Multi-Factor Authentication Market size worth US$34.497 billion by 2027

multi factor authentication market

Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market “Multi-Factor Authentication Market which is forecasted from 2020 to 2027”.

The rise of the MFA market may be linked to the increasing usage of cloud computing and the increase in security breaches. MFA is an essential component of an effective Identity and Access Management (IAM) strategy since it entails extra verification processes in addition to login and password verification. Furthermore, sophisticated MFAs that may be seamlessly incorporated into businesses’ login and launch pages are available, which is pushing MFA adoption in several enterprises in the market. Furthermore, strong consumer identity security and the prevention of high-profile and sensitive data from escaping are some other reasons that are raising the popularity of MFA throughout the world and are likely to drive revenue growth in the market during the forecast period.

As per the report, the Multi-Factor Authentication Market is expected to grow at a steady pace.  

Growing severe compliances, as well as different enterprises’ ambitions to create and deploy improved authentication systems, are driving the MFS industry forward.

Based on the model, the Multi-Factor Authentication Market is segmented into two-factor authentication, three-factor authentication, four-factor authentication, and five-factor authentication. The increasing number of digital transactions, escalating security breaches, and regulatory compliance are likely to drive the two-factor authentication sector market growth.

Based on the application, the Multi-Factor Authentication Market is segmented into BFSI, defense, travel and transport, and others. As a result of implementing financial data security in the finance sector, the market for the BFSI segment is anticipated to rise. MFA protects unauthorized users from gaining access and hence prevents identity fraud and theft. Demand for MFA in the BFSI industry is projected to be driven by the need for high data protection, regulated cash transactions, and safe data transmission in banks and insurance businesses.

Based on geographical segmentation, the market for Multi-Factor Authentication is segmented nose North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. Due to the strict compliances given by various governments, Europe and the Asia Pacific are predicted to grow throughout the projected time.

As a part of the report, the major players operating in the Multi-Factor Authentication Market, that have been covered are RSA, Entrust, Thales Group, HID Global, Deepnet Securities, OneLogin, Okta, AuthO, Broadcom Inc, and, Microsoft.

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This analytics report segments the Multi-Factor Authentication Market on the following basis

  • By Model
    • Two-Factor Authentication
    • Three-Factor Authentication
    • Four-Factor Authentication
    • Five-Factor Authentication
  • By Application
    • BFSI
    • Defense
    • Travel and Transport
    • Others
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • UK
      • France
      • Spain
      • Italy
      • Others
    • The Middle East and Africa
      • Saudi Arabia
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • Indonesia
      • South Korea
      • Others