Multifactor Authentication Market size worth USD 40.01 Billion, Globally, by 2030 at 15.20% CAGR: Verified Market Research®

The "Global Multifactor Authentication Market Size By Authentication (Two-Factor, Three-Factor, Four-Factor), By End-User (BFSI, Healthcare, Government), By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Multifactor Authentication Market, including its growth prospects, market trends, and market challenges

JERSEY CITY, N.J., Sept. 22, 2023 /PRNewswire/ -- The Global Multifactor Authentication Market is projected to grow at a CAGR of 15.20% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 11.20 Billion in 2021 and is expected to reach USD 40.01 Billion by the end of the forecast period.

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Browse in-depth TOC on "Multifactor Authentication Market"

202 - Pages
126 – Tables
37 – Figures

Multifactor Authentication Market: Robust Growth Driven by Escalating Security Threats and Emerging Trends

The global Multifactor Authentication (MFA) market is experiencing substantial growth, underpinned by a convergence of factors including mounting security threats, expanding industry applications, and technological advancements. Market players are capitalizing on these opportunities to enhance security in an increasingly digital landscape.

Multifactor Authentication Market Drivers:

• Security Threats: The MFA market is witnessing rapid expansion in response to the surge in security breaches and cyberattacks. Small and medium-sized businesses, in particular, are vulnerable targets, facing threats such as ransomware. MFA systems are instrumental in preventing unauthorized access to online and financial accounts by confirming user identities on various devices.
• Industry Expansion: The healthcare, retail, banking, financial services, and insurance (BFSI) sectors are driving the demand for authentication systems. Banking operations, which require secure connections for core banking, trade finance, foreign payments, and internet banking, have significantly contributed to the adoption of MFA.
• Emerging Trends: The adoption of Internet of Things (IoT) and cloud-based services has opened new growth avenues. Cloud-integrated MFA solutions enable remote biometric authentication methods, such as fingerprint scanning and facial recognition. These trends, coupled with advancements in biometrics and government initiatives to bolster national security, are fueling market growth.
• Digital Transformation: The increasing penetration of smartphones, wireless devices, and the use of digital payment methods are propelling the Multifactor Authentication Market. Businesses and individuals are embracing MFA solutions to fortify the security of their digital interactions.

Opportunities and Outlook:

• Despite facing challenges such as cost considerations and concerns regarding false security, the Multifactor Authentication market presents significant opportunities for growth. Key factors shaping the market's outlook include:
• Cost-Effective Solutions: Innovations in MFA technology are expected to reduce implementation costs, making it more accessible to a broader range of businesses.
• User Education: Addressing concerns about false security and user education can foster greater acceptance and adoption of MFA systems.
• Global Expansion: The MFA market is poised for global expansion, with North America leading the way due to its technological prowess, high adoption rates, and robust network connectivity.

Multifactor Authentication Market Key Players:

Prominent companies at the forefront of the Multifactor Authentication market include Suprema HQ Inc., SecureAuth Corporation, Safran Group, RSA Security LLC, NEC Corporation, Thales Group, Fujitsu Limited, Broadcom Inc., VASCO Data Security International Inc., and Gemalto NV.

The Multifactor Authentication market is poised for substantial growth, with key drivers including rising security threats, industry expansion, emerging trends, and digital transformation. As the market continues to evolve, leading players are seizing opportunities to innovate and enhance security, ensuring a safer digital future.

To get market data, market insights, financial statements and a comprehensive analysis of the Global Multifactor Authentication Market, please Contact Verified Market Research®.

Based on the research, Verified Market Research® has segmented the global Multifactor Authentication Market into Authentication, End-User, And Geography.

• Multifactor Authentication Market, by Authentication
  • Two-Factor
  • Three-Factor
  • Four-Factor
  • Five-Factor
• Multifactor Authentication Market, by End-User
  • BFSI
  • Healthcare
  • Government
  • Defense
  • Travel and Transport/Logistics
  • Other
• Multifactor Authentication Market, by Geography
  • North America
    • U.S
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • ROW
    • Middle East & Africa
    • Latin America

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