Multi-Factor Authentication Market
Global Multi-Factor Authentication Market Size, Share & Trends Analysis Report by Authentication Type (Password Authentication, and Passwordless Authentication), by Model Type (Smart Card with Pin, Smart Card with Biometric Technology, Multi-Factor with Four-Factor Authentication, and Multi-Factor with Five-Factor Authentication) by Component (Solutions, Hardware, and Services) and by End-User (BFSI, Government, Travel & Immigration, Military & Defense, Commercial Security, IT, Telecommunication, and Others (Education, And Retail & E-Commerce)) Forecast Period (2022-2028).
The global multi-factor authentication market is anticipated to grow at a significant CAGR of 17.2% during the forecast period. The major factor that drives the global multi-factor authentication market is the growing instances of cyberattacks, such as identity-related attacks, which have increased the instances of fraud across almost all the verticals around the globe, especially the BFSI and healthcare verticals. Moreover, Authentication systems with multiple factors are being designed and prototyped with the development of technology, however, this would increase the time essential to handle a single query as it would involve numerous processes for the authentication of data or user which indirectly obstruct the market.
Impact of COVID-19 Pandemic on Global Multi-Factor Authentication Market
Due to the COVID-19 pandemic, the dependency on online businesses has expanded significantly. BFSI, healthcare and life sciences, manufacturing, automotive, retail, transport, and logistics, among others, are leveraging the internet to deliver necessary services to consumers. Vendors have experienced decreased demand for multi-factor authentication solutions. With the extensive utilization of mobile devices and internet penetration across the globe, individuals were progressively inclined towards the utilization of digital technologies such as multi-factor authentication.
Segmental Outlook
The global multi-factor authentication market is segmented based on the type, model type, component, and end-user. Based on the type, the market is segmented into password authentication, and password less authentication. Based on the model type, the market is sub-segmented into the smart card with pin, smart card with biometric technology, multi-factor with four-factor authentication, and multi-factor with five-factor authentication. Based on the component, the market is sub-segmented into the solutions, hardware, and services. Based on the end-user, the market is sub-segmented into the BFSI, government, travel & immigration, military & defense, commercial security, it, telecommunication, and others. Among these The multi-factor with four-factor authentication segment is expected to grow during the forecast period due to the increasing adoption of four-factor systems across enterprises and government agencies to provide excessive security.
Global Multi-Factor Authentication Market Share by BFSI, 2021 (%)
The BFSI Segment is expected to Holds the Major Share in the Global Multi-Factor Authentication Market.
The BFSI segment is expected to hold the major share during the forecast period. BFSI is the most targeted industry vertical as it deals with huge volumes of sensitive and private financial data. With the growing cyber threat landscape and risk surface, the demand for multi-factor authentication solutions is also growing. MFA takes a holistic approach to generate a layer of defense and make it difficult for an unauthorized person to obtain access. The BFSI vertical is an early adopter of cutting-edge multi-factor authentication solutions as they possess highly sensitive financial data. Financial institutions progressively understand the value of technological advancements to raise the customer experience and protect themselves and their customers against the consequences of security breaches. These institutions also have an extensive understanding of how multi-factor authentication solutions could be utilized to combat threats posed by fraud and identity theft.
Regional Outlooks
The global multi-factor authentication market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The market can be analyzed for particular region or country level as per the requirement. Asia Pacific region is expected to be the fastest growing market during the forecast period due to growing demand to authenticate the devices accessing the enterprise network across several industry verticals is boosting the segment growth in this region.
Global MULTI-Factor Authentication Market Growth, by Region 2022-2028
The North America Region is Anticpated to Holds the Major Share in the Global Multi-Factor Authentication Market.
North America is anticipated to have a major share in the multi-factor authentication market during the forecast period due to the adoption of multi-factor authentication and the existence of numerous vendors that provide multi-factor authentication solutions are expected to drive market growth in the region. Businesses in this region are progressively implementing multi-factor authentication solutions for authorizing data security; blocking cyber-attacks, identity thefts, and commercial espionage; and securing the security and privacy of data to facilitate business continuity.
