Multi-Factor Authentication Industry Size

Multi-Factor Authentication Market worth $26.7 billion by 2027

According to a research report "Multi-Factor Authentication Market by Component (Hardware, Solutions, and Services), Model Type (Two-, Three-, Four-, Five-factor), Organization Size, Vertical (BFSI, Healthcare, Media & Entertainment, Government) and Region - Global Forecast to 2027" published by MarketsandMarkets, the MFA market size is projected to grow from an estimated value of USD 12.9 billion in 2022 to USD 26.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.6% from 2022 to 2027. The major driving factors for the MFA market include rise in security breaches, fraud, and data identity thefts; surge in use of BYOD/ IoT devices; high demand for cloud-based MFA solutions and services; high volume of online transactions; and stringent government regulations.

Browse 285 market data Tables and 45 Figures spread through 268 Pages and in-depth TOC on "Multi-Factor Authentication Market by Component (Hardware, Solutions, and Services), Model Type (Two-, Three-, Four-, Five-factor), Organization Size, Vertical (BFSI, Healthcare, Media & Entertainment, Government) and Region - Global Forecast to 2027"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/multifactor-authentication-market-231220047.html

By component, the services segment to register the highest growth rate during the forecast period

Based on component, MFA services have witnessed a growing demand in recent years. The services segment includes various services that are required to deploy, execute, and maintain MFA platforms in organizations. The services in the MFA market are crucial as they provide robust support for proper functioning and integration of software and hardware-based solutions. MFA services comprise technical support services that require the effective integration of MFA solutions.

With the increasing demand for MFA solutions in high-growth markets such as APAC and MEA, there is a significant demand for training and education services to spread awareness about various MFA solutions and the provision of training pertaining to the effective deployment of MFA solutions. Financial services, healthcare, and the eCommerce industry verticals have witnessed huge data losses due to security breaches. As a result, they are highly dependent on MFA solutions for strengthening their cybersecurity capabilities.

The growing concern of data breaches and privacy compliance regulations, especially due to the COVID-19 outbreak, is making companies focus on adopting MFA solutions and services to achieve compliance, improve data security, and enable better flexibility in operations. Major MFA vendors are widely supporting organizations in such unprecedented times with their 365*24*7 services.

Based on organization size, the SMEs segment to grow at the highest CAGR during the forecast period

SMEs are more prone to cyber fraud due to limited resources, availability of IT personnel, and budget constraints; and are looking forward to adopting MFA software to save their money, time, resources, and assets. With small businesses slowly moving to the cloud, there is a significant need for MFA. Every data is important and hackers must not be given the leverage to access it. Hence, small businesses are actively investing in MFA solutions to enhance their security posture.

North America to hold the largest market share during the forecast period.

North America is estimated to account for the highest market share in the MFA market. The region comprises some of the key vendors that offer MFA solutions and services; some of them are Microsoft, Broadcom, OneSpan, Okta, Cisco, Ping Identity, among others. By country, the US is expected to hold the largest market share owing to the growing cyber threatscape. Banks and federal agencies in the US employ MFA solutions proactively to authenticate everyone in the system. The changing working scenarios because of COVID-19, BYOD trend, IoT, adherence to compliance and regulations, and elevating risks, such as BEC, phishing, malware, and other advanced threats, are prompting organizations in North America to adopt MFA solutions.

Market Players

Key and innovative vendors in the MFA market include Microsoft (US), Broadcom (US), OneSpan (US), Okta (US), Micro Focus (UK), Thales (France), RSA Security (US), Cisco (US), Ping Identity (US), HID Global (US), ESET (Slovakia), Yubico (US), 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), and Luxchain (Hong Kong).

Don’t miss out on business opportunities in Low Dielectric Materials Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Multi-Factor Authentication Market Size,  Share & Growth Report
Report Code
TC 7883
PR Published ON
6/23/2022
Choose License Type
BUY NOW
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
GET A FREE SAMPLE

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

SEND ME A FREE SAMPLE
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2022 MarketsandMarkets Research Private Ltd. All rights reserved
DMCA.com Protection Status
...

Digital Virtual Assistant - MarketsandMarkets

Home