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The global MFA market size is projected to grow from USD 15.2 billion in 2023 to USD 34.8 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period. The expansion of the MFA market is being propelled by the growing adoption of BYOD, CYOD, and WFH trends and rising security breaches and sophisticated cyberattacks, leading to financial and reputational loss.

Digital payment and online banking services have grown phenomenally over the past decade. These platforms have fundamentally changed how financial transactions are carried out, driven by technical improvements and shifting customer preferences. Digitization requires strong user authentication to avoid any fraudulent activities. Such factors form a powerful force behind the growth and advancement of the MFA market.

To know about the assumptions considered for the study download the pdf brochure

What is MFA?

According to MarketsandMarkets, MFA is an authentication method that requires the user to provide two or more verification factors to access resources, such as an application, online account, or a Virtual Private Network (VPN).

Major Multi-Factor Authentication Companies Include

• Microsoft (US)
• Thales (France)
• Okta (US)
• Ping Identity (US)
• RSA Security (US)
• ESET (Slovakia)
• Yubico (US)

Microsoft (US)

Microsoft develops and supports software, services, devices, and solutions. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company also designs, manufactures, and sells devices, including Personal Computers (PCs), tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. It offers a range of services, including cloud-based solutions that provide customers with software, services, platforms, and content, as well as solution support and consulting services.

In the category of MFA, it offers Microsoft Intra. It utilizes push notifications, biometrics, or one-time passcodes to approve sign-ins from mobile apps. It helps to increase the security of accounts with two-step verification in place of or in addition to passwords. Microsoft focuses on organic and inorganic strategies to optimize its growth and remain competitive. The company caters to various industry verticals, including finance and insurance, manufacturing, retail, media and entertainment, public sector, healthcare, and IT and telecommunications. It has a geographical presence in more than 190 countries across North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

Thales (France)

Thales Group is a French multinational company that designs and builds electrical systems and provides services for the aerospace, defense, transportation, and security markets. The French government partially owns the company and operates in more than 56 countries. For digitalization processes, businesses and governments depend on the Thales Group. Additionally, the identity management and data protection technologies of Thales Group help banks exchange funds, maintain border control, and many other applications. Thales’ SafeNet OTP hardware tokens provide secure access to enterprise, web-based, and cloud applications while complying with privacy and security regulations. It offers strong authentication on multiple applications via OTP generation on mobile devices. According to the company, more than 30,000 organizations rely on Thales Group’s solutions to verify the identities of people and things, grant access to digital services, analyze vast quantities of information, and encrypt data. With 80,000 employees, Thales Group has offices in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Okta (US)

Okta is the leading independent identity provider. The Okta Identity Cloud is powered by the company’s category-defining platform that enables customers to securely connect the right people to the right technologies and services at the right time. It offers Okta Customer Identity, an identity service that allows centralized management, frictionless experience, speed-to-market, and internet-scale security. It is secure, developer-friendly, and with minimal custom code.

Over 15,000 customers across nearly every industry used the Okta Identity Cloud to secure and manage identities worldwide. Okta has partnered with leading application, infrastructure, and security vendors, such as Amazon Web Services, Cisco, CrowdStrike, Google Cloud, Microsoft, Netskope, Proofpoint, Salesforce, ServiceNow, VMware, and Workday. The company has a large customer base across North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.

Ping Identity (US)

Ping Identity is a leading US-based provider of identity security solutions, specializing in Single Sign-On (SSO), Multi-Factor Authentication (MFA), and identity governance. The company helps enterprises secure and manage identities and access to applications and services across cloud and on-premises environments, with key products including PingFederate, PingAccess, PingOne, PingID, and PingDirectory. Serving a diverse range of clients in finance, healthcare, and technology, Ping Identity ensures robust identity management for modern enterprises.

RSA Security (US)

RSA Security, also based in the US, is a prominent cybersecurity company known for its expertise in digital risk management, encryption, and network security. Initially renowned for the RSA encryption algorithm, RSA offers products like RSA SecurID for multi-factor authentication, RSA NetWitness for threat detection and response, RSA Archer for integrated risk management, and the RSA Fraud and Risk Intelligence Suite. With a clientele that includes governments and financial institutions, RSA provides comprehensive security solutions worldwide.

ESET (Slovakia)

ESET, headquartered in Slovakia, is a global cybersecurity firm renowned for its antivirus and endpoint security software. Founded in 1992, ESET offers a range of products such as ESET NOD32 Antivirus, ESET Internet Security, ESET Endpoint Security, ESET Secure Authentication, and ESET Cyber Security. Serving both consumers and businesses, ESET has a significant presence in the European market, providing protection against a wide array of cyber threats.

Yubico (US)

Yubico, based in the US, is a leader in hardware authentication security, best known for its YubiKey product line. Yubico aims to make secure login easy and accessible through its hardware security keys, which offer strong two-factor and multi-factor authentication to prevent phishing and account takeovers. Key products include the YubiKey, YubiHSM for cryptographic operations, and YubiCloud for YubiKey management. Yubico's clients include major tech companies, financial institutions, and government agencies, ensuring secure authentication for users worldwide.

According to MnM’s approach to evaluating the market, most businesses use organic and inorganic growth tactics to hold onto their market share. In 2020–2022, transactions rose by 50–60%. Alliances, acquisitions, collaborations, and partnerships together are covered in these agreements. Organizations are anticipated to embrace organic growth strategies starting in 2022 to provide end consumers with MFA solutions and services, which would assist businesses in boosting market revenue.

Related Reports:

Multi-Factor Authentication Market by Authentication Type (Password-Based Authentication, Passwordless Authentication), Component (Hardware, Software, Services), Model Type, End User Industry and Region - Global Forecast to 2028

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