DUBLIN–(BUSINESS WIRE)–The “Global Multi-Factor Authentication Market by Component (Hardware, Solutions, and Services), Model Type (Two, Three, Four, and Five-Factor), Organization Size, End User (BFSI, Healthcare, Media and Entertainment, Government), and Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global MFA market size is projected to grow from USD 11.1 billion in 2021 to USD 23.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period.
Major driving factors for the MFA market include rise in security breaches, fraud, and data identity thefts, surge in use of BYOD/ IoT devices, high demand for cloud-based MFA solutions and services, high volume of online transactions, and stringent government regulations.
By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the MFA solutions and services in an organization. As the adoption of the MFA solution increases, the demand for these services is also expected to increase.
During COVID-19, the growing concern of data breaches and privacy compliance regulations is making companies focus on adopting MFA solutions to achieve compliance, improved data security, and better flexibility in operations. Major MFA vendors are widely supporting organizations with quick support services in such unprecedented times. Financial services, healthcare, and the e-commerce industry verticals have witnessed huge data losses due to security breaches. As a result, they are highly dependent on MFA solutions for strengthening their cybersecurity capabilities.
By model type, the two factor authentication segment to hold the largest market size during the forecast period
The two-factor authentication model is expected to witness rapid adoption in future as it offers a robust, unbreakable, and second-layered security infrastructure. Two-factor authentication (2FA), often referred to as two-step verification, is a security process in which the user provides two authentication factors.
Two-factor authentication provides an additional layer of security and makes it harder for attackers to gain access to a person’s devices and online accounts, because knowing the victim’s password alone is not enough to pass the authentication check. Two-factor authentication can be achieved using any two of smart cards, PIN, SMS application, tokens, biometrics (iris, face, palm, fingerprint, and so on), passwords, and so on.
Asia Pacific to register the highest growth rate during the forecast period
Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global MFA market during the forecast period. The region comprises emerging economies, such as Australia, China, Japan, India, and South Korea. With the proliferation of advanced technologies in the APAC region, security and fraud concerns have risen.
Market Dynamics
Drivers
Growing Adoptions of Byod, Cyod, and Wfh Trends Rising Security Breaches and Sophisticated Cyberattacks Leading to Financial and Reputational Losses Stringent Government Regulations to Increase the Adoption of Mfa Solutions Escalating Instances of Identity Theft and Fraud Restraints
High Cost and Technical Complexities in Implementing Mfa Solutions Increasing Response Time in Higher Order Authentication Models Opportunities
Proliferation of Cloud-Based Mfa Solutions and Services Rising Adoption of Interconnected Devices in the IoT Environment High Volume of Online Transactions Challenges
Lack of Awareness Related to Mfa Among Enterprises Scarcity of Skilled Cybersecurity Professionals Companies Mentioned
Broadcom Cyberark Duo Security (Cisco) ESET Forgerock Fusionauth HID Global HYPR Keyless Luxchain Micro Focus Microsoft Okta OneLogin OneSpan Oracle Ping Identity RSA Security Salesforce Secret Double Octopus SecureAuth Silverfort Thales Trusona For more information about this report visit https://www.researchandmarkets.com/r/efxs0b