Multifactor Authentication Market Size, Share, Trends, Growth and Forecast 2032

Multifactor Authentication Market Insights

According to the report published by Zion Market Research, the global Multifactor Authentication Market size was valued at USD 17.73 Billion in 2023 and is predicted to reach USD 69.55 Billion by the end of 2032. The market is expected to grow with a CAGR of 16.4% during the forecast period. The report analyzes the global Multifactor Authentication Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Multifactor Authentication industry.

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Global Multifactor Authentication Market: Overview

Multifactor authentication (MFA) is an advanced security system. It is installed where there is a need for more than one authentication process to provide access. The surge in the number of validation processes to reduce the probability of security breaches such as hacking and data theft has driven the demand for such authentication systems. The multifactor authentication system consists of an amalgamation of logical, biometric, and physical procedures to pass the security system.

Global Multifactor Authentication Market: Growth Factors

The foremost factor driving the global multifactor authentication market is the growing network security threats coupled with increasing demand for reliable and advanced authentication systems. Furthermore, the surging usage of smartphones with built-in authentication technology and rapidly growing e-commerce pace has propelled the global multifactor authentication market growth.

The involvement of cloud computing in the smart solutions is helping the service providers to reduce the maintenance cost of software and hardware-based models. Many companies are turning to cloud computing due to the ease of installation & upgradation, improved scalability & enhanced readability, and pay per use features and hence these features are positively shaping the trajectory of the global multifactor authentication market.

The growing investment activities in cloud technologies, adoption of enterprise mobility, and enterprise mobility are anticipated to boost the market growth vigorously during the forecast period.

The growing number of data breaches and cyber-attacks has led organizations to spend heavily on cyber security to protect their business. Legacy network and defense sector are substituted with upcoming technologies to stop hackers from gaining network access.

Moreover, several other factors like increasing pressure of compliances regarding data security, strict rules & regulations regarding data security, and growing adoption of BYOD things among businesses have bolstered the global multifactor authentication market during the forecast period.

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Global Multifactor Authentication Market: Segmentation

The global multifactor authentication market can be segmented into model, application, and region.

By model, the market can be segmented into five-factor authentication, four-factor authentication, three-factor authentication, and two-factor authentication.

Two-factor authentication holds the largest share in the global multifactor authentication market. This model helps the organizations to authenticate the identification of users digitally with the help of several parameters like possession-based factors, knowledge-based factors, and inherence-based factors. Multi-factor authentication has widespread usage in different sectors as they facilitate data protection and enhance security. Service providers and technology firms are innovating and deploying several solutions that cater to the operational efficiencies of the organizations and thus boosting the global multifactor authentication market growth.

By application, the market can be segmented into retail & e-commerce, travel & immigration, healthcare, government & defense, BFSI, and others. The BFSI segment holds hegemony owing to the growing adoption of MFA solutions that enables organizations and businesses to secure their transactions to avoid data loss and frauds in the online transactions.

The healthcare industry is anticipated to witness huge growth during the forecast period due to the proliferation of the sector coupled with the growing adoption of digital services across the sectors.

Multifactor Authentication Market: Report Scope

Global Multifactor Authentication Market: Regional analysis

North America holds the largest share in the global multifactor authentication market owing to the technological advancements coupled with the proliferation of smartphones, the high adoption rate for numerous digital services, and enhanced network connectivity in the region. Moreover, the increasing cases of cyber-attacks are boosting the adoption of multifactor authentication in the region. Furthermore, the presence of prominent market players in the region is driving regional growth significantly.

Asia Pacific is anticipated to witness huge growth with high CAGR during the forecast period due to the growing expense on connected devices, increasing investment activities in IoT & cloud technologies, and surging demand for digital services in the region.

Global Multifactor Authentication Market: Competitive Players

Some of the significant players in the global multifactor authentication market are

• Safran SA
• CA Technologies
• Pearson
• Inc.
• 3M
• Gemalto N.V.
• Symantec Corporation
• NEC Corporation
• Fujitsu Ltd
• RSA Security LLC
• Vasco Data Security International,Inc

The Global Multifactor Authentication Market is segmented as follows:

By Model 

• five-factor authentication
• four-factor authentication
• three-factor authentication
• two-factor authentication

By Application 

• retail & e-commerce
• travel & immigration
• healthcare
• government & defense
• BFSI
• and others

Global Multifactor Authentication Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.