Multi-Factor Authentication Market worth over $20bn by 2027
Published Date: August 23, 2021 Authors: Preeti Wadhwani, Smriti Loomba
Multi-Factor Authentication (MFA) Market size is set to surpass USD 20 billion by 2027, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the increasing government guidelines for secure internet-banking services and for safeguarding regulated financial entities such as scheduled & commercial banks from phishing attacks. MFA solutions help banking, trading, and insurance-based enterprises to provide strong authentication procedures to ensure a secure remote access for mobile users.
Increasing deployment of MFA services for user verification across various sectors is fueling segment growth
The service segment in the multi-factor authentication market is expected to witness 15% growth rate through 2027 led by the rising deployment of MFA services for user verification. MFA services help different operating platforms to secure consumer privacy and prohibit cyber thieves from hampering privacy by minimizing the risk of an account being compromised even if the basic login credentials such as passwords are stolen. The MFA service deploys a security layer to gain access to sensitive data, protect systems and simplify log-in process, helping enterprises to counter cyberattacks.
Growing market demand for fingerprint and facial recognition-based authentication solution is fostering the segment expansion
Three-factor authentication segment accounted for 20% of the multi-factor authentication market share in 2020 impelled by the increasing need to deploy hardware-based authentication methods such as biometric, user’s voice, hand configuration, and retina scan across multiple business sectors. Three-factor authentication is the use of identity-confirming credentials from three different authentication factors such as the knowledge, possession, and inherence. It improves security to a great extent, prohibiting attackers from accessing the users’ account without having access to all the three elements involved in a three-factor authentication process for an additional secure log-in.
Browse key industry insights spread across 243 pages with 239 market data tables and 40 figures & charts from the report, “Multi-Factor Authentication Market Size By Component (Solution, Service), By Authentication Model (Two-Factor, Three-Factor, Four-Factor), By Application (BFSI, Government & Defense, Healthcare, Tourism and Hospitality, Retail, IT & Telecom), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Rising adoption of MFA across the healthcare sector will dominate the market value
The healthcare industry is poised to grow significantly over the forecast period due to the increasing usage of MFA solutions & services that help healthcare companies to improve their workflows and safeguard healthcare infrastructure from brute force attacks, identity thefts, and phishing attacks. The MFA solutions help the healthcare industry to secure important medical data and speed up the process significantly by simplifying logins.
The multi-factor authentication market expansion across the healthcare industry is driven by the acceptance of connected healthcare devices. The recent pandemic increased the need for remote healthcare services. Doctors & practitioners had to provide remote medical services with proper accuracy of their diagnosis with the help of connected healthcare devices. The advent of telemedicine to provide healthcare in remote & long-distant areas is assisting in the adoption of MFA solutions & services and is predicted to support the industry growth during the forecast timeframe.
Growing e-commerce industry in the APAC region is supporting the market revenue
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Asia Pacific multi-factor authentication market size will reach USD 5 billion by 2027 on account of the presence of leading players across the retail & e-commerce industry. A rapid increase in online shopping trend is likely to accelerate the usage of MFA solutions over the forecast period. The rising cybersecurity policies across emerging countries including China, India, and Singapore are anticipated to support the industry expansion over the coming years.
Focus on product development by key leaders to augment market share
Some of the companies operating in the market are Apersona, Inc., Broadcom Inc., Censornet Ltd., Cisco Systems Inc., Confident Technologies, Inc., Deepnet Security Ltd., Entrust Corporation, HID Global, iWelcome B.V., MessageBird, Microsoft Corporation, Okta, OneLogin, Inc., Ping Identity Holding Corp., Dell Technologies, Inc. (RSA Security LLC), SAASPASS, SecureAuth Corporation, SecurEnvoy Ltd., Thales Group (Gemalto), and Yubico AB. The participants are focusing on innovative product development initiatives to address the growing industry demand.
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