Global Multi-Factor Authentication Market Report, Industry Analysis and Forecast to 2029

The global Multi Factor Authentication Market was valued at USD 10.6 billion in 2020 and is projected to reach USD 39.1 billion in 2029, at a Compound Annual Growth Rate (CAGR) of ~17.8% during the forecast period 2022-2029.

Multi-factor Authentication (MFA) is an authentication method that requires the user to provide two or more verification factors to gain access to a resource such as an application, online account, or a VPN. MFA is a core component of a strong identity and access management (IAM) policy. Rather than just asking for a username and password, MFA requires one or more additional verification factors, which decreases the likelihood of a successful cyber-attack.

There are various types of models used in multi factor authentication such as two factor authentication, three factor authentication, four factor authentication and five factor authentication which can either have password type authentication or password less authentication. Additionally, multi factor authentication can be segmented based on component like hardware, solutions and service across various industry verticals. This report emphasizes the type of model, authentication type and component of the multi factor authentication in different regions and countries over the forecast period.

Global Multi Factor Authentication Market Overview

The global multi factor authentication demand is driven by the rise in cyberattacks and security breaches during the pandemic. Furthermore, with increase in remote working culture, organizations are more vulnerable to cyberattacks and this has created a new avenue for multi factor authentication in the global market. However, low awareness about usage of multi factor authentication, delay in logging in process and high operational complexity due to additional steps can hamper the growth of multi factor authentication market.

Multi Factor Authentication Market Dynamics

Increasing demand and acceptance of online systems, smartphones and mobile applications along with secure, easy and rapid authentication processes are some of the factors expected to drive the growth of multi factor authentication market in the forecast period. Additionally, government institutions are moving towards the adoption of digital identities to provide consumers with an easier and faster way to access services because of which safety of consumer data becomes one of the major concerns for these institutions. Compliance policies such a General Data Protection Regulation (GDPR) and other similar policies increases adoption rate of MFA solution in their network infrastructure and user base.

With rise in work from home and remote work culture, cybercriminals are utilizing the vulnerabilities of remote access and thus increased incidence of cyberattacks were reported during the lockdown.

High cost associated with implementation of multi factor authentication solutions including maintenance and timely upgradation along with software licensing, hardware and software tokens, biometric authentication and certification to fulfill the compliance standards becomes a limiting factor in the growth of global multi factor authentication market.

Multi Factor Authentication Market Report Outlook

The multi factor authentication market report focuses on different aspects regarding model type, component and authentication type of multi factor authentication along with different end users. The research analyses the different model types, component and authentication type of the product in order to obtain a better understanding regarding the growth and trends of the market since 2019 which also facilitates the estimation of the upcoming growth of the market in the next 7 years.

Multi Factor Authentication Market Competitive Landscape

The report also holds competitive analysis which can be used to differentiate different types of solutions; technologies used in building the solutions; prices; innovation in R&D; organic and inorganic growth strategies; financial analysis to determine the revenue generation and other key aspects of the finance; new partnership, joint ventures, collaborations, and acquisitions; market share of the top competitors in the market; and understand the growth strategies being undertaken by these major players to analyse the future market trends.

For instance, in September 2020, OneSpan company entered in a strategic partnership with ForgeRock, for integration of OneSpan technologies into the ForgeRock Identity Platform. The combination solution aims at providing users with a single and simplified authentication system, along with fraud, theft and risk management. OneSpan and ForgeRock system are deployed to help banks and financial institutions in identity and access management and for protection from cyber-crime.

Other major players holding prominent share in the automotive lubricants market include Microsoft, Broadcom, Onespan, Okta, Microfocus, RSA security among the others. There are several regional and local players in this market across the globe which are contributing towards the revenue growth of the market and thus expected to flourish with new launches and expansion in the upcoming years.

Multi Factor Authentication Market Regional Analysis

The market synopsis will also cover the regional dynamics and growth prospects which would include regions- North America, Asia Pacific, Europe, Latin America, Middle East and Africa. These regions will be analysed per countries on the basis of market drivers, restraints, opportunities, and trends to get a closer view of the market studied.

North America held the largest market share in the year 2021. Rising need for prevention of cyberattacks, fraud and theft, providing data security and privacy along with the need to safeguard consumer's data are some of the factors driving market growth in the region. Additionally, presence of large number of MFA vendors like Broadcom, OneSpan and Microsoft among others, widespread cloud deployment and investment and innovation are also creating lucrative opportunities in the global market.

Asia - Pacific region is expected to grow with the highest CAGR during the forecast period due to the increase of Bring Your Own Device (BOYD), mobility solutions along with cyberattacks and data leaks. Additionally, in places like China, activities like hacking for monetary benefit is on a rise. Technological advancement along with investments in developing new MFA solutions offers lucrative opportunities in this region. Europe is another region with flourishing growth opportunities in MFA market with increasing use of MFA solutions in government establishments and other organizations.

Multi Factor Authentication Market In-depth Analysis Aspects

To mention certain other aspects which will include the Porter Five Forces, Pricing analysis, PESTEL Analysis, Export-Import data, and Industry Value Chain will also bind the analysis of the report.

Research Methodology

The study period of the market is considered to be 7 years (2022-2029) which will be analysed through the two major research techniques – Primary and Secondary Research methods. The primary research method includes the interviews of the key personnel in the industry considered as the industry experts, major distributors, suppliers, and consumer base sample survey to understand the direct perspective of the market. Additionally, these data are backed by the secondary research method which includes company overview through websites, annual reports, SEC filings, investor presentations, news, and databases. The growth trends are always measured on the basis of current and past scenarios considering any recent news which can drastically impact the growth rate of the market studied. Moreover, the consumption forecast depends on the company’s upcoming plans and revenue generation aspects.

Benefits of The Report

• The report is designed to understand the past, present and future market scenarios considering all the growth, restraining, and other factors influencing the market studied.
• The report is designed with the assistance of the industry experts for better understanding on the market studied
• The market is analysed with in-depth study of the company’s view on the market considering the present economic, political, social, geographical, and legal factors.
• To gain a clear insight for better future perspective of the market studied in 360-degree synopsis.
• Understand the competition in the market being a part of the market or a new entrant in the market.
• Analyse the different aspects in different geographies influencing the growth of the market through diverse consumer base.