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Multi-Factor Authentication (MFA) Market Size
- Report ID: GMI1761
- Published Date: Aug 2021
- Report Format: PDF
Multi-Factor Authentication Market Size
Multi-Factor Authentication Market size exceeded USD 8 billion in 2020 and is expected to grow at a CAGR of over 10% from 2021 to 2027. The growing number of cyberattacks in the security sector is driving the industry growth.
High internet penetration and the wide adoption of IoT devices are also promoting the use of MFA solutions. For instance, in February 2020, it was reported that nearly 7,992 data breaches occurred within the Canadian federal agencies due to employee negligence, with about 144,000 citizens affected by cyberattacks. Regulations, such as GDPR, CCPA, and PSD2, are focusing on the deployment of security practices across enterprises to eliminate frauds, data leaks, and identity thefts.
| Report Attribute | Details |
|---|---|
| Base Year: | 2020 |
| Multi-Factor Authentication Market Size in 2020: | USD 8 Billion |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR: | 10% |
| 2027 Value Projection: | USD 20 Billion |
| Historical Data for: | 2016 to 2019 |
| No. of Pages: | 243 |
| Tables, Charts & Figures: | 279 |
| Segments covered: | Component, Authentication Model, Application and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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During the COVID-19 pandemic, a significant increase in the number of BYOD devices due to the growing work-from-home trend across the enterprises has resulted in an increase in the number of devices accessing the enterprise resources. The increase in BYOD devices resulted in the growing adoption of MFA solutions across enterprises.
Frequently Asked Questions (FAQ) :
Multi-Factor Authentication Market Scope
