(MENAFN- EIN Presswire) Multi-Factor Authentication Market 2023
The global multi-factor authentication market reached US$ 15.4 Billion in 2022 & expects to reach US$ 40.3 Billion by 2028, (CAGR) of 17.2% during 2023-2028.
SHERIDAN, WYOMING, UNITED STATES, February 20, 2023 /einpresswire.com / -- The latest report by IMARC Group, titled 'Multi-Factor Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,' offers a comprehensive analysis of the industry, which comprises insights on the global multi-factor authentication market share . The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global multi-factor authentication market size reached US$ 15.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 40.3 Billion by 2028, exhibiting a growth rate (CAGR) of 17.2% during 2023-2028.
Multi-factor authentication (MFA) refers to an authentication mechanism that requires more than one factor to authenticate a user. It is widely utilized to improve the security of a system by providing additional layers of authentication. It is specifically designed to protect organization and business units from potential security breaches via multiple safety validation variables, such as login credentials, and one-time password (OTP), which is unique to the user. Additionally, it creates and elaborates a defense system against any unauthorized individual from accessing a network, computer device, physical location, or database. For instance, when a user tries to log into their account, they may be asked to provide a code that is sent to a device they own or to answer a security question. This makes it difficult for attackers to gain access to an account.
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Global Multi-Factor Authentication Market Trends:
The penetration of the Internet of Things (IoT) majorly drives the global market. This can be supported by the rising product adoption of IoT consumer products, including smartphones, smart homes, and smartwatches across the globe. Coupled with this, the rising instances of security breaches, cyber-attacks, and online frauds are significantly supporting the market. Since small and medium-sized organizations are the primary targets of cyber-attacks, which often take the form of ransomware that hijacks the organization's online and financial accounts, this is providing a thrust to the demand for multi-factor authentication (MFA) systems as it helps to prevent such attacks and are more secure than traditional single-factor authentication.
Competitive Landscape:
By IMARC group the report has also analyzed the competitive landscape of the market with some of the top multi factor authentication solutions Companies being
Some of these key players include:
.Broadcom, Inc.
.HID Global Corporation
.Deepnet Security Ltd.
.Entrust Datacard Corporation
.Fujitsu Limited
.Gemalto N.V.
.Microsoft Corporation
.NEC Corporation of America
.Okta, Inc.
.Ping Identity Corporation
.RSA Security LLC
.SecureAuth Corporation
.SecurEnvoy Limited
.Suprema Inc
In addition, the widespread adoption of MFA for online banking, online shopping, and other activities that require a higher level of security is positively influencing the market. With the growing product utilization in the corporate setting to protect access to sensitive data and systems is a major driving factor. As more industries, such as financial services, healthcare, and government, are subject to more stringent security regulations, the need for more secure authentication protocols increases, this is impacting the market on the global level. Furthermore, continuous advancements in biometrics technologies along with the advent of cloud-integrated MFA solutions allowing facial recognition, document verification, and remote fingerprint scanning, are creating a positive market outlook. Some of the other factors driving the market include the rising usage of digital payment methods and extensive research and development (R&D) activities.
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Key Market Segmentation:
Breakup by Model:
.Two-Factor Authentication
.Three-Factor Authentication
.Four-Factor Authentication
.Five-Factor Authentication
Breakup by Deployment Type:
.On-Premises
.On-Cloud
Breakup by Application:
.Smart Card Authentication
.Phone-Based Authentication
.Hardware OTP Token Authentication
Breakup by Vertical:
.Banking & Finance
.Government
.Travel & Immigration
.Military & Defence
.Commercial Security
.Healthcare
.Consumer Electronics
.Others
Breakup by Region:
.North America (United States, Canada)
.Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
.Europe (Germany, France, United Kingdom, Italy, Spain, Others)
.Latin America (Brazil, Mexico, Others)
.Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
.Market Performance (2017-2022)
.Market Outlook (2023-2028)
.COVID-19 Impact on the Market
.Porter's Five Forces Analysis
.Historical, Current and Future Market Trends
.Market Drivers and Success Factors
.SWOT Analysis
.Structure of the Market
.Value Chain Analysis
.Comprehensive Mapping of the Competitive Landscape
TOC for the Report:
.Preface
.Scope and Methodology
.Executive Summary
.Introduction
.Global Market
.SWOT Analysis
.Value Chain Analysis
.Price Analysis
.Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.Elena Anderson
IMARC Services Private Limited
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