Market Players Outlook
The major companies serving the global multi-factor authentication market include 4Auth Ltd., Broadcom, CyberArk Software Ltd., ESET, spol. s r.o., ForgeRock, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, In September 2020, OneSpan partnered with ForgeRock. The strategic partnership has resulted in the combination of OneSpan technologies into the ForgeRock Identity Platform for identity authentication and risk analytics. The integrated solution leverages OneSpan’s integration with ForgeRock Intelligent Access to clarify authentication, as well as risk management. The solution is mainly utilized by financial institutions to secure their customers from fraud.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global multi-factor authentication market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
- Current Industry Analysis And Growth Potential Outlook
- Impact Of Covid-19 On The Global Multi-Factor Authentication Market
- Recovery Scenario Of Global Multi-Factor Authentication Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of Covid-19 on Key Players
4. Market Segmentation
4.1. Global Multi-Factor Authentication Market By Authentication Type
4.1.1. Password Authentication
4.1.2. Password less Authentication
4.2. Global Multi-Factor Authentication Market By Model Type
4.2.1. Smart Card with Pin
4.2.2. Smart Card with Biometric Technology
4.2.3. Multi-Factor with Four-Factor Authentication
4.2.4. Multi-Factor with Five-Factor Authentication
4.3. Global Multi-Factor Authentication Market By Component
4.3.1. Solutions
4.3.2. Hardware
4.3.3. Services
4.4. Global Multi-Factor Authentication Market By End-User
4.4.1. BFSI
4.4.2. Government
4.4.3. Travel & Immigration
4.4.4. Military & Defense
4.4.5. Commercial Security
4.4.6. IT
4.4.7. Telecommunication
4.4.8. Others (Education, And Retail & E-Commerce)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. 4Auth Ltd.
6.2. Broadcom
6.3. CyberArk Software Ltd.
6.4. ESET, spol. s r.o.
6.5. ForgeRock
6.6. FusionAuth
6.7. HID Global Corp
6.8. HYPR Corp
6.9. Micro Focus
6.10. Microsoft
6.11. Okta, Inc.
6.12. One Identity LLC.
6.13. OneSpan
6.14. Oracle
6.15. Ping Identity Corp
6.16. RSA Security LLC
6.17. Salesforce.com, inc
6.18. SECRET DOUBLE OCTOPUS LTD.
6.19. Silverfort, Inc
6.20. Thales Group
1. GLOBAL MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY AUTHENTICATION TYPE, 2021-2028 ($ MILLION)
2. GLOBAL MULTI-FACTOR PASSWORD AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL MULTI-FACTOR PASSWORD LESS AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
4. GLOBAL MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY MODEL TYPE, 2021-2028 ($ MILLION)
5. GLOBAL MULTI-FACTOR SMART CARD WITH PIN AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
6. GLOBAL MULTI-FACTOR SMART CARD WITH BIOMETRIC TECHNOLOGY AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
7. GLOBAL MULTI-FACTOR WITH FOUR-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
8. GLOBAL MULTI-FACTOR WITH FIVE-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
9. GLOBAL MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2021-2028 ($ MILLION)
10. GLOBAL SOLUTIONS BASED MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
11. GLOBAL HARDWARE BASED MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
12. GLOBAL SERVICES BASED MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
13. GLOBAL MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
14. GLOBAL MULTI-FACTOR AUTHENTICATION FOR BFSI MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
15. GLOBAL MULTI-FACTOR AUTHENTICATION FOR GOVERNMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
16. GLOBAL MULTI-FACTOR AUTHENTICATION FOR TRAVEL & IMMIGRATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
17. GLOBAL MULTI-FACTOR AUTHENTICATION FOR MILITARY & DEFENSE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
18. GLOBAL MULTI-FACTOR AUTHENTICATION FOR COMMERCIAL SECURITY MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
19. GLOBAL MULTI-FACTOR AUTHENTICATION FOR TELECOMMUNICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
