Report

Multifactor Authentication (Mfa) Market Size, Share & Trends Analysis - Global Opportunity Analysis And Industry Forecast 2030

  • Publish Date: Mar,2022
  • Report ID: QI038
  • Page : 200
  • Report Type : PDF (Email)
The global multifactor authentication (MFA) market size was US$ 10.9 billion in 2021. The global multifactor authentication (MFA) market is forecast to grow to US$ 35.9 billion by 2030, registering a compound annual growth rate (CAGR) of 15.3% during the forecast period from 2022 to 2030.

Multifactor authentication is a sophisticated security technique that includes two or more validation steps so that users can access components, online accounts, and Virtual Private Networks (VPN). The increasing number of verification processes will reduce the likelihood of security breaches such as hacking and data theft, making MFA systems a helpful choice to save the data.

COVID-19 Impact Analysis

The COVID-19 outbreak was observed to be beneficial for the multifactor authentication (MFA) market as the players witnessed significant revenue growth. During the pandemic, cyber-based attack cases increased abruptly. Thus, industries started adopting MFA solutions in order to keep the data safe. Moreover, the work-from-home culture prompted the demand for MFA solutions, so the data stays safe from any theft. Thus, the global multifactor authentication (MFA) market is witnessing considerable growth due to the COVID-19 pandemic.

Regional Analysis

Because of increasing smartphone usage, technological advancements, rising consumption of digital services, and improved network connectivity, North America is expected to dominate the multifactor authentication (MFA) market. Additionally, the increasing number of cyber-attacks and the presence of key firms such as CA Technologies, Vasco Data Security International Inc., Symantec Corporation, and others will contribute to the region's growth.

Factors Influencing the Market

The growing number of cyber-attacks during the COVID-19 pandemic will fuel the growth of the market during the forecast period.
The growing trend of remote working is likely to prompt the growth of the global multifactor authentication (MFA) market. Due to the remote working culture, the chances of cyberattacks are increasing. The U.S. Department of homeland security registered around 250% hike in the number of data breaches and cyber-related attacks on federal systems in 2020. Thus, the data depicts the necessity to take measures in order to boost security, which will create a positive scope for the multifactor authentication (MFA) market.
Favorable government policies and efforts to improve privacy will play a notable role in the multifactor authentication (MFA) market growth. Government policies, such as the European Union's General Data Protection Regulation (GDPR), intending to improve customer data protection, are likely to benefit the global multifactor authentication (MFA) market. Additional policies, such as the European Payment Service Providers Directive 2 (PSD2) and the California Consumer Privacy Act of 2018 (CCPA) in the United States, will drive the growth of the global multifactor authentication (MFA) market.
The complexity of the multifactor authentication (MFA) may hamper the market growth during the study period.
Competitors in the Market

Microsoft
Broadcom
Onespan
Okta
Micro Focus
Thales
RSA Security
Duo Security (Cisco)
Ping Identity
Hid Global
Other Prominent Players
Market Segmentation

The global multifactor authentication (MFA) market segmentation focuses on Authentication Type, Model, Component, End-User, and Region.

By Authentication Type

Password authentication
Passwordless authentication
By Model Type

Smart card with pin
Smart card with biometric technology
Biometric technology with pin
Two-factor biometric technology
One time password with pin
Multi-factor with three-factor authentication
Smart card with pin and biometric technology
Smart card with two-factor biometric technology
Pin with two-factor biometric technologies
Three-factor biometric technology
Multi-factor with four-factor authentication
Multi-factor with five-factor authentication
By Component

Solutions
Hardware
Services
By End-User

BFSI
Government
Travel and Immigration
Military and Defense
Commercial Security
IT
Telecommunication
Healthcare
Media and Entertainment
Other prominent players
By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America