Rising Importance of Cyber Security in Most of the Countries is Escalating the Growth of Multi Factor Authentication market

Increasing demand of digitalization, growing online transaction and applications are associated with the need of deploying multi factor authentication solutions to safeguard customer's identity from cybercriminals and preserve the sensitive data. Multi factor authentication is noninvasive and does not affect the infrastructure and virtual space of the organization or institution. Additionally, with rise in cyber-attacks during the pandemic due to increased vulnerability associated with remote access, supporting government policies for increase in data privacy has facilitated the demand for multi factor authentication solutions globally.

Increased investments in research and development across the globe is aiming to build customized authentication models as per the needs and specification of the organization which is anticipated to drive the market growth during the forecast period.

According to Marketlook Consulting’ research report “Global Multi Factor Authentication Market Analysis, 2021”, the Global Multi Factor Authentication market is anticipated to grow at a CAGR of 17.8% during 2022-29. The market would reach to USD 39.1 billion by 2029.

Based on Model Type, the two-factor authentication segment is expected to acquire the largest market share during he forecast period. The increasing number of online transactions, rising security breaches, and compliance to regulatory norms is expected to boost the two-factor authentication segment market growth.

“Global Multi Factor Authentication Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for multi factor authentication vendors across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

North America Dominated the Market

Based on leading regions, North America dominated the global multi factor authentication market in 2021 and is projected to continue to grow during the forecasted period 2022-29 due to widespread cloud deployment, investment and innovation in the authentication solutions to safeguard consumer's data and identity which is put at risk because of rising demand of online transactions and applications. These factors are projected to fuel the demand for multi factor authentication solutions in the forthcoming period as stated in Marketlook Consulting research report “Global Multi Factor Authentication Market Analysis, 2021”. 

According to Marketlook Consulting’, the key players with a considerable market share in the global Air Purifier market are Microsoft, Broadcom, OneSpan, Okta, Micro Focus, Thales, RSA Security, Duo Security, Ping Identity and Hid Global.

Market Segmentation:

1. By Model Type (Two - factor authentication, Three- factor authentication, Four- factor authentication, Five -factor authentication)
2. By Authentication Type (Password, Password less)
3. By Component (Hardware, Solutions, Services)
4. By End Users (BFSI, Government, Travel & Immigration, Military & Defense, Commercial Security, IT, Telecommunication, Healthcare, Media & Entertainment, Others)
5. By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
6. By Company (Microsoft, Broadcom, OneSpan, Okta, Micro Focus, Thales, RSA Security, Duo Security, Ping Identity and Hid Global)

Key questions answered in the study:

1. What are the current and future trends of the Multi Factor Authentication industry?
2. How the industry has been evolving in terms of end-user demand and authentication type?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Multi Factor Authentication industry?
5. What is the customer orientation, purchase behavior, and expectations from the Multi Factor Authentication firms across various regions?