According to the latest report by IMARC Group, titled "Multi Factor Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global multi-factor authentication market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the global multi-factor authentication market to grow at a CAGR of around 17% during 2021-2026.
Multi-factor authentication (MFA) system is built to protect organizations and business units from potential security breaches using a multi-layered verification process. This authentication requires an individual to provide numerous safety validation variables, such as their login credentials, followed by a security token, biometric verification, one-time password (OTP), etc., which are unique to the user. MFA aims at creating an elaborate defense system against unauthorized individuals accessing a computer device, database, network, physical location, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Multi-Factor Authentication Market Trends:
The increasing instances of security breaches, cyber-attacks, online frauds, etc., are among the primary factors driving the multi-factor authentication market. Besides this, MFA systems help to prevent ransomware attacks by verifying the user identities via smartphones or computer devices of the employees, which is further propelling the product demand. Additionally, the expansion of several significant industries, such as banking, financial services and insurance (BFSI), healthcare, retail, etc., is also bolstering the need for MFA systems to guarantee the security of the enterprises and their customers. Apart from this, the elevating popularity of the Internet of Things (IoT) and cloud-based services is also acting as a growth-inducing factor, since cloud-integrated MFA solutions enable remote fingerprint scanning, document verification, facial recognition, etc. Furthermore, the growing adoption of digital payment methods by consumers and organizations is expected to fuel the multi-factor authentication market over the forecasted period.
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Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Broadcom, Inc.HID Global CorporationDeepnet Security Ltd.Entrust Datacard CorporationFujitsu LimitedGemalto N.V.Microsoft CorporationNEC Corporation of AmericaOkta, Inc.Ping Identity CorporationRSA Security LLCSecureAuth CorporationSecurEnvoy LimitedSuprema IncBreakup by Model:
Two-Factor AuthenticationThree-Factor AuthenticationFour-Factor AuthenticationFive-Factor AuthenticationBreakup by Deployment Type:
On-PremisesOn-CloudBreakup by Application:
Smart Card AuthenticationPhone-Based AuthenticationHardware OTP Token AuthenticationBreakup by Vertical:
Banking & FinanceGovernmentTravel & ImmigrationMilitary & DefenceCommercial SecurityHealthcareConsumer ElectronicsOthersBreakup by Region:
North America (United States, Canada)Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)Europe (Germany, France, United Kingdom, Italy, Spain, Others)Latin America (Brazil, Mexico, Others)Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)Key highlights of the Report:
Market Performance (2015-2020)Market Outlook (2021-2026)COVID-19 Impact on the MarketPorter’s Five Forces AnalysisHistorical, Current and Future Market TrendsMarket Drivers and Success FactorsSWOT AnalysisStructure of the MarketValue Chain AnalysisComprehensive Mapping of the Competitive LandscapeNote: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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