Multi-Factor Authentication Market Trends, Size, Share, Analysis, 2024-2032 | IMARC Group


According to the latest report by IMARC Group, titled
Multi-Factor Authentication Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,”
offers a comprehensive analysis of the industry, which comprises insights on the global market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global multi-factor authentication market size reached US$ 18.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 65.9 Billion by 2032, exhibiting a growth rate (CAGR) of 15% during 2024-2032.

Multi-factor authentication (MFA) is a security mechanism that requires users to verify their identity through multiple credentials before gaining access to a system or application. MFA is manufactured through a combination of software and hardware components, including authentication servers, tokens, biometric scanners, and communication protocols. The importance of MFA lies in its ability to significantly enhance security by adding layers of defense against unauthorized access, reducing the risk of data breaches, identity theft, and unauthorized transactions. The benefits of MFA include improved security posture, reduced reliance on passwords alone, enhanced user trust, and better protection of sensitive information.

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Global Multi-Factor Authentication Market Trends:

The global market is primarily driven by the increasing prevalence of cyber threats and data breaches is compelling organizations to adopt robust security measures like MFA to safeguard their digital assets. Additionally, the rising stringent regulatory requirements and compliance standards are driving the adoption of MFA across various sectors, including finance, healthcare, and government is impelling market growth. Moreover, the growing adoption of cloud-based services and the proliferation of mobile devices are fueling the demand for MFA solutions that offer seamless and secure access to resources from anywhere, at any time which is further stimulating market growth.

Furthermore, continual advancements in biometric technology, such as facial recognition and fingerprint scanning, are enhancing the effectiveness and user experience of MFA solutions are propelling market growth. In line with this, the growing focus on user experience and convenience is prompting the development of MFA solutions that balance security with ease of use, driving adoption among businesses and consumers alike is further driving market growth.

Some of the Top Multi-Factor Authentication Companies Operating in the Market are Given Below:

  • 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

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 (2018-2023)
  • Market Outlook (2024-2032)
  • 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

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.

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.

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