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

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).

Multifactor authentication (MFA) brings additional layers of security to ensure user identity and secure communication over the Internet. One of the major factors driving the market growth is the increasing incidence of cyber-attacks and data breaches in organizations. It coupled with increasing stringent regulations to protect sensitive data; it is expected to bolster the multi-factor authentication industry. Companies such as CA Technologies, Vasco Data Security International, Inc., RSA Security LLC, and Symantec Corporation are investing heavily in R&D to develop new validation products, solutions, and services. The requirement of additional drivers for physical authenticators and interoperability with varying IT environments increase the complexity of deployment. Hence, issues pertaining to the procurement cost and implementation complexity are poised to limit the widespread adoption of multi-factor authentication solutions.The cost and operational complexity will restrain the market; however, its effectiveness will decrease over time. With the increase in data and security breaches, most businesses have introduced data security standards. Companies have adopted various MFA solutions to combat security breaches and cyberattacks. These solution implementations are complex and, at the same time, require significant investments to procure, deploy, maintain and manage. Complexity is further compounded by differing IT environments across industries.