Multi-Factor Authentication (MFA) Market Analysis

Multi-Factor Authentication Market Analysis

In Canada, MFA solutions market held around 65% of the share in 2020 and is expected to garner USD 2 billion revenue in 2027. Growing demand to authenticate the devices accessing the enterprise network across various industry verticals is boosting the segment growth. MFA solutions ensure that only an authorized employee can access the company information, ensuring the account’s data integrity and reducing the risks of the account being compromised.
 

The two-factor authentication model in the UK is forecast to register growth rate of above 10% through 2027. According to Microsoft, a two-factor authentication blocks 99.9% of automated attacks. The increasing volume of online transactions and initiatives taken by governments to adopt biometric authentication will fuel multi-factor authentication market share. In day-to-day transactions, the two-factor authentication is a game changer as it requires only two verification factors, reducing the time for authentication during transactions.

The Chinese BFSI industry captured the largest MFA market share in 2020 on account of the rising demand for a digital financial platform that provides services to enable the need for customers to identify themselves online. MFA solutions answer the increasing needs of banking, trading, and insurance-based enterprises to provide strong authentication procedures to ensure a secure remote access for mobile users. This solution has been widely adopted and now processes approximately 10 million transactions per month.
 

The North America MFA market size is poised to reach more than USD 7 billion by 2027 led by the presence of key vendors, regulatory environment, innovations & investments, and a high adoption rate of the technology. Enterprises are increasingly implementing MFA solutions in the region to prevent cyberattacks, identity thefts, and commercial espionage by offering a high level of data security and ensuring privacy & security of sensitive information to ease business progression.