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Multi factor authentication Market Report Scope & Overview:

Multi factor authentication Market size was valued at USD 13.1 billion in 2022 and is expected to grow to USD 41.20 billion by 2030 and grow at a CAGR of 15.4% over the forecast period of 2023-2030.

The majority of total revenue in 2022 was generated by the two-factor authentication model. With the use of this approach, organizations can verify the digital identities of users using a variety of criteria, including knowledge-based, possession-based, and inheritance-based criteria. Technologies that use multifactor authentication are used in a variety of industry sectors because they improve security and data protection. Technology companies and service providers are developing and implementing a wide range of solutions that help businesses run more efficiently.

Multi factor authentication Market Revenue Analysis

The Multifactor Authentication market is further divided into the following end-user categories: BFSI, Government, Travel and Immigration, Military and Defense, Commercial Security, IT and Telecommunication, Healthcare, and Others. BFSI is the most targeted industry sector since it handles massive amounts of private and sensitive financial documents. The BFSI industry is an early user of cutting-edge MFA solutions since they deal with extremely sensitive financial data.

KEY DRIVERS: 

  • Increased demand for sophisticated cybersecurity

The growing demand for sophisticated cybersecurity to lessen threats and crimes. Additionally, the emergence of these cyber dangers presents a serious risk to businesses in all industries. Cybercriminals are using increasingly sophisticated methods to steal personal information from people. In addition, MFA, which adds a second line of defense against illegal access, is a crucial barrier against these dangers. The market is expanding as a result of the numerous businesses investing quickly in cutting-edge cybersecurity solutions to secure their data, consumers, brand reputation, and avert significant financial losses.

  •  Increasing understanding of the value of safeguarding remote access

RESTRAIN:

  • Expensive and difficult-to-implement MFA solutions

The significant expense associated with establishing MFA solutions is the main barrier to adoption for businesses. MFA solutions assist users and businesses in lowering the risk of data loss. Due to financial constraints, these solutions tend to be an expensive option for SMEs. Additionally, the expenditures of timely maintenance and upgrades contribute to the total rise in an organization's expenses. For small businesses with limited resources, deploying software involves high license, maintenance, and user support expenses. The high cost of MEA solutions is a result of a number of reasons, including hardware tokens, software tokens, biometric authentication, and the need for certification in MFA to meet compliance standards.

OPPORTUNITY:

  • Numerous internet transactions

The demand for MFA is anticipated to rise as a result of the rising number of online transactions and the high rate of client adoption of digital banking. Large organizations are being pushed to implement robust authentication procedures for consumers because to the surge in eCommerce and internet banking usage as well as mandated rules from central banks. The need for OTP authenticators (both hardware and software) is expected to increase due to the increasing use of mobile banking for online transactions. Additionally, there are numerous opportunities for the multifactor authentication market to expand due to the integration of these payment systems by the healthcare, retail, and BFSI sectors.

  • Advancement in Technology

CHALLENGES:

  • Lack of knowledgeable cybersecurity personnel

Lack of cybersecurity specialists is the main reason limiting the multi-factor authentication market's expansion. Organizations underinvest in their security infrastructure due to a lack of knowledge about sophisticated cyber threats, which leads to significant data loss and monetary losses. Additionally, businesses with urgent cybersecurity requirements have noticed a severe lack of competent personnel in their operations, leaving them more susceptible to assaults.

IMPACT ANALYSIS

IMPACT OF RUSSIAN UKRAINE WAR

The Ukrainian invasion by Russia in 2022 has highlighted the dangers of using cybersecurity in combat. Russia pre-emptively interfered with government operations by knocking down Ukrainian government websites and infecting several local organizations with malicious information (malware) before the country was physically invaded. Even though these attacks might seem far away, they might possibly be employed against companies all over the world in order to disrupt, weaken, or prohibit access to vital systems. Given that one of the most well-known Advanced Persistent Threats (APTs) of the current era is sponsoring these attacks, they are especially worrisome. Russian APT outfits are well renowned for their cunning techniques for breaking into networks, gathering useful information, and remaining undiscovered. The organizations will be covered in the blog that follows. Although SMS-based MFA has been a popular solution for adding an extra layer of protection, it has serious flaws that attackers can use against it. Risks linked with SMS-based MFA include lack of encryption, network disruptions, SS7 attacks, social engineering, and SIM-swapping. Best practices can reduce these dangers, but there are other MFA options that offer more security, including hardware tokens, biometric authentication, and mobile authenticator apps. CyberHoot, a cybersecurity veteran, advises people and companies to take these alternative solutions into consideration in order to improve their security posture and safeguard their valuables and critical information.

