The Worldwide Multi-Factor Authentication Industry is Expected to Reach $23.5 Billion by 2026 at a CAGR of 16.2% from 2021

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May 13, 2021, 14:00 ET

DUBLIN, May 13, 2021 /PRNewswire/ -- The "Global Multi-Factor Authentication Market by Component (Hardware, Solutions, and Services), Model Type (Two, Three, Four, and Five-Factor), Organization Size, End User (BFSI, Healthcare, Media and Entertainment, Government), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global MFA market size is projected to grow from USD 11.1 billion in 2021 to USD 23.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period.

Major driving factors for the MFA market include rise in security breaches, fraud, and data identity thefts, surge in use of BYOD/ IoT devices, high demand for cloud-based MFA solutions and services, high volume of online transactions, and stringent government regulations.

By component, the services segment to register the highest growth rate during the forecast period

The services segment includes various services that are required to deploy, execute, and maintain the MFA solutions and services in an organization. As the adoption of the MFA solution increases, the demand for these services is also expected to increase.

During COVID-19, the growing concern of data breaches and privacy compliance regulations is making companies focus on adopting MFA solutions to achieve compliance, improved data security, and better flexibility in operations. Major MFA vendors are widely supporting organizations with quick support services in such unprecedented times. Financial services, healthcare, and the e-commerce industry verticals have witnessed huge data losses due to security breaches. As a result, they are highly dependent on MFA solutions for strengthening their cybersecurity capabilities.

By model type, the two factor authentication segment to hold the largest market size during the forecast period

The two-factor authentication model is expected to witness rapid adoption in future as it offers a robust, unbreakable, and second-layered security infrastructure. Two-factor authentication (2FA), often referred to as two-step verification, is a security process in which the user provides two authentication factors.

Two-factor authentication provides an additional layer of security and makes it harder for attackers to gain access to a person's devices and online accounts, because knowing the victim's password alone is not enough to pass the authentication check. Two-factor authentication can be achieved using any two of smart cards, PIN, SMS application, tokens, biometrics (iris, face, palm, fingerprint, and so on), passwords, and so on.

Asia Pacific to register the highest growth rate during the forecast period

Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global MFA market during the forecast period. The region comprises emerging economies, such as Australia, China, Japan, India, and South Korea. With the proliferation of advanced technologies in the APAC region, security and fraud concerns have risen.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Multi-Factor Authentication Market
4.2 Market, by Component and Organization Size
4.3 Market, by Region
4.4 Market: Investment Scenario

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Adoptions of Byod, Cyod, and Wfh Trends
5.2.1.2 Rising Security Breaches and Sophisticated Cyberattacks Leading to Financial and Reputational Losses
5.2.1.3 Stringent Government Regulations to Increase the Adoption of Mfa Solutions
5.2.1.4 Escalating Instances of Identity Theft and Fraud
5.2.2 Restraints
5.2.2.1 High Cost and Technical Complexities in Implementing Mfa Solutions
5.2.2.2 Increasing Response Time in Higher Order Authentication Models
5.2.3 Opportunities
5.2.3.1 Proliferation of Cloud-Based Mfa Solutions and Services
5.2.3.2 Rising Adoption of Interconnected Devices in the IoT Environment
5.2.3.3 High Volume of Online Transactions
5.2.4 Challenges
5.2.4.1 Lack of Awareness Related to Mfa Among Enterprises
5.2.4.2 Scarcity of Skilled Cybersecurity Professionals
5.3 COVID-19 Driven Market Dynamics
5.3.1 Drivers and Opportunities
5.3.2 Restraints and Challenges
5.3.3 Cumulative Growth Analysis
5.4 Value Chain Analysis
5.5 Ecosystem: Multi-Factor Authentication Market
5.6 Average Selling Price/Pricing Model of Multi-Factor Authentication Players 2019-2020
5.7 Regulatory Landscape
5.8 Technology Trends
5.9 Patent Analysis
5.10 Use Cases
5.11 Revenue Shift - YC/YCC Shift for the Multi-Factor Authentication Market
5.12 Porter's Five Forces Analysis

