Multi-factor Authentication (MFA) Market Size to Reach USD 32110 Million by 2026 at CAGR 19.6% - Valuates Reports

BANGALORE, India, July 2, 2021 /PRNewswire/ -- The Multi-factor Authentication Market is Segmented by Type (Two-Factor Authentication, Three-Factor Authentication, Others), by Application (Banking & Finance, Government, Commercial Security, Healthcare, Electronics). The report covers global opportunity analysis and industry forecasts from 2021 to 2026. It is published on Valuates Reports in the Computers & Electronics Category.

The global MFA market size is projected to reach USD 32110 Million by 2026, from USD 10970 Million in 2020, at a CAGR of 19.6% during the forecast period 2021-2026.

Major factors driving the growth of the global multi-factor authentication market:

• Increased security breaches, fraud, and data identity theft, increased use of BYOD/IoT devices is expected to drive the Multi-factor Authentication Market
• Rising demand for cloud-based Multi-factor Authentication solutions and services, increasing number of online transactions, and are all major driving drivers for the Multi-factor Authentication Market.
• Stricter government requirements are increasing the multi-factor authentication market. The constantly changing threat landscape has given rise to a large number of government regulations

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TRENDS INFLUENCING THE GROWTH OF MULTI-FACTOR AUTHENTICATION (MFA) MARKET

Stringent government regulations to increase the adoption of MFA solutions are expected to drive the Multi-factor Authentication Market. The ever-changing and dangerous landscape has resulted in a slew of new government rules, including the General Data Protection Regulation (GDPR), Payment Services Directive 2 (PSD2), and Anti-Money Laundering Directive 5 (AMLD5) (AMLD5). To combat frauds like money laundering, identity theft, and terrorist funding, these regulations have made it obligatory for every business to have sound identity authentication checks integrated into their system. The presence of strict compliances and regulations has been a primary driver for the rapid adoption of MFA solutions among organizations, owing to the large penalties assessed for non-compliance with regulatory mandates.

The increasing volume of online transactions with high adoption of digital banking by customers is expected to propel the growth of the Multi-factor Authentication Market. Due to the surge in eCommerce and the use of internet banking, large organizations are being urged to verify customers using strong authentication procedures by the central banks. MFA is used to protect clients from phishing attempts and fraudulent transactions during transactions. Furthermore, the integration of these systems for payment by healthcare, retail, and BFSI sectors represents a significant potential opportunity for the Multi-factor Authentication Market.

While the COVID-19 outbreak continues to drive overall cybersecurity trends, it has also inspired new assaults that take advantage of individuals' need for news, assistance, or recommendations that can help them stay safe. The MFA market is projected to be driven by the rising number of cyberattacks in businesses.

The multi-factor authentication market growth is being stifled by high maintenance costs and investments. However, the use of cloud computing in the solution is assisting in the reduction of maintenance costs associated with hardware and software-based models. Several firms prefer cloud computing solutions because of their simplicity of installation and updates, increased dependability and scalability, and pay-per-use model, which are more cost-effective and are expected to have a favorable impact on the multi-factor authentication market growth.

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MULTI-FACTOR AUTHENTICATION MARKET SHARE ANALYSIS

Based on application, Banking & Financial Services are expected to be the most lucrative segment during the forecast period. 

Because it deals with enormous amounts of sensitive and private financial data, BFSI is the most targeted industry vertical. The demand for MFA solutions is growing in tandem with the growing cyber threat scenario and risk surface. MFA uses a multi-layered technique to add a layer of protection and make it difficult for an unauthorized individual to get access.

Based on region, North America is estimated to be the most lucrative segment during the forecast period. 

Businesses in this region are rapidly embracing multi-factor authentication (MFA) solutions to enable data protection, prevent cyber-attacks, identity theft, and commercial espionage, and assure data security and privacy for business continuity. 

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Leading Players in the MFA Market

• Dell
• SecureAuth
• Broadcom
• Okta
• Symantec
• Ping Identity
• VASCO
• Cross Match Technologies
• Fujitsu
• Others

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SIMILAR REPORTS

-  The global Identity and Access Management (IAM) market size is projected to reach USD 16500 Million by 2026, from USD 9073.9 Million in 2020, at a CAGR of 10.5% during 2021-2026.

-  Digital Identity Solutions Market - Key factors driving the market include growth focused on enhancing the end-to-end customer experience. Due to additional features such as access risk, excess risk and risk outliers, businesses are expected to increasingly adopt digital identity solutions.

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-  The global Authentication Services market size is projected to reach USD 1926 Million by 2026, from USD 633.6 Million in 2019, at a CAGR of 17.1% during 2021-2026.

-  The global SOC as a Service market size is projected to reach USD 772.9 Million by 2026, from USD 296.3 Million in 2019, at a CAGR of 14.2% during 2021-2026.

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