Multi-factor Authentication Market Size to Grow by USD 20806.45 Million From 2022 to 2027, Assessment on Parent Market, Five Forces Analysis, Market Dynamics & Segmentation - Technavio

NEW YORK, Nov. 2, 2022 /PRNewswire/ -- The Global Multi-factor Authentication Market share is set to increase by USD 20806.45 million from 2022 to 2027. Moreover, the market's growth momentum will accelerate at a CAGR of 21.41% as per the latest market forecast report by Technavio. The market will also record a 20.37% Y-O-Y growth rate during the forecast period.

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Technavio categorizes the global multi-factor authentication market as a part of the global IT consulting and other services market within the global IT services market. The parent market, the global IT consulting and other services market, covers companies that provide information technology consulting and information management services. Technavio calculates the size of this market based on the combined revenue generated by companies engaged in the provision of all types of IT consulting and information management services. 

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The Global Multi-factor Authentication Market is fragmented, and the five forces analysis by Technavio gives an accurate vision –

• Bargaining Power of Buyers
• The threat of New Entrants
• Threat of Rivalry
• Bargaining Power of Suppliers
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• The disruption threats are strategic in nature, and operational risks for suppliers have been mapped based on their negative business impact and probability of occurrence. 
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Technavio's market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Global Multi-factor Authentication Market as per geography is categorized into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides an accurate prediction of the contribution of all regions to the growth of the Global Multi-factor Authentication Market size and actionable market understandings.

• North America is the fastest-growing region in the global multi-factor authentication market compared to other regions. 35% growth will originate from North America. The adoption of multi-factor authentication is high in the region, as it is technologically developed. Moreover, the rise in regulatory requirements for large banks and Payment Card Industry (PCI) companies is driving the adoption of multi-factor authentication in the region. In addition, stringent government regulations compel enterprises to incorporate multi-factor authentication into their credential authentication paradigm. Such factors are expected to drive the market during the forecast period.

• The Global Multi-factor Authentication Market as per component segmentation is categorized into Services and Product.
• Revenue Generating Segment - The services segment will be a significant contributor to market growth during the forecast period. The prominence of multi-factor authentication solutions and services is increasing due to factors such as increased number of data breaches, cyber-attacks, and the growing adoption of BYOD among enterprises.

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• Innovative features and user interfaces are driving the multi-factor authentication market growth.
• The frequency of cyberattacks is increasing. Hence, many organizations have started to employ authentication methods, such as software OTP tokens, phone-based authentication, hardware OTP tokens, and e-mail. Moreover, the availability of 3G and 4G networks will boost online transactions.
• These factors will increase the adoption of multi-factor authentication solutions and services during the forecast period.

• The emergence of cloud-based multi-factor authentication is a trend in the market. Many companies are adopting cloud-based multi-factor authentication solutions and services owing to the rise in maintenance costs for hardware and software-based two-factor and three-factor authentication models.
• Cloud service providers are adopting technologies such as tokenization and biometric authentication, and others to guarantee the security and safety of data on the cloud.
• The demand for multi-factor authentication is expected to provide significant opportunities, which will drive the growth of the market during the forecast period. 

• The increase in the cost of OTP tokens may challenge the multi-factor authentication market growth.
• The high initial deployment and replacement costs have increased the total cost of OTP tokens.
• Regions such as Eastern Europe and South America have low vendor penetration, and vendors operating in these regions have low competition, which results in high initial deployment and replacement costs.
• Thus, the rising cost of OTP tokens will limit the growth of the market in focus during the forecast period.

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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19-impacted market research reports.

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• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist multi-factor authentication market growth during the next five years
• Estimation of the multi-factor authentication market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the multi-factor authentication market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of multi-factor authentication market vendors

• The cloud data warehouse market share is expected to grow by USD 17.74 billion from 2022 to 2027. We have segmented the market based on type, product, distribution channel, and region.
• The digital commerce market size is projected to grow by USD 3.43 trillion with a CAGR of 15.93% during the forecast period 2021 to 2026. This report extensively covers segmentation by business segment (business to business and business to consumer) and geography (APAC, North America, Europe, South America, and the Middle East and Africa).

