-Factor Authentication market, By Component
Solutions
Hardware
Services
Global Multi-Factor Authentication Market, By End User
BFSI
Government
Travel and Immigration
Military and Defense
Commercial Security
IT
Telecommunication
Healthcare
Media and Entertainment
Other
Global Multi-Factor Authentication market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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