Global Multi-Factor Authentication (MFA) Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Rising number of security breaches and fraud & data identity thefts, surge in use of BYOD/ IoT devices and high demand for cloud-based MFA solutions and services are some of the major factors driving the growth of the Global Multi-Factor Authentication (MFA) Market.
Global Multi-Factor Authentication (MFA) Market is valued at USD 9.78 Billion in 2020 and expected to reach USD 27.49 Billion by 2027 with a CAGR of 15.9% over the forecast period.
An authentication method that requires the user to provide two or more verification factors for gaining access to a resource such as an application, online account, or a VPN is nothing but a Multi-factor Authentication (MFA). It is a fundamental component of a strong identity & access management (IAM) policy. It requires one or more additional verification factors rather than just asking for a username and password, which decreases the likelihood of a successful cyber-attack.
Factor like thumbprint or physical hardware key means has increased confidence that any organization will stay safe from cyber criminals as it works by requiring additional verification information (factors) by enforcing the use of an MFA. Its main benefit is that it boosts the security of the user or organization by requiring users to identify themselves by more than a username & password. Most MFA authentication methodology is based on one of three types of additional information such as things that user known such as a password or PIN, that things user have ownership such as a smartphone or badge and things that are inherence such as a biometric like voice recognition or fingerprints.
Covid 19 has shown a positive impact on the growth of the global multi-factor authentication market. The COVID-19 pandemic has increased the dependency on online businesses significantly. Individuals are progressively inclined towards the use of digital technologies such as MFA with the extensive use of mobile devices and internet penetration across the globe. Additionally, restrictions enforced by governments in response to the COVID-19 pandemic have encouraged employees to work from home and even ‘stay at home’. Thus, employees working remotely should be required to use multifactor authentication (MFA) to access networks and critical applications.
Global Multi-Factor Authentication (MFA) Market is segmented on the basis of type, application and region & country level. On the basis of type, the market is segmented into two-factor authentication, three-factor authentication and other (Four-Factor Authentication and Five-Factor Authentication). On the basis of application, the market is segmented into banking and finance, government, travel and immigration, military and defence, commercial security, consumer electronics, healthcare and others.
The regions covered in Global Multi-Factor Authentication (MFA) Market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of Global Multi-Factor Authentication (MFA) Market is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (UAE, Egypt, Saudi Arabia) GCC, Africa, etc.
The key players of Global Multi-Factor Authentication (MFA) Market are such as
Businesses are facing increasing number of cyber threats each day. Even though security has become more complex, people still fall prey to basic attacks like phishing scams. Thus, with the increasing cyber threat landscape and risk surface, the demand for MFA solutions is also rising as this MFA takes a holistic approach for creating a layer of defense and make it difficult for an unauthorized person to gain access.
Also the continually-evolving digital threat landscape makes e-commerce businesses particularly vulnerable. There is introduction of security improvements to credit cards and in-store terminals and these improvements reduced traditional credit card fraud but had the involuntary effect of pushing more theft online. Thus, as E-commerce businesses are vulnerable to several types of attacks, including brute force attacks, phishing, and credential stuffing, so there is increasing need for MFA.
For instance, according to ThreatMetrix’s latest Cyber Security report; the growth in ecommerce fraud attempts in the first quarter of 2018 compared to 2016 outstripped the growth in ecommerce transactions by 83%. Also according to the latest data from IBM, the average cost of a data breach is currently about $150 per compromised record and the costs of data breaches will only increase with the passage of new privacy legislation.
Also, as in the modern digital era, everyone is partially or fully integrated with cloud computing to access numerous cloud models, services, and applications. Merger of various services, techniques, cloud infrastructure, deployment models and vendor-based cloud architecture all are combined under the umbrella of multi-cloud infrastructure. With this, there is rising demand for cloud-based MFA solutions and services as it helps to advance deeper insights into how different forms of MFA can increase cybersecurity maturity. As MFA is an easily added layer of security for administrator access, it is highly preferred solution for security. Hence high demand for cloud-based MFA solutions and services is also the fostering the growth of the market.
However, the authentication systems with multiple factors are being designed with advanced technology and multiple processes to authenticate data. Therefore, this would result in increased service or response time and a long queue which may limit the market growth. In spite of that, increasing volume of online transactions with high adoption of digital banking by customers is expected to create more opportunities for the further growth of the market.
The Global Multi-Factor Authentication market is segmented into North America, Europe, Asia- Pacific, Latin America and Middle East & Africa. North America region is expected o dominate the market due to factors such early adoption of MFA, the presence of key MFA market vendors, investments and innovations, strict regulatory environment and high technology adoption rates in this region. Businesses in this region are gradually implementing MFA solution for empowering data security; to prevent identity thefts, cyber-attacks and commercial espionage and ensure security & privacy of data to facilitate business continuity. For instance; United States Government Agencies are required by Homeland Security Presidential Directive 12 (HSPD-12) to utilize Personal Identity Verification (PIV) cards to authenticate employees to official information systems.
During a global pandemic or in other scenarios where authorized users do not have access to government furnished equipment (GFE) or cannot utilize a PIV card as using other strong authentication mechanisms becomes necessary and unavoidable. By using this objective criteria in this guidance, government organizations can make better informed decisions about which multi-factor solutions meet their particular needs. And by following the practical guidelines, users can reduce their risk exposure and become harder targets for malicious threat actors.
|2015 - 2020
|2021 - 2027
|Market Size in 2020:
|USD 9.78 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2027:
|USD 27.49 Billion
|Tables, Charts & Figures:
|Morpho, Gemalto, NEC, Entrust Inc., CA Technologies, Fujitsu, VASCO Data Security, HID Global, RSA Security, Symantec Corporation, SecurEnvoy ltd, Crossmatch, Duo Secuirty, Deepnet Security, CensorNet Ltd., and others.
|By Types, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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