Global Multi-factor Authentication Market

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

Report ID: SQMIG45A2374 | Region: Global | Published Date: November, 2024
Pages: 197 | Tables: 94 | Figures: 74

Multi-factor Authentication Market News

  • March 2024: Digital identity management specialist Intercede released MyID MFA (multifactor authentication) 5.0. This latest iteration in the MyID lineup raises security standards, empowering organizations to secure both on-premises and cloud applications.
  • February 2024: Giesecke+Devrient strengthened its digital portfolio financially by increasing its stake in software company Netcetera.
  • November 2023: October Inc. partnered with Trio, a mobile device management (MDM) provider. This collaboration empowers Trio to provide equipment management and security solutions for enterprises.
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Global Multi-factor Authentication Market size was valued at USD 14.28 Billion in 2022 and is poised to grow from USD 16.31 Billion in 2023 to USD 47.18 Billion by 2031, growing at a CAGR of 14.2% during the forecast period (2024-2031).

The multi-factor authentication market growth is characterized by fierce competition between established technology giants and innovative start-ups, all vying to address the growing demand for authentication solutions. The competitive environment is shaped by continuous product innovation, strategic collaborations, and targeted expansions into emerging markets. Cisco Duo’s integration with platforms such as Microsoft 365 and Google Workspace increases its appeal to businesses adopting cloud-based collaboration tools. 'Symantec Corporation', 'CA Technologies Inc.', 'Gemalto N.V.', 'Vasco Data Security International', 'Tele Sing Corp.', 'Entrust Datacard Corporation', 'Authentify Inc.', 'Plurilock Security Inc.', 'Securenvoy Plc', 'SECUREAUTH Corporation', 'EMC Corporation.', 'Stytch', 'Aware Inc', 'RSA Security LLC (Dell Technologies)', 'OneSpan Inc.', 'Duo Security (Cisco Systems Inc.)', 'Nexus Group', 'Entrust Datacard Corporation'

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.

The multi-factor authentication market is witnessing a significant shift towards passwordless authentication methods, driven by the demand for increased security and enhanced user experience. Passwordless applications functionality, such as biometric authentication (fingerprint, facial recognition) and hardware tokens, prevent vulnerabilities associated with traditional passwords, such as phishing prevention and credential theft. Big players like Okta are adding passwordless options to their MFA platforms to address these challenges.

Asia-Pacific dominated the market and held the highest revenue share of 30.3% in 2023. The growth of the region is expected to witness the fastest CAGR of 15.4% during the forecast period due to expenditure, increased demand for the connected devices, cloud-IoT types. Heightened emphasis on security of personal data and authentication of online transactions, with regulations along with increasingly strong compliance is driving demand for MFAs. The region's diverse market landscape, including SMEs and large enterprises, creates a demand for scalable and cost-effective MFA solutions. Additionally, increasing incidences of data breaches and stricter regulatory frameworks, like India’s Personal Data Protection Bill and China’s Cybersecurity Law, are pushing organizations to adopt MFA practices.

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Global Multi-factor Authentication Market

Report ID: SQMIG45A2374

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