Multi Factor Authentication Market is expected to grow at a CAGR of 16.85% through 2029
Global Multi Factor Authentication Market is expected to grow owing to rise of remote work and the increasing reliance on mobile devices for work-related tasks throughout the forecast period.
According
to TechSci Research report, “Multi
Factor Authentication Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2019-2029F”, the Global Multi Factor
Authentication Market is expected to register robust growth during the
forecast period.
The proliferation of
sophisticated cyber threats, including phishing attacks, ransomware, and data
breaches, has significantly heightened the demand for stronger authentication
methods. Traditional username and password systems have proven vulnerable to exploitation,
leading to a surge in unauthorized access incidents. MFA addresses this
vulnerability by adding additional layers of authentication, making it more
challenging for cybercriminals to gain unauthorized access. The escalating
frequency and severity of cyber threats act as a compelling driver for the
adoption of MFA solutions.
The
increasing adoption of cloud services and the transition to remote work have
created a significant opportunity for cloud-based MFA solutions. Cloud-based
MFA offers scalability, flexibility, and cost-effectiveness, making it an
attractive option for organizations of all sizes. As businesses continue to
migrate their operations to the cloud, the demand for MFA solutions that
seamlessly integrate with cloud platforms and services is expected to rise.
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Multi Factor Authentication Market"
Based
on type of authentication, the
Two factor segment is expected to dominate the market during the forecast
period. The Two factor is witnessing continuous
technological advancements and diversification in authentication methods. While
traditional methods like SMS-based codes or hardware tokens remain prevalent,
innovative approaches such as biometric authentication and push notifications
are gaining prominence. Biometric 2FA, which includes fingerprint scanning,
facial recognition, and iris scanning, offers a higher level of security and a
more user-friendly experience. The integration of biometric elements into 2FA
aligns with the broader trend of enhancing security without compromising
usability. Advancements in mobile device technology have further facilitated
the adoption of 2FA, as smartphones often serve as the second factor in
authentication. The shift towards password less authentication, where users are
not required to remember complex passwords, is also influencing the evolution
of 2FA solutions. Additionally, the market is witnessing a diversification of
authentication methods to cater to different user preferences and risk
profiles. This includes the integration of geolocation-based authentication,
behavioral analytics, and context-aware authentication, allowing organizations
to tailor 2FA methods based on specific use cases and security requirements.
Key
market players in the Global Multi Factor Authentication Market are:-
- Okta Inc.
- Microsoft
Corporation
- Cisco Systems, Inc.
- Broadcom Inc.
- OneLogin Inc.
- ForgeRock Inc.
- SecureAuth
Corporation
- Thales SA
- Yubico AB
- HID Global Corporation
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“The
Global Multi Factor Authentication Market in North America is poised to be the
dominant region in the industry. North
America represents one of the largest and most mature market for Multi-Factor
Authentication. The region has witnessed substantial growth in the adoption of
MFA solutions across various industries, including finance, healthcare,
government, and technology. The proliferation of online services, the
increasing frequency of cyber threats, and the need for robust data protection
have been key factors driving the demand for MFA”, said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based global management consulting
firm.
“Multi Factor Authentication Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Solution (Hardware and Software), By Type of Authentication (Two factor, Three factor and Others), By End-User (BFSI, Healthcare, IT & Telecom, Retail Government and Others), By Region, and By Competition, 2019-2029F”, has evaluated the future growth potential of Global Multi
Factor Authentication Market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
Global Multi Factor Authentication Market.
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