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.
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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).
The MFA market is led by some of the globally established players, such as Microsoft (US), Thales (France), Okta (US), Broadcom (US), OneSpan (US), Micro Focus (UK), HID Global (US), Cisco (US), Ping Identity (US), RSA Security (US). Partnerships, agreements, collaborations, product developments, and acquisitions are some of the various growth strategies by these players to increase their market presence.
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 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 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.
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.
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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