Multi-Factor Authentication Market Opportunities, Trends, Statistical Graph

Posted by Sakshi Mishra on February 23rd, 2021

Market Analysis 

The global multi-factor authentication market size is anticipated to touch USD 11.24 billion at a 13% CAGR between 2017- 2023, as per the current Market Research Future (MRFR) analysis. Multi-factor authentication or MFA, simply put, is a technological tool that helps organizations to protect their confidential data from theft and unwanted access. This technique entails a one-time password (OTP), biometric, password, personal identification number, and username. 

Various factors are propelling the global multi-factor authentication market share. According to the recent MRFR report, such factors include the increase in cyber theft cases, growing demand for secured online transactions of banking and other forms of financial services, an increase in data breach across organizations, and increasing stringency in regulations to safeguard sensitive data. Additional factors fuelling market growth comprise the growing adoption of BYOD across different enterprises, rising investments in enterprise mobility and cloud technologies, and the advent of authentication-as-a-service solutions that offer authentication and advanced security to organizations. 

On the contrary, high usage service limits, complex maintenance, high initial investment, and the ongoing COVID-19 outbreak may deter the global multi-factor authentication market growth over the forecast period. 

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Market Segmentation 

The MRFR report highlights an inclusive segmental analysis of the global multi-factor authentication market based on application, deployment, and model. 

By model, the global multi-factor authentication market is segmented into two-factor, three-factor authentication, four-factor authentication, and five-factor authentication. The two-factor authentication segment is again segmented into smart-card with pin, biometric technology with pin, and biometric technology. The three-factor authentication is again segmented into the smart card with pin & biometric technology, pin with two-factor biometric technologies, smart card with two-factor biometric technologies, and three-factor biometric technology. Of these, the five-factor authentication model segment will lead the market over the forecast period. 

By deployment, the global multi-factor authentication market is segmented into on the cloud and on premises. Of these, on the cloud deployment segment will dominate the market over the forecast period. 

By application, the global multi-factor authentication market is segmented into healthcare, consumer electronics, commercial security, military and defense, travel and immigration, government institutions, and banking and finance. Of these, the banking and finance application segment will have a major share in the market over the forecast period. 

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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Sakshi Mishra

About the Author

Sakshi Mishra
Joined: September 30th, 2020
Articles Posted: 512

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