6 Multi-Factor Authentication Market, by Authentication Type
6.1 Introduction
6.1.1 Authentication Type: Market Drivers
6.1.2 Authentication Type: COVID-19 Impact
6.2 Password Authentication
6.3 Passwordless Authentication

7 Multi-Factor Authentication Market, by Component
7.1 Introduction
7.1.1 Component: Market Drivers
7.1.2 Component: COVID-19 Impact
7.2 Solutions
7.3 Hardware
7.4 Services

8 Multi-Factor Authentication Market, by Model Type
8.1 Introduction
8.1.1 Model Type: Market Drivers
8.1.2 Model Type: COVID-19 Impact
8.2 Two-Factor Authentication
8.2.1 Smart Card with Pin
8.2.2 Smart Card with Biometric Technology
8.2.3 Biometric Technology with Pin
8.2.4 Two-Factor Biometric Technology
8.2.5 One Time Password with Pin
8.3 Three-Factor Authentication
8.3.1 Smart Card with Pin and Biometric Technology
8.3.2 Smart Card with Two-Factor Biometric Technology
8.3.3 Pin with Two-Factor Biometric Technologies
8.3.4 Three-Factor Biometric Technology
8.4 Four-Factor Authentication
8.5 Five-Factor Authentication

9 Multi-Factor Authentication Market, by Organization Size
9.1 Introduction
9.1.1 Organization Size: Market Drivers
9.1.2 Organization Size: COVID-19 Impact
9.2 Small and Medium-Sized Enterprises
9.3 Large Enterprises

10 Multi-Factor Authentication Market, by End-User
10.1 Introduction
10.1.1 End-User: Market Drivers
10.1.2 End-User: COVID-19 Impact
10.2 Banking, Financial Services and Insurance
10.3 Government
10.4 Travel and Immigration
10.5 Military and Defense
10.6 Commercial Security
10.7 Information Technology
10.8 Telecommunications
10.9 Healthcare
10.10 Media and Entertainment
10.11 Other Verticals

11 Multi-Factor Authentication Market, by Region
11.1 Introduction
11.2 North America
11.2.1 North America: Market Drivers
11.2.2 North America: COVID-19 Impact
11.2.3 North America: Regulatory Landscape
11.2.4 United States
11.2.5 Canada
11.3 Europe
11.3.1 Europe: Multi-Factor Authentication Market Drivers
11.3.2 Europe: COVID-19 Impact
11.3.3 Europe: Regulatory Landscape
11.3.4 United Kingdom
11.3.5 Germany
11.3.6 France
11.3.7 Italy
11.3.8 Rest of Europe
11.4 Asia-Pacific
11.4.1 Asia-Pacific: Multi-Factor Authentication Market Drivers
11.4.2 Asia-Pacific: COVID-19 Impact
11.4.3 Asia-Pacific: Regulatory Landscape
11.4.4 Australia
11.4.5 India
11.4.6 China
11.4.7 Japan
11.4.8 South Korea
11.4.9 Rest of Asia-Pacific
11.5 Middle East and Africa
11.5.1 Middle East and Africa: Multi-Factor Authentication Market Drivers
11.5.2 Middle East and Africa: COVID-19 Impact
11.5.3 Middle East and Africa: Regulatory Landscape
11.5.4 United Arab Emirates
11.5.5 Kingdom of Saudi Arabia
11.5.6 Rest of Middle East and Africa
11.6 Latin America
11.6.1 Latin America: Multi-Factor Authentication Market Drivers
11.6.2 Latin America: COVID-19 Impact
11.6.3 Latin America: Regulatory Landscape
11.6.4 Brazil
11.6.5 Rest of Latin America

12 Competitive Landscape
12.1 Introduction
12.2 Market Evaluation Framework
12.3 Market Share of Leading Players
12.4 Market Share Analysis of Key Market Players
12.5 Historical Revenue Analysis
12.6 Ranking of Key Players in the Multi-Factor Authentication, 2020
12.7 Company Evaluation Matrix
12.7.1 Company Evaluation Matrix Definitions and Methodology
12.7.2 Star
12.7.3 Pervasive
12.7.4 Emerging Leaders
12.7.5 Participants
12.8 Strength of Product Portfolio
12.9 Business Strategy Excellence
12.1 Startup/SME Evaluation Matrix, 2020
12.10.1 Progressive Companies
12.10.2 Responsive Companies
12.10.3 Dynamic Companies
12.10.4 Starting Blocks