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1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 18: Five forces analysis - Comparison between 2022 and 2027

• 4.2 Bargaining power of buyers 
• Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 4.3 Bargaining power of suppliers 
• Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 4.4 Threat of new entrants 
• Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027

• 4.5 Threat of substitutes 
• Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027

• 4.6 Threat of rivalry 
• Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027

• 4.7 Market condition 
• Exhibit 24: Chart on Market condition - Five forces 2022 and 2027

5 Market Segmentation by Component

• 5.1 Market segments 
• Exhibit 25: Chart on Component - Market share 2022-2027 (%)
• Exhibit 26: Data Table on Component - Market share 2022-2027 (%)

• 5.2 Comparison by Component 
• Exhibit 27: Chart on Comparison by Component
• Exhibit 28: Data Table on Comparison by Component

• 5.3 Services - Market size and forecast 2022-2027
• Exhibit 29: Chart on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 30: Data Table on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 31: Chart on Services - Year-over-year growth 2022-2027 (%)
• Exhibit 32: Data Table on Services - Year-over-year growth 2022-2027 (%)

• 5.4 Products - Market size and forecast 2022-2027
• Exhibit 33: Chart on Products - Market size and forecast 2022-2027 ($ million)
• Exhibit 34: Data Table on Products - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Chart on Products - Year-over-year growth 2022-2027 (%)
• Exhibit 36: Data Table on Products - Year-over-year growth 2022-2027 (%)

• 5.5 Market opportunity by Component 
• Exhibit 37: Market opportunity by Component ($ million)

6 Market Segmentation by Deployment

• 6.1 Market segments 
• Exhibit 38: Chart on Deployment - Market share 2022-2027 (%)
• Exhibit 39: Data Table on Deployment - Market share 2022-2027 (%)

• 6.2 Comparison by Deployment 
• Exhibit 40: Chart on Comparison by Deployment
• Exhibit 41: Data Table on Comparison by Deployment

• 6.3 On-premises - Market size and forecast 2022-2027
• Exhibit 42: Chart on On-premises - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on On-premises - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on On-premises - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on On-premises - Year-over-year growth 2022-2027 (%)

• 6.4 Cloud - Market size and forecast 2022-2027
• Exhibit 46: Chart on Cloud - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Cloud - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Cloud - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Cloud - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Deployment 
• Exhibit 50: Market opportunity by Deployment ($ million)

7 Customer Landscape

• 7.1 Customer landscape overview 
• Exhibit 51: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

8 Geographic Landscape

• 8.1 Geographic segmentation 
• Exhibit 52: Chart on Market share by geography 2022-2027 (%)
• Exhibit 53: Data Table on Market share by geography 2022-2027 (%)

• 8.2 Geographic comparison 
• Exhibit 54: Chart on Geographic comparison
• Exhibit 55: Data Table on Geographic comparison

• 8.3 North America - Market size and forecast 2022-2027
• Exhibit 56: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 8.4 Europe - Market size and forecast 2022-2027
• Exhibit 60: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 8.5 APAC - Market size and forecast 2022-2027 
• Exhibit 64: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 67: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 8.6 South America - Market size and forecast 2022-2027
• Exhibit 68: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 71: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 8.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 72: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 75: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 8.8 US - Market size and forecast 2022-2027
• Exhibit 76: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 79: Data Table on US - Year-over-year growth 2022-2027 (%)

• 8.9 China - Market size and forecast 2022-2027
• Exhibit 80: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 83: Data Table on China - Year-over-year growth 2022-2027 (%)

• 8.10 Germany - Market size and forecast 2022-2027
• Exhibit 84: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 87: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 8.11 UK - Market size and forecast 2022-2027
• Exhibit 88: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 91: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 8.12 Japan - Market size and forecast 2022-2027
• Exhibit 92: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 95: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 8.13 Market opportunity by geography 
• Exhibit 96: Market opportunity by geography ($ million)

9 Drivers, Challenges, and Trends

• 9.1 Market drivers

• 9.2 Market challenges

• 9.3 Impact of drivers and challenges 
• Exhibit 97: Impact of drivers and challenges in 2022 and 2027

• 9.4 Market trends

10 Vendor Landscape

• 10.1 Overview

• 10.2 Vendor landscape 
• Exhibit 98: Overview on Criticality of inputs and Factors of differentiation

• 10.3 Landscape disruption 
• Exhibit 99: Overview on factors of disruption

• 10.4 Industry risks 
• Exhibit 100: Impact of key risks on business

11 Vendor Analysis

• 11.1 Vendors covered 
• Exhibit 101: Vendors covered

• 11.2 Market positioning of vendors 
• Exhibit 102: Matrix on vendor position and classification