IMPACT OF ONGOING RECESSION

The present downturn has hampered the speed of economic recovery from the COVID-19 crisis, raising the possibility of a recession in multiple nations, both developed and developing, in 2023 amid rising inflation, aggressive monetary tightening, and increased uncertainty. In 2022, the United States, the European Union, and other developed economies' growth pace drastically slowed down, negatively affecting the rest of the world's economy through a number of ways, The dollar's strength and tightening global financial conditions made developing nations' budgetary and debt vulnerabilities worse. Since late 2021, about 85% of central banks around the world have tightened monetary policy and increased interest rates rapidly in an effort to curb inflationary pressures and prevent a recession. It is anticipated that global inflation, which peaked at a multi-decade high of around 9% in 2022, will moderate but still be high at 6.5% in 2023.

MARKET SEGMENTATION

By Model

  • Two Factor Authentication

  • Three Factor Authentication

  • Four Factor Authentication

  • Five Factor Authentication

By Application

  • BFSI

  • Government & Defense

  • Healthcare

  • Travel & Immigration

  •  Retail & Ecommerce

  • Others

Multi factor authentication Market Segmentation Analysis

REGIONAL ANALYSIS

North America is anticipated that rising investments, rising R&D spending, and rising innovations will fuel market revenue growth. Other factors that are anticipated to contribute to the market revenue growth in the region over the forecast period include the rising need to prevent cyberattacks, commercial espionage, frauds and theft, and to provide data security and privacy. By the end of 2035, the multi-factor authentication industry is projected to possess a 34% revenue share. The existence of significant providers, the regulatory environment, innovation and investment, as well as a high rate of technology adoption, are factors that support this.

In Acia Pacific Population growth, increasing urbanization, and increased digitalisation have made nations like India, Indonesia, and China and other factors are anticipated to fuel the MFA market's revenue growth. The trend of industry areas including banking, insurance, and trading towards effective and seamless authentication procedures for the increasing importance of MFA in the area is anticipated to fuel market revenue development over the research period by ensuring users have safe remote access. MFA solutions are now being used by companies in the area to stop cyberattacks. According to a survey, cybercrime affected 53.35 million US people in the first half of 2022. Additionally, identity theft and commercial espionage can be prevented by enhancing the protection of sensitive information and personal data.

The developed economy and technological sophistication of Europe are driving the market for multi-factor authentication at a rapid rate. The General Data Protection Regulation (GDPR) has boosted awareness of the value of data protection, which has encouraged MFA adoption across a number of industries. For businesses that have adopted the GDPR, data breach costs have decreased. 37% of these enterprises lost more than USD 500,000 in just; as a, businesses adopted MFA as a forerunner, driving up market demand.

REGIONAL COVERAGE:

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

KEY PLAYERS

Some of key players of Multi-Factor Authentication Market are Okta Inc., Microsoft Corporation, Broadcom Inc., Gemalto NV (Thales Group), D RSA Security LLC, Aware Inc., HID Global, Trust Stamp, Feitian Technologies and other players are listed in a final report.

Microsoft Corporation-Company Financial Analysis

Company Landscape Analysis

RECENT DEVELOPMENT

  • April 2022 - The Biometric Multi-Factor Authentication (Biometric MFA) solution from Trust Stamp has been made available. By testing liveness and irreversibly tokenizing data from a simple selfie, the Biometric MFA automates comprehensive identity assurance and adds a second and third authentication factor, eliminating the need for passcodes from SMS, email, and other types of communication. Hardware tokens or authenticator applications.

  • MIRACL, a cybersecurity software company that specializes in one-step, secure multifactor authentication, announced in March 2022 a collaboration with Aware Inc., an organization that uses adaptive authentication that has been shown to be effective. utilize biometrics to solve typical business problems. Aware may be able to expand its cloud-based biometric system thanks to this agreement. data breaches and ransomware, which are still a concern in many companies, can be prevented with authentication solutions, such as finance.

  • In order to provide businesses with a cloud-based solution for managing, issuing, and utilising digital identification credentials for logical and physical access control, HID Global announced WorkforcelD Authentication in April 2021.

  • In order to offer Feitian's multi-factor authentication and biometric solutions to the U.K. market, Feitian Technologies teamed with Northamber, a distributor of AV and IT systems.

