With CAGR of 17.2%, Multi-factor Authentication Market Aiming For US$ 40.3 Billion During 2023-2028 | IMARC

The latest report by IMARC Group, titled "Multi-Factor Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the global market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global multi-factor authentication market size reached US$ 15.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 40.3 Billion by 2028, exhibiting a growth rate (CAGR) of 17.2% during 2023-2028.

Multi-Factor Authentication (MFA) refers to a security protocol that requires users to provide multiple credentials to authenticate their identity to gain access to a system or data. These credentials could involve a password, a hardware token or a smart card, and a biometric characteristic such as a fingerprint. By requiring multiple proof elements, MFA creates a layered defense and makes it difficult for unauthorized individuals to access a target, such as a physical location, computing device, network, or database, thereby significantly enhancing security.

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Global Multi-Factor Authentication Market Trends:

The significant increase in incidences of cyber threats and data breaches has led organizations to prioritize their security infrastructure, creating substantial demand for MFA solutions and driving market growth. In addition, regulatory bodies across various industries are mandating stringent data security measures, including the use of MFA, which is further fueling the market growth. Moreover, ongoing digital transformation across various industrial verticals and the shift towards cloud-based solutions are propelling the adoption of MFA. Organizations are leveraging MFA to protect their cloud assets from unauthorized access and potential cyber-attacks.

Besides this, the increased proliferation of mobile devices and the emerging trend of remote working and Bring Your Own Device (BYOD) in corporate settings are impelling the need for robust security solutions such as MFA. Furthermore, the advent of advanced technologies, such as biometrics and artificial intelligence (AI), offering more secure and user-friendly solutions are presenting remunerative growth opportunities for the market.

In addition, the widespread adoption of MFA for online banking, online shopping, and other activities that require a higher level of security is positively influencing the market. With the growing product utilization in the corporate setting to protect access to sensitive data and systems is a major driving factor. As more industries, such as financial services, healthcare, and government, are subject to more stringent security regulations, the need for more secure authentication protocols increases, this is impacting the market on the global level. Furthermore, continuous advancements in biometrics technologies along with the advent of cloud-integrated MFA solutions allowing facial recognition, document verification, and remote fingerprint scanning, are creating a positive market outlook. Some of the other factors driving the market include the rising usage of digital payment methods and extensive research and development (R&D) activities.

Some of the Top Multi-Factor Authentication Companies Operating in the Market are Given Below:

• Broadcom, Inc.
• HID Global Corporation
• Deepnet Security Ltd.
• Entrust Datacard Corporation
• Fujitsu Limited
• Gemalto N.V.
• Microsoft Corporation
• NEC Corporation of America
• Okta, Inc.
• Ping Identity Corporation
• RSA Security LLC
• SecureAuth Corporation
• SecurEnvoy Limited
• Suprema Inc

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/multi-factor-authentication-market

Key Market Segmentation:

Breakup by Model:

• Two-Factor Authentication
• Three-Factor Authentication
• Four-Factor Authentication
• Five-Factor Authentication

Breakup by Deployment Type:

• On-Premises
• On-Cloud

Breakup by Application:

• Smart Card Authentication
• Phone-Based Authentication
• Hardware OTP Token Authentication

Breakup by Vertical:

• Banking & Finance
• Government
• Travel & Immigration
• Military & Defence
• Commercial Security
• Healthcare
• Consumer Electronics
• Others

Also Read Top Multi-Factor Authentication Companies Operating in the Market: https://www.imarcgroup.com/multi-factor-authentication-companies

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.