• 11.3 Broadcom Inc. 
• Exhibit 103: Broadcom Inc. - Overview
• Exhibit 104: Broadcom Inc. - Business segments
• Exhibit 105: Broadcom Inc. - Key news
• Exhibit 106: Broadcom Inc. - Key offerings
• Exhibit 107: Broadcom Inc. - Segment focus

• 11.4 Entrust Corp. 
• Exhibit 108: Entrust Corp. - Overview
• Exhibit 109: Entrust Corp. - Product / Service
• Exhibit 110: Entrust Corp. - Key news
• Exhibit 111: Entrust Corp. - Key offerings

• 11.5 ForgeRock Inc. 
• Exhibit 112: ForgeRock Inc. - Overview
• Exhibit 113: ForgeRock Inc. - Product / Service
• Exhibit 114: ForgeRock Inc. - Key news
• Exhibit 115: ForgeRock Inc. - Key offerings

• 11.6 Fujitsu Ltd. 
• Exhibit 116: Fujitsu Ltd. - Overview
• Exhibit 117: Fujitsu Ltd. - Business segments
• Exhibit 118: Fujitsu Ltd. - Key offerings
• Exhibit 119: Fujitsu Ltd. - Segment focus

• 11.7 HID Global Corp. 
• Exhibit 120: HID Global Corp. - Overview
• Exhibit 121: HID Global Corp. - Product / Service
• Exhibit 122: HID Global Corp. - Key offerings

• 11.8 Microsoft Corp. 
• Exhibit 123: Microsoft Corp. - Overview
• Exhibit 124: Microsoft Corp. - Business segments
• Exhibit 125: Microsoft Corp. - Key news
• Exhibit 126: Microsoft Corp. - Key offerings
• Exhibit 127: Microsoft Corp. - Segment focus

• 11.9 NEC Corp. 
• Exhibit 128: NEC Corp. - Overview
• Exhibit 129: NEC Corp. - Business segments
• Exhibit 130: NEC Corp. - Key news
• Exhibit 131: NEC Corp. - Key offerings
• Exhibit 132: NEC Corp. - Segment focus

• 11.10 Okta Inc. 
• Exhibit 133: Okta Inc. - Overview
• Exhibit 134: Okta Inc. - Product / Service
• Exhibit 135: Okta Inc. - Key offerings

• 11.11 OneSpan Inc. 
• Exhibit 136: OneSpan Inc. - Overview
• Exhibit 137: OneSpan Inc. - Product / Service
• Exhibit 138: OneSpan Inc. - Key offerings

• 11.12 Quest Software Inc. 
• Exhibit 139: Quest Software Inc. - Overview
• Exhibit 140: Quest Software Inc. - Product / Service
• Exhibit 141: Quest Software Inc. - Key offerings

• 11.13 RSA Security LLC 
• Exhibit 142: RSA Security LLC - Overview
• Exhibit 143: RSA Security LLC - Product / Service
• Exhibit 144: RSA Security LLC - Key offerings

• 11.14 SecureAuth Corp. 
• Exhibit 145: SecureAuth Corp. - Overview
• Exhibit 146: SecureAuth Corp. - Product / Service
• Exhibit 147: SecureAuth Corp. - Key offerings

• 11.15 Thales 
• Exhibit 148: Thales - Overview
• Exhibit 149: Thales - Business segments
• Exhibit 150: Thales - Key offerings
• Exhibit 151: Thales - Segment focus

• 11.16 TransUnion 
• Exhibit 152: TransUnion - Overview
• Exhibit 153: TransUnion - Business segments
• Exhibit 154: TransUnion - Key offerings
• Exhibit 155: TransUnion - Segment focus

• 11.17 Yubico AB 
• Exhibit 156: Yubico AB - Overview
• Exhibit 157: Yubico AB - Product / Service
• Exhibit 158: Yubico AB - Key offerings

12 Appendix

• 12.1 Scope of the report

• 12.2 Inclusions and exclusions checklist 
• Exhibit 159: Inclusions checklist
• Exhibit 160: Exclusions checklist

• 12.3 Currency conversion rates for US$ 
• Exhibit 161: Currency conversion rates for US$

• 12.4 Research methodology 
• Exhibit 162: Research methodology
• Exhibit 163: Validation techniques employed for market sizing
• Exhibit 164: Information sources

• 12.5 List of abbreviations 
• Exhibit 165: List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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