    Multi factor authentication Market Report Scope:
    Report Attributes Details

    Market Size in 2022

     US$ 13.1 billion 

    Market Size by 2030

     US$ 41.20 billion  

    CAGR 

     CAGR of 15.4%  From 2023 to 2030

    Base Year

    2022

    Forecast Period

     2023-2030

    Historical Data

     2019-2021

    Report Scope & Coverage

    Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook

    Key Segments

    By Model (Two Factor Authentication, Three Factor Authentication, Four Factor Authentication, Five Factor Authentication), By Application (BFSI, Government & Defense, Healthcare, Travel & Immigration, Retail & Ecommerce, Others)

    Regional Analysis/Coverage

    North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

    Company Profiles

    Okta Inc., Microsoft Corporation, Broadcom Inc., Gemalto NV (Thales Group), D RSA Security LLC, Aware Inc., HID Global, Trust Stamp, Feitian Technologies 

    Key Drivers

    •Increased demand for sophisticated cybersecurity
    • Increasing understanding of the value of safeguarding remote access

    Market Restrain

    •Expensive and difficult-to-implement MFA solutions
     

     

Frequently Asked Questions

Lack of knowledgeable cybersecurity personnel

 Increased demand for sophisticated cybersecurity and Increasing understanding of the value of safeguarding remote access

North America is dominating the Multi factor authentication Market.

 Multi factor authentication Market size was valued at USD 13.1 billion in 2022

Multi factor authentication Market is anticipated to expand by 15.4% from 2023 to 2030.

 

TABLE OF CONTENT

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Multi factor authentication Market Segmentation, By Model 
8.1    Two Factor Authentication
8.2    Three Factor Authentication
8.3    Four Factor Authentication
8.4    Five Factor Authentication

9. Multi factor authentication Market Segmentation, By Application 
9.1    BFSI
9.2    Government & Defense
9.3    Healthcare
9.4    Travel & Immigration
9.5    Retail & Ecommerce
9.6    Others

