Market Highlights
Market Research Future (MRFR) projects the global multi-factor authentication market to reach USD 11.24 million at a 13% CAGR from 2017 to 2023 (forecast period).
Multi-factor authentication, in general, is a security framework that is well known in the global market for its multistep authentication to confirm a person's authority. It has multiple features, as the name suggests, which makes it more popular among people all around the world. Multi-factor authentication offers an advantage over traditional authentication methods that rely on username and password verifications and identifications. It also contains advanced biometric security features for identifying people, such as iris recognition, facial recognition, fingerprints, and voice recognition techniques.
Multi-factor authentication has been developed into two-factor authentication and three-factor authentication. Two-factor authentication monitors credentials in use, which hackers might easily crack. Multi-factor authentication has grown in popularity in a variety of industries, including government, travel and immigration, consumer electronics, military and defense, banking and financial institutions, commercial security, and healthcare. Because of the growing e-commerce sector and the increased demand for online transactions, the multi-factor authentication system is becoming increasingly popular around the world. The growing number of cyber theft cases around the world has raised national security concerns, increasing the demand for improved authentication systems. Furthermore, due to rising public demand for online payments, trade finance, banking card personalization, foreign exchange, bank guarantees, and other financial services, the financial and banking institution has amassed a sizable global market share.
COVID-19 Impact on the Global Multi-Factor Authentication Market
The COVID-19 pandemic had an impact on the global authentication sector, both positively and negatively. Because of global lockdown, the authentication market's demand fell dramatically, forcing several enterprises to close. As a result, commercial spaces were unable to make the most of multi-factor authentication services.
However, the pandemic outbreak has prompted healthcare and pharmaceutical companies to increase their investments in artificial intelligence research and development. Artificial intelligence was also used in the insurance sector to cut operational costs and boost customer satisfaction for claims, renewal processes, and other services. Furthermore, several schools and universities have used Virtual Reality (VR) and Augmented Reality (AR) solutions, which have proven to be extremely beneficial in e-learning. Furthermore, these solutions have proven to be a great resource for assisting remote workers and saving travel time.
According to the global market report, COVID-19 is a prominent market contributor to the authentication market. As a result, the government started gradual actions to restrict the pandemic outbreak in order to reopen commercial and government businesses. As a result, the multi-factor authentication market demand is expected to skyrocket.
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Segmentation:
The global multi-factor authentication market has been segmented into model, application, and deployment.
By model, the global multi-factor authentication market has been segmented into Two Factor Authentication, Three-Factor Authentication, Four Factor Authentication, Five-Factor Authentication.
By application, the global multi-factor authentication market has been segmented into Healthcare, Travel & Immigration, BFSI, Government & Defense, Retail & E-commerce, Others.
By deployment, the global multi-factor authentication market has been segmented into on-premises and on the cloud.
Regional Analysis
Region-wise, the global multi-factor authentication market has been segmented into Europe, Asia Pacific, North America, and the Rest of the World.
Among them, North America has dominated the multi-factor authentication industry due to the presence of more manufacturers in the local regions. The worldwide market has expanded its operations throughout the world and plans to cover all of the region's remote areas by involving more major players in the global market.
Key Players
3M (U.S.), CA Technologies (U.S.), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (U.S.), Fujitsu (Japan), VASCO Data Security International Inc. (U.S), Suprema HQ Inc. (South Korea), Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), Crossmatch (U.S.), Securenvoy Ltd (U.K), Watchdata Technologies (China), IBM Corporation (U.S.), Microsoft Corporation (U.S.).
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Global Multi-Factor Authentication Market: 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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