DUBLIN, May 13, 2021 /PRNewswire/ — 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.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in the Multi-Factor Authentication Market

4.2 Market, by Component and Organization Size

4.3 Market, by Region

4.4 Market: Investment Scenario

5 Market Overview and Industry Trends

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Growing Adoptions of Byod, Cyod, and Wfh Trends

5.2.1.2 Rising Security Breaches and Sophisticated Cyberattacks Leading to Financial and Reputational Losses

5.2.1.3 Stringent Government Regulations to Increase the Adoption of Mfa Solutions

5.2.1.4 Escalating Instances of Identity Theft and Fraud

5.2.2 Restraints

5.2.2.1 High Cost and Technical Complexities in Implementing Mfa Solutions

5.2.2.2 Increasing Response Time in Higher Order Authentication Models

5.2.3 Opportunities

5.2.3.1 Proliferation of Cloud-Based Mfa Solutions and Services

5.2.3.2 Rising Adoption of Interconnected Devices in the IoT Environment

5.2.3.3 High Volume of Online Transactions

5.2.4 Challenges

5.2.4.1 Lack of Awareness Related to Mfa Among Enterprises

5.2.4.2 Scarcity of Skilled Cybersecurity Professionals

5.3 COVID-19 Driven Market Dynamics

5.3.1 Drivers and Opportunities

5.3.2 Restraints and Challenges

5.3.3 Cumulative Growth Analysis

5.4 Value Chain Analysis

5.5 Ecosystem: Multi-Factor Authentication Market

5.6 Average Selling Price/Pricing Model of Multi-Factor Authentication Players 2019-2020

5.7 Regulatory Landscape

5.8 Technology Trends

5.9 Patent Analysis

5.10 Use Cases

5.11 Revenue Shift – YC/YCC Shift for the Multi-Factor Authentication Market

5.12 Porter’s Five Forces Analysis

6 Multi-Factor Authentication Market, by Authentication Type

6.1 Introduction

6.1.1 Authentication Type: Market Drivers

6.1.2 Authentication Type: COVID-19 Impact

6.2 Password Authentication

6.3 Passwordless Authentication

7 Multi-Factor Authentication Market, by Component

7.1 Introduction

7.1.1 Component: Market Drivers

7.1.2 Component: COVID-19 Impact

7.2 Solutions

7.3 Hardware

7.4 Services

8 Multi-Factor Authentication Market, by Model Type

8.1 Introduction

8.1.1 Model Type: Market Drivers

8.1.2 Model Type: COVID-19 Impact

8.2 Two-Factor Authentication

8.2.1 Smart Card with Pin

8.2.2 Smart Card with Biometric Technology

8.2.3 Biometric Technology with Pin

8.2.4 Two-Factor Biometric Technology

8.2.5 One Time Password with Pin

8.3 Three-Factor Authentication

8.3.1 Smart Card with Pin and Biometric Technology

8.3.2 Smart Card with Two-Factor Biometric Technology

8.3.3 Pin with Two-Factor Biometric Technologies

8.3.4 Three-Factor Biometric Technology

8.4 Four-Factor Authentication

8.5 Five-Factor Authentication

9 Multi-Factor Authentication Market, by Organization Size

9.1 Introduction

9.1.1 Organization Size: Market Drivers

9.1.2 Organization Size: COVID-19 Impact

9.2 Small and Medium-Sized Enterprises

9.3 Large Enterprises

10 Multi-Factor Authentication Market, by End-User

10.1 Introduction

10.1.1 End-User: Market Drivers

10.1.2 End-User: COVID-19 Impact

10.2 Banking, Financial Services and Insurance

10.3 Government

10.4 Travel and Immigration

10.5 Military and Defense

10.6 Commercial Security

10.7 Information Technology

10.8 Telecommunications

10.9 Healthcare

10.10 Media and Entertainment

10.11 Other Verticals

11 Multi-Factor Authentication Market, by Region

11.1 Introduction

11.2 North America

11.2.1 North America: Market Drivers

11.2.2 North America: COVID-19 Impact

11.2.3 North America: Regulatory Landscape

11.2.4 United States

11.2.5 Canada

11.3 Europe

11.3.1 Europe: Multi-Factor Authentication Market Drivers

11.3.2 Europe: COVID-19 Impact

11.3.3 Europe: Regulatory Landscape

11.3.4 United Kingdom

11.3.5 Germany

11.3.6 France

11.3.7 Italy

11.3.8 Rest of Europe

11.4 Asia-Pacific

11.4.1 Asia-Pacific: Multi-Factor Authentication Market Drivers

11.4.2 Asia-Pacific: COVID-19 Impact

11.4.3 Asia-Pacific: Regulatory Landscape

11.4.4 Australia

11.4.5 India

11.4.6 China

11.4.7 Japan

11.4.8 South Korea

11.4.9 Rest of Asia-Pacific

11.5 Middle East and Africa

11.5.1 Middle East and Africa: Multi-Factor Authentication Market Drivers

