The Multi-Factor Authentication Market is expected to reach USD 32 billion by 2028, growing at a CAGR of 16.6%, over the forecast period (2021-2028).

The factors driving growth of the Multi-Factor Authentication Market includes emerging trend of Bring Your Device (BYOD), rising incidences of identity theft and frauds, government policies related to data security and privacy, growing demand for multi-factor authentication solutions across end-use industries such as Healthcare, Telecommunication and Entertainment and rapid urbanization. For instance, almost 646,440 complaints of identity fraud scams were reported in 2021, resulting into financial losses worth USD 699 million, which is expected to accelerate the adoption of multi-factor authentication solutions in the approaching years. Moreover, growing adoption of advanced technologies such as Internet of Things (IoT) and Cloud computing, increasing acceptance for online systems and mobile applications, rise in the launch of new products and rapid urbanization, are some of the additional factors supplementing the Multi Factor Authentication Market size. In addition, the increasing investment by major companies on research and development, strategic partnerships between enterprises and growing disposable incomes, are further contributing towards the market growth.

However, growth of the Multi-Factor Authentication Market is hindered attributed to high maintenance costs.

The prominent players operating in the Multi-Factor Authentication Market are Duo, Ping Identity, HID Global Corporation, Micro Focus, Broadcom, Microsoft, Thales Group, RSA Security LLC, OneSpan, and Okta, among others.

Based on Component, the Services segment is predicted to grow at a significant CAGR during the forecast period

Rising concerns relate to data breaches and growing demand for multi-factor authentication services across BSFI, Healthcare, and the e-commerce sectors, are some of the factors pushing the segment’s growth.

Based on End User, the BSFI segment is projected to expand at a remarkable CAGR over the forecast period

Huge volumes of sensitive data generated in the banking sector, and Government regulations regarding data security, are propelling growth of the segment.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

Increasing incidences of identity theft and frauds accords United States and Canada, presence of the leading players such as Broadcom, Microsoft, and Ping Identity, growing adoption of advanced technologies and high per capita incomes, are some of the important factors augmenting the market growth in North America.

Key Developments

  • In 2021, Okta procured Auth0 for USD 6.5 billion. It will focus on serving businesses with IAM, SSO, MFA, cloud directory services, and more will be strengthened by Auth0 acquisition, focusing more on providing customer identity and access markets.
  • In 2020, OneSpan, entered into a strategic partnership with ForgeRock. The strategic partnership has resulted in integrating OneSpan into the ForgeRock Identity Platform to identity authentication and risk analytics. The combined solution capitalizes OneSpan’s integration with ForgeRock Intelligent Access to simplify authentication and risk management.

Market Segmentation

Segmentation by Authentication Type

  • Password authentication
  • Passwordless authentication

Segmentation by Model Type

  • Two-factor authentication
    • Smart card with pin
    • Smart card with biometric technology
    • Biometric technology with pin
    • Two-factor biometric technology
    • One time password with pin
  • Multi-factor with three-factor authentication
    • Smart card with pin and biometric technology
    • Smart card with two-factor biometric technology
    • Pin with two-factor biometric technologies
    • Three-factor biometric technology
  • Multi-factor with four-factor authentication
  • Multi-factor with five-factor authentication

Segmentation by Component

  • Solutions
  • Hardware
  • Services

Segmentation by Organization Size

  • Large Enterprises
  • Small & Medium Enterprises

Segmentation by End User

  • BFSI
  • Government
  • Travel and Immigration
  • Military and Defense
  • Commercial Security
  • IT
  • Telecommunication
  • Healthcare
  • Media
  • Entertainment
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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