13 Company Profiles
13.1 Introduction
13.2 Key Players
13.2.1 Microsoft
13.2.1.1 Business Overview
13.2.1.2 Solutions and Services Offered
13.2.1.3 Recent Developments
13.2.1.4 COVID-19-Related Developments
13.2.1.5 Analyst's View
13.2.1.5.1 Key Strengths/Right to Win
13.2.1.5.2 Strategic Choices Made
13.2.1.5.3 Weaknesses and Competitive Threats
13.2.2 Broadcom
13.2.2.1 Business Overview
13.2.2.2 Solutions and Services Offered
13.2.2.3 Recent Developments
13.2.2.4 COVID-19-Related Developments
13.2.2.5 Analyst's View
13.2.2.5.1 Key Strengths/Right to Win
13.2.2.5.2 Strategic Choices Made
13.2.2.5.3 Weaknesses and Competitive Threats
13.2.3 Onespan
13.2.3.1 Business Overview
13.2.3.2 Solutions and Services Offered
13.2.3.3 Recent Developments
13.2.3.4 COVID-19-Related Developments:
13.2.3.5 Analyst's View
13.2.3.5.1 Key Strengths/Right to Win
13.2.3.5.2 Strategic Choices
13.2.3.5.3 Weaknesses and Competitive Threats
13.2.4 Okta
13.2.4.1 Business Overview
13.2.4.2 Solutions and Services Offered
13.2.4.3 Recent Developments
13.2.4.4 COVID-19-Related Developments:
13.2.4.5 Analyst's View
13.2.4.5.1 Key Strengths/Right to Win
13.2.4.5.2 Strategic Choices Made
13.2.4.5.3 Weaknesses and Competitive Threats
13.2.5 Micro Focus
13.2.5.1 Business Overview
13.2.5.2 Solutions and Services Offered
13.2.5.3 Recent Developments
13.2.5.4 COVID-19-Related Developments:
13.2.5.5 Analyst's View
13.2.5.5.1 Key Strengths/Right to Win
13.2.5.5.2 Strategic Choices Made
13.2.5.5.3 Weaknesses and Competitive Threats
13.2.6 Thales
13.2.6.1 Business Overview
13.2.6.2 Solutions and Services Offered
13.2.6.3 Recent Developments
13.2.6.4 COVID-19-Related Developments:
13.2.7 Rsa Security
13.2.7.1 Business Overview
13.2.7.2 Solutions and Services Offered
13.2.7.3 Recent Developments
13.2.7.4 COVID-19-Related Developments:
13.2.8 Duo Security (Cisco)
13.2.8.1 Business Overview
13.2.8.2 Solutions Offered
13.2.8.3 Recent Developments
13.2.8.4 COVID-19-Related Developments:
13.2.9 Ping Identity
13.2.9.1 Business Overview
13.2.9.2 Solutions and Services Offered
13.2.9.3 Recent Developments
13.2.9.4 COVID-19-Related Developments:
13.2.10 HID Global
13.2.10.1 Business Overview
13.2.10.2 Solutions Offered
13.2.10.3 Recent Developments
13.2.10.4 COVID-19-Related Developments:
13.2.11 ESET
13.2.11.1 Business Overview
13.2.11.2 Solutions and Services Offered
13.2.11.3 Recent Developments
13.2.11.4 COVID-19-Related Developments:
13.2.12 Forgerock
13.2.13 Cyberark
13.2.14 OneLogin
13.2.15 SecureAuth
13.2.16 Oracle
13.2.17 Salesforce
13.3 Startup/SME Profiles
13.3.1 Secret Double Octopus
13.3.2 Silverfort
13.3.3 Trusona
13.3.4 FusionAuth
13.3.5 HYPR
13.3.6 Keyless
13.3.7 Luxchain

14 Adjacent/Related Markets
14.1 Introduction
14.2 Identity Access and Management Market
14.2.1 Market Definition
14.3 Risk-Based Authentication Market
14.3.1 Market Definition
14.4 Digital Identity Management Market
14.4.1 Market Definition

15 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/g1a5wi

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