11.5.2 Middle East and Africa: COVID-19 Impact

11.5.3 Middle East and Africa: Regulatory Landscape

11.5.4 United Arab Emirates

11.5.5 Kingdom of Saudi Arabia

11.5.6 Rest of Middle East and Africa

11.6 Latin America

11.6.1 Latin America: Multi-Factor Authentication Market Drivers

11.6.2 Latin America: COVID-19 Impact

11.6.3 Latin America: Regulatory Landscape

11.6.4 Brazil

11.6.5 Rest of Latin America

12 Competitive Landscape

12.1 Introduction

12.2 Market Evaluation Framework

12.3 Market Share of Leading Players

12.4 Market Share Analysis of Key Market Players

12.5 Historical Revenue Analysis

12.6 Ranking of Key Players in the Multi-Factor Authentication, 2020

12.7 Company Evaluation Matrix

12.7.1 Company Evaluation Matrix Definitions and Methodology

12.7.2 Star

12.7.3 Pervasive

12.7.4 Emerging Leaders

12.7.5 Participants

12.8 Strength of Product Portfolio

12.9 Business Strategy Excellence

12.1 Startup/SME Evaluation Matrix, 2020

12.10.1 Progressive Companies

12.10.2 Responsive Companies

12.10.3 Dynamic Companies

12.10.4 Starting Blocks

13 Company Profiles

13.1 Introduction

13.2 Key Players

13.2.1 Microsoft

13.2.1.1 Business Overview

13.2.1.2 Solutions and Services Offered

13.2.1.3 Recent Developments

13.2.1.4 COVID-19-Related Developments

13.2.1.5 Analyst’s View

13.2.1.5.1 Key Strengths/Right to Win

13.2.1.5.2 Strategic Choices Made

13.2.1.5.3 Weaknesses and Competitive Threats

13.2.2 Broadcom

13.2.2.1 Business Overview

13.2.2.2 Solutions and Services Offered

13.2.2.3 Recent Developments

13.2.2.4 COVID-19-Related Developments

13.2.2.5 Analyst’s View

13.2.2.5.1 Key Strengths/Right to Win

13.2.2.5.2 Strategic Choices Made

13.2.2.5.3 Weaknesses and Competitive Threats

13.2.3 Onespan

13.2.3.1 Business Overview

13.2.3.2 Solutions and Services Offered

13.2.3.3 Recent Developments

13.2.3.4 COVID-19-Related Developments:

13.2.3.5 Analyst’s View

13.2.3.5.1 Key Strengths/Right to Win

13.2.3.5.2 Strategic Choices

13.2.3.5.3 Weaknesses and Competitive Threats

13.2.4 Okta

13.2.4.1 Business Overview

13.2.4.2 Solutions and Services Offered

13.2.4.3 Recent Developments

13.2.4.4 COVID-19-Related Developments:

13.2.4.5 Analyst’s View

13.2.4.5.1 Key Strengths/Right to Win

13.2.4.5.2 Strategic Choices Made

13.2.4.5.3 Weaknesses and Competitive Threats

13.2.5 Micro Focus

13.2.5.1 Business Overview

13.2.5.2 Solutions and Services Offered

13.2.5.3 Recent Developments

13.2.5.4 COVID-19-Related Developments:

13.2.5.5 Analyst’s View

13.2.5.5.1 Key Strengths/Right to Win

13.2.5.5.2 Strategic Choices Made

13.2.5.5.3 Weaknesses and Competitive Threats

13.2.6 Thales

13.2.6.1 Business Overview

13.2.6.2 Solutions and Services Offered

13.2.6.3 Recent Developments

13.2.6.4 COVID-19-Related Developments:

13.2.7 Rsa Security

13.2.7.1 Business Overview

13.2.7.2 Solutions and Services Offered

13.2.7.3 Recent Developments

13.2.7.4 COVID-19-Related Developments:

13.2.8 Duo Security (Cisco)

13.2.8.1 Business Overview

13.2.8.2 Solutions Offered

13.2.8.3 Recent Developments

13.2.8.4 COVID-19-Related Developments:

13.2.9 Ping Identity

13.2.9.1 Business Overview

13.2.9.2 Solutions and Services Offered

13.2.9.3 Recent Developments

13.2.9.4 COVID-19-Related Developments:

13.2.10 HID Global

13.2.10.1 Business Overview

13.2.10.2 Solutions Offered

13.2.10.3 Recent Developments

13.2.10.4 COVID-19-Related Developments:

13.2.11 ESET

13.2.11.1 Business Overview

13.2.11.2 Solutions and Services Offered

13.2.11.3 Recent Developments

13.2.11.4 COVID-19-Related Developments:

13.2.12 Forgerock

13.2.13 Cyberark

13.2.14 OneLogin

13.2.15 SecureAuth

13.2.16 Oracle

13.2.17 Salesforce

13.3 Startup/SME Profiles

13.3.1 Secret Double Octopus

13.3.2 Silverfort

13.3.3 Trusona

13.3.4 FusionAuth

13.3.5 HYPR

13.3.6 Keyless

13.3.7 Luxchain

14 Adjacent/Related Markets

14.1 Introduction

14.2 Identity Access and Management Market

14.2.1 Market Definition

14.3 Risk-Based Authentication Market

14.3.1 Market Definition

14.4 Digital Identity Management Market

14.4.1 Market Definition

15 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/g1a5wi

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