Multi-Factor Authentication Market

Growth Drivers and Market Share of the Multi-Factor Authentication (MFA) Market

The global MFA market is expected to increase from USD 15.2 billion in 2023 to USD 34.8 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 18.0% throughout the forecast period. The MFA market is expanding because to the increased adoption of BYOD, CYOD, and WFH trends, as well as rising security breaches and sophisticated cyberattacks, which result in financial and reputational loss.

The growth of the Multi-Factor Authentication (MFA) market is driven by several key factors:

  • Rising Cybersecurity Threats
  • Stringent Regulatory Requirements
  • Increased Adoption of Cloud Services
  • Proliferation of Mobile Devices
  • Growing Awareness of Identity Theft
  • Technological Advancements
  • Remote Work Trends
  • Demand for Enhanced User Experience
  • Expansion of the Internet of Things (IoT)
  • Data Breach Incidents and Financial Losses
  • Integration with Identity and Access Management (IAM) Solutions
  • Adoption of AI and Machine Learning in Security

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

  1. Rising Cybersecurity Threats:
    • The increasing frequency and sophistication of cyber-attacks, such as phishing, ransomware, and data breaches, drive the demand for robust authentication methods like MFA to protect sensitive information and systems.
  2. Stringent Regulatory Requirements:
    • Governments and regulatory bodies worldwide are implementing stricter data protection laws and compliance mandates, such as GDPR, CCPA, and PSD2, which often require the use of MFA to ensure the security of personal and financial data.
  3. Increased Adoption of Cloud Services:
    • The widespread adoption of cloud computing services necessitates enhanced security measures to protect data stored and accessed in the cloud. MFA provides an additional layer of security for cloud-based applications and services.
  4. Proliferation of Mobile Devices:
    • The growing use of smartphones and mobile devices for accessing corporate networks and personal accounts has increased the need for mobile-based MFA solutions, which offer convenient and secure authentication methods.
  5. Growing Awareness of Identity Theft:
    • As awareness of identity theft and its consequences grows, both consumers and businesses are seeking more secure ways to protect personal and sensitive information, leading to increased adoption of MFA.
  6. Technological Advancements:
    • Advances in biometric technology, AI, and machine learning have improved the accuracy, usability, and security of MFA solutions, making them more attractive to a wider range of users and organizations.
  7. Remote Work Trends:
    • The shift towards remote and hybrid work models, accelerated by the COVID-19 pandemic, has heightened the need for secure remote access to corporate networks and resources, driving the adoption of MFA.
  8. Demand for Enhanced User Experience:
    • Organizations are seeking MFA solutions that balance security with ease of use, providing seamless and frictionless authentication experiences for users while ensuring robust protection against unauthorized access.
  9. Expansion of the Internet of Things (IoT):
    • As the number of connected devices in IoT ecosystems grows, securing these devices and the data they generate becomes critical. MFA helps secure IoT environments by ensuring that only authorized users and devices can access them.
  10. Data Breach Incidents and Financial Losses:
    • High-profile data breaches and the associated financial losses and reputational damage have made organizations more vigilant about cybersecurity, leading to increased investment in MFA to prevent unauthorized access.
  11. Integration with Identity and Access Management (IAM) Solutions:
    • The integration of MFA with comprehensive IAM solutions provides organizations with a holistic approach to identity security, enabling more effective management of user identities and access controls.
  12. Adoption of AI and Machine Learning in Security:
    • AI and machine learning are being used to enhance MFA systems by analyzing user behavior, detecting anomalies, and adapting to new threats in real-time, making authentication processes more secure and efficient.

These growth drivers indicate a strong and increasing demand for MFA solutions across various sectors, as organizations and individuals seek to bolster their defenses against evolving cybersecurity threats.

Multi-Factor Authentication Market Share - Global Industry Landscape

Some of the leading companies in the Multi-Factor Authentication industry include:

  • OneLogin (US)
  • SecureAuth (US)
  • Oracle (US)
  • SalesForce (US)

OneLogin (US)

Market Share: OneLogin is a significant player in the Identity and Access Management (IAM) and MFA markets, particularly known for its cloud-based solutions. The exact market share is not publicly disclosed, but OneLogin is recognized as a leader among small to medium-sized enterprises and some large organizations.

Key Offerings:

  • Single Sign-On (SSO): Provides secure access to multiple applications with one set of login credentials.
  • Multi-Factor Authentication (MFA): Supports various authentication methods, including SMS, OTP, biometrics, and push notifications.
  • User Provisioning: Automates user account creation and management across applications.
  • Unified Directory: Centralizes user data from multiple directories for simplified management.
  • Adaptive Authentication: Adjusts security requirements based on user behavior and risk.

SecureAuth (US)

Market Share: SecureAuth is a prominent player in the MFA market, particularly known for its focus on adaptive authentication and identity security. The company's market share is not specifically detailed in public reports, but it is a strong contender among enterprises looking for advanced security solutions.

Key Offerings:

  • Adaptive Authentication: Uses contextual and behavioral data to assess risk and apply appropriate authentication measures.
  • Identity Governance: Manages user identities and enforces access policies.
  • Single Sign-On (SSO): Simplifies access to multiple applications with a single set of credentials.
  • Multi-Factor Authentication (MFA): Offers a wide range of authentication methods, including biometrics, SMS, email, and push notifications.
  • Passwordless Authentication: Provides secure access without the need for traditional passwords.

Oracle (US)

Market Share: Oracle is a major player in the global IAM and MFA markets, leveraging its extensive enterprise customer base. Oracle's Identity and Access Management solutions are widely used across various industries, contributing to its substantial market presence.

Key Offerings:

  • Oracle Identity Cloud Service (IDCS): Cloud-based identity management with SSO and MFA capabilities.
  • Oracle Identity Governance: Manages user identities, roles, and access policies.
  • Oracle Access Management: Provides secure access to on-premises and cloud applications.
  • Multi-Factor Authentication (MFA): Integrates with various authentication methods, including biometrics, SMS, and OTP.
  • Adaptive Security: Dynamically adjusts authentication requirements based on user behavior and risk.

Salesforce (US)

Market Share: Salesforce, while primarily known for its CRM solutions, also has a significant presence in the IAM and MFA markets through its Salesforce Identity services. Salesforce's solutions are widely adopted by its extensive customer base, particularly in the cloud environment.

Key Offerings:

  • Salesforce Identity: Provides identity and access management for Salesforce applications and third-party services.
  • Single Sign-On (SSO): Enables users to access multiple applications with a single login.
  • Multi-Factor Authentication (MFA): Supports various authentication methods, including SMS, TOTP (Time-Based One-Time Password), and Salesforce Authenticator mobile app.
  • Social Sign-On: Allows users to log in using their social media accounts.
  • Identity Connect: Synchronizes Salesforce identity with Active Directory for seamless user management.

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

Multi-Factor Authentication Market Size,  Share & Growth Report
Report Code
TC 7883
RI Published ON
Choose License Type

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

  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
©2024 MarketsandMarkets Research Private Ltd. All rights reserved Protection Status