Multi-factor Authentication Market Size, Share, Growth Analysis, By Enterprise (Large Enterprises, Small and Medium Enterprises), By Industry Vertical (IT & Telecommunication, BFSI), By Deployment, (On-premises, Cloud), By Region -Industry Forecast 2024-2031

Drivers

Increasing Cloud Adoption is Driving Market Growth

• Cloud technologies are an important trend in fraud detection and prevention. It provides robust power generation, storage space and the Internet and cloud technology, which enables faster investigations into cybercrime. In addition, small and medium-sized companies operating in banks and financial institutions are actively implementing cloud-based fraud detection and prevention services in their organizations.

Rise in Adoption of Mobile Devices

• Increased growth in the use of mobile devices such as smartphones and tablets, and widespread adoption of mobile applications across industries is a key driver of the global market. Mobile user authentication solutions for easy and secure access to ensure user identity, so organizations can reduce the risk of unauthorized access and potential data breaches and ensure a seamless user experience.

Restraints

Lack of Knowledge and Awareness for Deployment of Authentication Technology

• There are a variety of options available to protect smartphones and other electronic devices from phishing and other security threats. However, limited knowledge about authentication applications such as behavioral biometrics, keystroke mobility touch kinetics, among others hinders the market growth potential. Furthermore, potential awareness among the consumers about emerging technologies such as new smartphone authentication software acts as a valid restraint to the growth of the market.

Security Concerns and Usability Challenges

• Despite the increasing demand for mobile user authentication solutions, security concerns and usability concerns act as major restraints on the market. Mobile devices are inherently more susceptible to protection threats along with device theft, malware scams. Moreover, it is able to be hard for corporations to implement strong authentication techniques on cellular platforms without compromising the user experience.