Multi-Factor Authentication Market worth $26.7 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 23, 2022 /PRNewswire/ -- According to a new research report "Multi-Factor Authentication Market by Component (Hardware, Solutions, and Services), Model Type (Two-, Three-, Four-, Five-factor), Organization Size, Vertical (BFSI, Healthcare, Media & Entertainment, Government) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the MFA market size is projected to grow from an estimated value of USD 12.9 billion in 2022 to USD 26.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.6% from 2022 to 2027. The major driving factors for the MFA market include rise in security breaches, fraud, and data identity thefts; surge in use of BYOD/ IoT devices; high demand for cloud-based MFA solutions and services; high volume of online transactions; and stringent government regulations.

Browse in-depth TOC on "Multi-Factor Authentication Market"

285 – Tables
45 – Figures
268 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=231220047

By component, the services segment to register the highest growth rate during the forecast period

Based on component, MFA services have witnessed a growing demand in recent years. The services segment includes various services that are required to deploy, execute, and maintain MFA platforms in organizations. The services in the MFA market are crucial as they provide robust support for proper functioning and integration of software and hardware-based solutions. MFA services comprise technical support services that require the effective integration of MFA solutions.

With the increasing demand for MFA solutions in high-growth markets such as APAC and MEA, there is a significant demand for training and education services to spread awareness about various MFA solutions and the provision of training pertaining to the effective deployment of MFA solutions. Financial services, healthcare, and the eCommerce industry verticals have witnessed huge data losses due to security breaches. As a result, they are highly dependent on MFA solutions for strengthening their cybersecurity capabilities.

The growing concern of data breaches and privacy compliance regulations, especially due to the COVID-19 outbreak, is making companies focus on adopting MFA solutions and services to achieve compliance, improve data security, and enable better flexibility in operations. Major MFA vendors are widely supporting organizations in such unprecedented times with their 365*24*7 services.

Request Free Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=231220047

Based on organization size, the SMEs segment to grow at the highest CAGR during the forecast period

SMEs are more prone to cyber fraud due to limited resources, availability of IT personnel, and budget constraints; and are looking forward to adopting MFA software to save their money, time, resources, and assets. With small businesses slowly moving to the cloud, there is a significant need for MFA. Every data is important, and hackers must not be given the leverage to access it. Hence, small businesses are actively investing in MFA solutions to enhance their security posture.

North America to hold the largest market share during the forecast period.

North America is estimated to account for the highest market share in the MFA market. The region comprises some of the key vendors that offer MFA solutions and services; some of them are Microsoft, Broadcom, OneSpan, Okta, Cisco, Ping Identity, among others. By country, the US is expected to hold the largest market share owing to the growing cyber threatscape. Banks and federal agencies in the US employ MFA solutions proactively to authenticate everyone in the system. The changing working scenarios because of COVID-19, BYOD trend, IoT, adherence to compliance and regulations, and elevating risks, such as BEC, phishing, malware, and other advanced threats, are prompting organizations in North America to adopt MFA solutions.

Speak to our analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=231220047

Key Players

Key and innovative vendors in the Multi-Factor Authentication Market include Microsoft (US), Broadcom (US), OneSpan (US), Okta (US), Micro Focus (UK), Thales (France), RSA Security (US), Cisco (US), Ping Identity (US), HID Global (US), ESET (Slovakia), Yubico (US), ForgeRock (US), CyberArk (US), OneLogin (US), SecureAuth (US), Oracle (US), Salesforce (US), Secret Double Octopus (Israel), Silverfort (Israel), Trusona (US), FusionAuth (US), HYPR (US), Keyless (US), and Luxchain (Hong Kong).

Browse Adjacent Markets: Information Security Market Research Reports & Consulting

Cloud Security Market by Security Type, Application (Visibility and Risk Assessment, User and Data Governance), Service Model, Organization Size, Vertical (BFSI, IT and ITeS, Retail) and Region (2022 - 2026)

Risk-based Authentication Market by Component, Technology Type (MFA, Behavioral Biometrics, Web Access Management), Application Area (Fraud Prevention, IoT Security), Deployment Mode, Industry Vertical, and Region - Global Forecast to 2023

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: Sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/multifactor-authentication-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/multifactor-authentication.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg