Multi-factor Authentication Market 2022-2027: Size, Share, Competitive Analysis, Demand and Report
- Abhishek Rastogi
- Apr 19, 2022
- 3 min read
The latest report by IMARC Group, titled "Multi-Factor Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," offers a comprehensive analysis of the industry, which comprises insights on the global market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global multi-factor authentication market reached a value of US$ 12.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.7 Billion by 2027, exhibiting at a CAGR of 17.8% during 2022-2027. Multi-factor authentication (MFA) represents a security system that is built to protect business units and organizations from potential security breaches using a multi-layered verification process. It requires an individual to provide various safety validation variables, such as their login credentials, a security token, one-time password (OTP), biometric verification, etc., which are unique to the user. MFA aims at creating an elaborate defense system against unauthorized individuals accessing a database, network, computer device, physical location, etc. Consequently, it finds wide-ranging applications in several end-use industries, such as healthcare, banking, financial services and insurance (BFSI), defense, 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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Important Attribute and highlights of the Report:
Detailed analysis of the global market share
Market Segmentation
Historical, current, and projected size of the market in terms of volume and value
Latest industry trends and developments
Competitive Landscape
Strategies of major players and product offerings
Global Multi-Factor Authentication Market Trends:
The rising instances of security breaches, cyber-attacks, online frauds, etc., are among the primary factors driving the multi-factor authentication market. In line with this, MFA systems assist in preventing ransomware attacks by verifying the user identities via computer devices or smartphones, which is further propelling the product demand. Additionally, the growing utilization of these security systems to support training, services, SMS gateway, and hardware and software tokens is acting as another significant growth-inducing factor. Apart from this, the launch of numerous favorable initiatives by government bodies across the globe to enhance national security and the emerging trend of modernizing cybersecurity infrastructures are also augmenting the global market. Furthermore, the introduction of Authentication-as-a-Service (AaaS) solutions, which offer advanced security and authentication to organizations, is anticipated 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 Corporation
Deepnet Security Ltd.
Entrust Datacard Corporation
Fujitsu Limited
Gemalto N.V.
Microsoft Corporation
NEC Corporation of America
Okta, Inc.
Ping Identity Corporation
RSA Security LLC
SecureAuth Corporation
SecurEnvoy Limited
Suprema Inc
Breakup by Model:
Two-Factor Authentication
Three-Factor Authentication
Four-Factor Authentication
Five-Factor Authentication
Breakup by Deployment Type:
On-Premises
On-Cloud
Breakup by Application:
Smart Card Authentication
Phone-Based Authentication
Hardware OTP Token Authentication
Breakup by Vertical:
Banking & Finance
Government
Travel & Immigration
Military & Defence
Commercial Security
Healthcare
Consumer Electronics
Others
Breakup 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 (2016-2021)
Market Outlook (2022-2027)
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Historical, Current and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
TOC for the Report:
Preface
Scope and Methodology
Executive Summary
Introduction
Global Market
SWOT Analysis
Value Chain Analysis
Price Analysis
Competitive Landscape
Note: 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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