10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Multi factor authentication Market by Country
10.2.2North America Multi factor authentication Market by Model
10.2.3 North America Multi factor authentication Market by Application
10.2.4 USA
10.2.4.1 USA Multi factor authentication Market by Model
10.2.4.2 USA Multi factor authentication Market by Application
10.2.5 Canada
10.2.5.1 Canada Multi factor authentication Market by Model
10.2.5.2 Canada Multi factor authentication Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Multi factor authentication Market by Model
10.2.6.2 Mexico Multi factor authentication Market by Application
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Multi factor authentication Market by Country
10.3.1.2 Eastern Europe Multi factor authentication Market by Model
10.3.1.3 Eastern Europe Multi factor authentication Market by Application
10.3.1.4 Poland
10.3.1.4.1 Poland Multi factor authentication Market by Model
10.3.1.4.2 Poland Multi factor authentication Market by Application
10.3.1.5 Romania
10.3.1.5.1 Romania Multi factor authentication Market by Model
10.3.1.5.2 Romania Multi factor authentication Market by Application
10.3.1.6 Hungary
10.3.1.6.1 Hungary Multi factor authentication Market by Model
10.3.1.6.2 Hungary Multi factor authentication Market by Application
10.3.1.7 Turkey
10.3.1.7.1 Turkey Multi factor authentication Market by Model
10.3.1.7.2 Turkey Multi factor authentication Market by Application
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Multi factor authentication Market by Model
10.3.1.8.2 Rest of Eastern Europe Multi factor authentication Market by Application
10.3.2 Western Europe
10.3.2.1 Western Europe Multi factor authentication Market by Country
10.3.2.2 Western Europe Multi factor authentication Market by Model
10.3.2.3 Western Europe Multi factor authentication Market by Application
10.3.2.4 Germany
10.3.2.4.1 Germany Multi factor authentication Market by Model
10.3.2.4.2 Germany Multi factor authentication Market by Application
10.3.2.5 France
10.3.2.5.1 France Multi factor authentication Market by Model
10.3.2.5.2 France Multi factor authentication Market by Application
10.3.2.6 UK
10.3.2.6.1 UK Multi factor authentication Market by Model
10.3.2.6.2 UK Multi factor authentication Market by Application
10.3.2.7 Italy
10.3.2.7.1 Italy Multi factor authentication Market by Model
10.3.2.7.2 Italy Multi factor authentication Market by Application
10.3.2.8 Spain
10.3.2.8.1 Spain Multi factor authentication Market by Model
10.3.2.8.2 Spain Multi factor authentication Market by Application
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Multi factor authentication Market by Model
10.3.2.9.2 Netherlands Multi factor authentication Market by Application
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Multi factor authentication Market by Model
10.3.2.10.2 Switzerland Multi factor authentication Market by Application
10.3.2.11 Austria
10.3.2.11.1 Austria Multi factor authentication Market by Model
10.3.2.11.2 Austria Multi factor authentication Market by Application
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Multi factor authentication Market by Model
10.3.2.12.2 Rest of Western Europe Multi factor authentication Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Multi factor authentication Market by Country
10.4.2 Asia Pacific Multi factor authentication Market by Model
10.4.3 Asia Pacific Multi factor authentication Market by Application
10.4.4 China
10.4.4.1 China Multi factor authentication Market by Model
10.4.4.2 China Multi factor authentication Market by Application
10.4.5 India
10.4.5.1 India Multi factor authentication Market by Model
10.4.5.2 India Multi factor authentication Market by Application
10.4.6 Japan
10.4.6.1 Japan Multi factor authentication Market by Model
10.4.6.2 Japan Multi factor authentication Market by Application
10.4.7 South Korea
10.4.7.1 South Korea Multi factor authentication Market by Model
10.4.7.2 South Korea Multi factor authentication Market by Application
10.4.8 Vietnam
10.4.8.1 Vietnam Multi factor authentication Market by Model
10.4.8.2 Vietnam Multi factor authentication Market by Application
10.4.9 Singapore
10.4.9.1 Singapore Multi factor authentication Market by Model
10.4.9.2 Singapore Multi factor authentication Market by Application
10.4.10 Australia
10.4.10.1 Australia Multi factor authentication Market by Model
10.4.10.2 Australia Multi factor authentication Market by Application
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Multi factor authentication Market by Model
10.4.11.2 Rest of Asia-Pacific APAC Multi factor authentication Market by Application
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Multi factor authentication Market by Country
10.5.1.2 Middle East Multi factor authentication Market by Model
10.5.1.3 Middle East Multi factor authentication Market by Application
10.5.1.4 UAE
10.5.1.4.1 UAE Multi factor authentication Market by Model
10.5.1.4.2 UAE Multi factor authentication Market by Application
10.5.1.5 Egypt
10.5.1.5.1 Egypt Multi factor authentication Market by Model
10.5.1.5.2 Egypt Multi factor authentication Market by Application
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Multi factor authentication Market by Model
10.5.1.6.2 Saudi Arabia Multi factor authentication Market by Application
10.5.1.7 Qatar
10.5.1.7.1 Qatar Multi factor authentication Market by Model
10.5.1.7.2 Qatar Multi factor authentication Market by Application
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Multi factor authentication Market by Model
10.5.1.8.2 Rest of Middle East Multi factor authentication Market by Application
10.5.2 Africa
10.5.2.1 Africa Multi factor authentication Market by Country
10.5.2.2 Africa Multi factor authentication Market by Model
10.5.2.3 Africa Multi factor authentication Market by Application
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Multi factor authentication Market by Model
10.5.2.4.2 Nigeria Multi factor authentication Market by Application
10.5.2.5 South Africa
10.5.2.5.1 South Africa Multi factor authentication Market by Model
10.5.2.5.2 South Africa Multi factor authentication Market by Application
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Multi factor authentication Market by Model
10.5.2.6.2 Rest of Africa Multi factor authentication Market by Application
10.6 Latin America
10.6.1 Latin America Multi factor authentication Market by Country
10.6.2 Latin America Multi factor authentication Market by Model
10.6.3 Latin America Multi factor authentication Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Multi factor authentication Market by Model
10.6.4.2 Brazil Africa Multi factor authentication Market by Application
10.6.5 Argentina
10.6.5.1 Argentina Multi factor authentication Market by Model
10.6.5.2 Argentina Multi factor authentication Market by Application
10.6.6 Colombia
10.6.6.1 Colombia Multi factor authentication Market by Model
10.6.6.2 Colombia Multi factor authentication Market by Application
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Multi factor authentication Market by Model
10.6.7.2 Rest of Latin America Multi factor authentication Market by Application

11 Company Profile
11.1 Okta Inc.
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Microsoft Corporation
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Broadcom Inc.
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Gemalto NV (Thales Group)
11.4.1 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 D RSA Security LLC.
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Aware Inc.
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 HID Global
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Trust Stamp
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Feitian Technologies
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View

12. Competitive Landscape
12.1 Competitive Bench marking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions

13. USE Cases and Best Practices

14. Conclusion
 

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Secondary Research

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Primary Research

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Data Bank Validation

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