Global Multifactor Authentication Market – Analysis and Forecast (2021-2027), Broadcom, OneSpan, Okta, Microsoft.


Posted December 29, 2021 by industryno1

VynZ Research is a global market intelligence company providing research reports.

 
The global multifactor authentication (MFA) market is anticipated to grow from USD 10.9 billion in 2021 to USD 23.9 billion by 2027, registering a CAGR of 16.3% during the forecast period 2021-2027.

The multifactor authentication method is an advanced security system that entails users providing two or more validation factors in order to access resources like Components, online accounts, and Virtual Private Networks (VPN). The increased number of verification processes will decrease the probability of security breaches like hacking and data theft will accelerate the demand for MFA systems. The MFA system comprises logical, biometric, and physical procedures so as to pass the security system. Multifactor authentication is gaining prominence as it provides a high degree of security and various models of multi-factor authentication are adopted in various industry verticals like BFSI, government, immigration and travel, commercial security, electronics, and healthcare.

The COVID-19 outbreak has increased the demand for multifactor authentication solutions owing to an increase in cyber-based attacks. Moreover, there is increasing prominence of work from home and remote working culture globally, resulting in a sudden increase in cybercriminal activities. As a result, the multi-factor authentication market has grown significantly during the COVID 19 pandemic, as the demand for improved security for critical corporate assets has increased.

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Factors attributing to the growth MFN market include increasing security breaches, fraud, and data identity thefts, rise in adoption of BYOD/IoT devices, increased demand for cloud-based MFA solutions and services, increased volume of online transactions, and strict government regulations like GDPR, CCPA, and PSD2 emphasized on the deployment of security practices in enterprises to eradicate frauds, data leaks, and identity thefts. The increased internet penetration, growing investment in cloud technologies, enterprise mobility, mounting adoption of smartphones with built-in authentication technology, and robust e-commerce growth will bolster the growth of the multifactor authentication market.

North America dominates the multifactor authentication market owing to increased penetration of smartphones, mounting adoption of digital services, technological development, and improved network connectivity. Furthermore, the rising cases of cyber-attacks and the presence of major players like CA Technologies, Symantec Corporation, Vasco Data Security International Inc., etc. are also factors that led to growth in the region.

Asia-Pacific is anticipated to be the fastest-growing region in the multifactor authentication market owing to the increased spending on connected devices, rising investment in cloud and IoT technologies, and mounting demand for digital services.

Okta is one of the leading independent providers of identity for enterprises and provides flexibility in multifactor authentication solutions and includes single sign-on, access gateway, universal directory, and authentication.

Fujitsu tablets and work-related data systems are easy and authentication happens very fast. Thus, the staff are freed from handling multiple, complicated passwords and security is stronger.

In March 2021, Okta has signed a definitive agreement to acquire Auth0 for USD 6.5 billion so as to offer customer identity for the internet

Some of the key players operating in the multifactor authentication market: Broadcom, OneSpan, Okta, Microsoft, RSA Security LLC, Safran, Thales Group, SUPREMA, Ping Identity, and Fujitsu.

Source: VynZ Research
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Last Updated December 29, 2021