Multi-Factor Authentication Market Size And Strategies 2024-2033 – Growth Analysis, Outlook, Overview

Overview and Scope

The multi-factor authentication refers to an authentication method for which the primary aim is to build a layered authorization that makes it more difficult for an unauthorized person to gain access to user information. This enhances the organization’s security by requiring users to identify themselves with more than a username and password.

Sizing and Forecast

The multi-factor authentication market size has grown rapidly in recent years. It will grow from $15.25 billion in 2023 to $17.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%.  The  growth in the historic period can be attributed to increased cyberattacks, vendor innovations, mfa integration, industry-specific applications , legacy security vulnerabilities..

The multi-factor authentication market size is expected to see rapid growth in the next few years. It will grow to $34.29 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%.  The growth in the forecast period can be attributed to integration with iam solutions, industry-specific applications , biometric adoption growth , continuous authentication demand, enhanced user experience.. Major trends in the forecast period include escalating cyber threats, remote workforce expansion, zero trust security models, advancements in authentication technologies, data privacy concerns ..

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Segmentation & Regional Insights

The multi-factor authentication market covered in this report is segmented –

1) By Component: Hardware, Software, Services

2) By Model Type: Two factor, Three Factor, Four Factor, Five Factor

3) By Authentication Type: Password, Passwordless

4) By Organization: Large, SME’s

5) By Vertical: BFSI, Government, Travel and Immigration, Military and Defense, Commercial security, Healthacre, IT, Telecommunication, Media and Entertainment, Other Verticals

Top Major Players:
Microsoft Corporation
Broadcom Inc
OneSpan Inc
Okta Inc.
Thales Group

North America was the largest region in the multi-factor authentication market share in 2023.

North America was the largest region in the multi-factor authentication market share in 2023. The regions covered in the multi-factor authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rise in data breaches and cyber-attacks is expected to propel the growth of the multi-factor authentication market. Cyber data breaches are identified as gaining unauthorized access to a computer system or network to obtain private, sensitive, or confidential personal and financial information from customers or users. Due to the numerous planned breaches, there is a need to enforce multi-factor authentication to prevent data breaches with endpoint detection and response (EDR), biometric technology, cloud security, code audits, and embedded system security assessments. For instance, in July 2021, according to the Cost of a Data Breach Report 2021 published by IBM, a US-based technology corporation, the data breach costs increased significantly year over year, rising from $3.86 million in 2020 to $4.24 million in 2021. Furthermore, in July 2021, according to the Identity Theft Resource Center (ITRC) report, U.S. data breaches were up 38% in the second quarter (Q2) of 2021 compared to the first quarter (Q1). Therefore, the rise in data breaches and cyberattacks is driving the growth of multi-factor authentication.

Key Industry Players

Major companies operating in the multi-factor authentication market report are Microsoft Corporation, Broadcom Inc., OneSpan Inc., Okta Inc., Thales Group, Dell Technologies Inc., Cisco Systems Inc., HID Global Corporation, Yubico AB, Micro Focus, OneLogin Inc., Ping Identity Corporation, SecureAuth Corporation, Entrust Datacard Corporation, Oracle Corporation, IBM Corporation, Google LLC, RSA Security LLC, Duo Security, LastPass MFA, ForgeRock, Auth0, Idaptive, CyberArk, Beyond Identity, HYPR, Transmit Security, Idemia, SecureKey Technologies Inc., Trusona

The multi-factor authentication market report table of contents includes:

1. Executive Summary
2. Multi-Factor Authentication Market Characteristics
3. Multi-Factor Authentication Market Trends And Strategies
4. Multi-Factor Authentication Market – Macro Economic Scenario
5. Global Multi-Factor Authentication Market Size and Growth
…
31. Global Multi-Factor Authentication Market Competitive Benchmarking
32. Global Multi-Factor Authentication Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Multi-Factor Authentication Market
34.Multi-Factor Authentication Market Future Outlook and Potential Analysis
35. Appendix

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