The global multi-factor authentication market size was valued at USD 14.28 billion in 2022 and is expected to grow at a compound annual growth rate CAGR of 14.2% from 2023 to 2030.
Multi-factor authentication (MFA) introduces additional layers of security to authenticate the user identity and secure transactions over the Internet. One of the key trends escalating market growth is the mounting cases of cyberattacks and data breaches across organizations. It coupled with increasing stringency in regulations to protect sensitive data, it is expected to bolster the growth of the MFA market.
Rising investments in cloud technologies, enterprise mobility, and increasing adoption of BYOD across enterprises are anticipated to boost the adoption of multi-factor authentication solutions further. The advent of authentication-as-a-service solutions, which offer advanced security and authentication to organizations, is also projected to bolster the market's growth.
Companies such as CA Technologies, Vasco Data Security International, Inc., RSA Security LLC, and Symantec Corporation are making significant R&D investments to develop new authentication products, solutions, and services.
Cost and implementation complexities will restrain the market; however, their impact will decrease with time. With the rise in data and security breaches, most industries have launched data security standards. To address security breaches and cyber-attacks, enterprises have adopted MFA solutions. These solution implementations are complex and, at the same time, require more capital investment for procurement, implementation, maintenance, and management. Heterogeneous IT environments across industries further increase the complexity.
Gather more insights about the market drivers, restrains and growth of the Multi-Factor Authentication Market
Multi-factor Authentication Market Report Highlights
• North America and Europe were the key revenue contributors in 2022. The key factors contributing to the growth of the regions are advanced infrastructure and accelerated adoption of smart devices
• The two factor authentication model will continue to dominate the market until 2030, representing more than 76.6% of the overall revenue.
• The four factor authentication model is anticipated to exhibit the highest CAGR of close to 18.6% over the forecast period
• The BFSI sector will be the most prominent application segment during the forecast period, followed by retail and e-commerce.
• The Asia Pacific market is estimated to post a CAGR of about 15.4% over the forecast period
• Increasing investments in cloud technologies, BYOD, and mobility solutions are poised to provide a fillip to the multi-factor authentication market.
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Multi-factor Authentication Market Segmentation
Grand View Research has segmented the global multi-factor authentication market based on model, application, and region:
Multi-factor Authentication Model Outlook (Revenue, USD Million, 2017 - 2030)
• Two Factor Authentication
• Three Factor Authentication
• Four Factor Authentication
• Five Factor Authentication
Multi-factor Authentication Application Outlook (Revenue, USD Million, 2017 - 2030)
• BFSI
• Government & Defense
• Healthcare
• Travel & Immigration
• Retail & E-commerce
• Others
Multi-factor Authentication Regional Outlook (Revenue, USD Million, 2017 - 2030)
• North America
o U.S.
o Canada
• Europe
o UK
o Germany
o France
• Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
• Latin America
o Brazil
o Mexico
• Middle East and Africa
o Saudi Arabia
o South Africa
o UAE
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