Market Highlights
The global MFA Industry report by Market Research Future (MRFR) provides a broad outlook for the industry in light of increasing online attacks for the forecast period (2020-2027). The COVID-19 outbreak and its implications on the industry are an integral part of the report. Multi-factor authentication (MFA) is a multi-step process for verifying users before their intended task. Its implementation across industries of banking and financial institutions, military & defense, consumer electronics, trade & immigration, government institutions, and others is likely to boost the market valuation in the coming years.
Market Scope
The global MFA Industry is poised to reach a valuation of USD 11.24 billion by 2023. It can display 11.24% CAGR over the forecast period. Large use of smartphones and pervasive nature of internet has triggered the use of MFA as a security measure. Efforts by governments to prevent frauds and cyberattacks can drive the market demand. MFA solutions by software suites amid high expendable income levels of customers and rising use of cloud can bode well for the market. Adoption of BYOD in modern workplaces can push for its use.
The COVID-19 outbreak has propelled the use of MFA in systems of major organizations as a preventive measure against cyberattacks. Rise in national security concerns and demand for measures against foreign exchanges, online transactions, and trade finance can drive the market demand significantly. Usage of ecommerce portals has led to the implementation of MFA among these firms.
But long response times encountered by users in sites or applications demanding MFA can hamper market growth.
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Segmentation:
By model, the MFA market is segmented into two factor authentication, three factor authentication, four factor authentication, and five factor authentication. The two factor authentication model is expected to retain its dominance in the market owing to being used by email service providers to authenticate users.
By application, the market is segmented into retail & e-commerce, healthcare, BFSI, travel & immigration, government & defense, and others. The healthcare application can command a significant market share owing to hospitals hosting sensitive patient data pertaining to their medical history. Healthcare online marketplaces which provide price comparisons on services and products are employing MFA to help users log in securely to websites for purchase purposes. Recently, Healthcare Bluebook allowed a free online price comparison tool for staff of Vanderbilt University and their dependents.
By deployment, the market is segmented into on-premises and on cloud.
Regional Analysis
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are major regions covered in the multi-factor authentication market.
North America is touted to dominate the global market owing to presence of large number of internet and smartphone users. Large numbers of technically skilled personnel and presence of major players in the U.S. and Canada can drive regional market growth.
Asia-Pacific is estimated to exhibit a strong growth rate during the forecast period due to healthcare-based cyber crimes and adoption of MFA solutions at endpoints. Investments in cloud and IoT coupled with demand for digital services can bolster the multi-factor authentication market.
Competition Analysis
Suprema HQ Inc., RSA Security LLC, HID Global Corporation/ASSA ABLOY AB, Watchdata Technologies, NEC Corporation, Crossmatch, 3M, VASCO Data Security International Inc., Fujitsu, Safran, CA Technologies, Gemalto NV, IBM Corporation, Microsoft Corporation, and Securenvoy Ltd are key players of the multi-factor authentication market. Protection of users’ vulnerable data in large organizations has been the primary approach of various players in the market. Venture capital funding of new startups are opportunities for players looking to sustain their position in the market.
Industry news
Belnet, a public sector network of Belgium, has decided to implement multi-factor authentication to prevent the spate of cyberattacks.
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Global MFA Industry: by Model (Two-Factor & Multi-Factor with Three-Factor Authentication, Multifactor with Four-Factor & Multifactor with Five-Factor Authentication), by Deployment Type (on Premise and on Cloud) – Forecast 2027
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