20. GLOBAL MULTI-FACTOR AUTHENTICATION FOR OTHERS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
21. GLOBAL MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2021-2028 ($ MILLION)
22. NORTH AMERICAN MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
23. NORTH AMERICAN MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY AUTHENTICATION TYPE, 2021-2028 ($ MILLION)
24. NORTH AMERICAN MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY MODEL TYPE, 2021-2028 ($ MILLION)
25. NORTH AMERICAN MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2021-2028 ($ MILLION)
26. NORTH AMERICAN MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
27. EUROPEAN MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
28. EUROPEAN MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY AUTHENTICATION TYPE, 2021-2028 ($ MILLION)
29. EUROPEAN MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY MODEL TYPE, 2021-2028 ($ MILLION)
30. EUROPEAN MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2021-2028 ($ MILLION)
31. EUROPEAN MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
32. ASIA-PACIFIC MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
33. ASIA-PACIFIC MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY AUTHENTICATION TYPE, 2021-2028 ($ MILLION)
34. ASIA-PACIFIC MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY MODEL TYPE, 2021-2028 ($ MILLION)
35. ASIA-PACIFIC MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2021-2028 ($ MILLION)
36. ASIA-PACIFIC MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
37. REST OF THE WORLD MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
38. REST OF THE WORLD MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY AUTHENTICATION TYPE, 2021-2028 ($ MILLION)
39. REST OF THE WORLD MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY MODEL TYPE, 2021-2028 ($ MILLION)
40. REST OF THE WORLD MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2021-2028 ($ MILLION)
41. REST OF THE WORLD MULTI-FACTOR AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL MULTI-FACTOR AUTHENTICATION MARKET, 2021-2028 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL MULTI-FACTOR AUTHENTICATION MARKET BY SEGMENT, 2021-2028 ($ MILLION)
3. RECOVERY OF GLOBAL MULTI-FACTOR AUTHENTICATION MARKET, 2022-2028 (%)
4. GLOBAL MULTI-FACTOR AUTHENTICATION MARKET SHARE BY AUTHENTICATION TYPE, 2021 VS 2028 (%)
5. GLOBAL MULTI-FACTOR PASSWORD AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
6. GLOBAL MULTI-FACTOR PASSWORD LESS AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
7. GLOBAL MULTI-FACTOR AUTHENTICATION MARKET SHARE BY MODEL TYPE, 2021 VS 2028 (%)
8. GLOBAL MULTI-FACTOR SMART CARD WITH PIN AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
9. GLOBAL MULTI-FACTOR SMART CARD WITH BIOMETRIC TECHNOLOGY AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
10. GLOBAL MULTI-FACTOR WITH FOUR-FACTOR AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
11. GLOBAL MULTI-FACTOR WITH FIVE-FACTOR AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
12. GLOBAL MULTI-FACTOR AUTHENTICATION MARKET SHARE BY COMPONENT, 2021 VS 2028 (%)
13. GLOBAL SOLUTION BASED MULTI-FACTOR AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
14. GLOBAL HARDWARE BASED MULTI-FACTOR AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
15. GLOBAL SERVICES BASED MULTI-FACTOR AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
16. GLOBAL MULTI-FACTOR AUTHENTICATION MARKET SHARE BY END-USER, 2021 VS 2028 (%)
17. GLOBAL MULTI-FACTOR AUTHENTICATION FOR BFSI MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
18. GLOBAL MULTI-FACTOR AUTHENTICATION FOR GOVERNMENT MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
19. GLOBAL MULTI-FACTOR AUTHENTICATION FOR TRAVEL & IMMIGRATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
20. GLOBAL MULTI-FACTOR AUTHENTICATION FOR MILITARY & DEFENSE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
21. GLOBAL MULTI-FACTOR AUTHENTICATION FOR COMMERCIAL SECURITY MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
22. GLOBAL MULTI-FACTOR AUTHENTICATION FOR IT MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
23. GLOBAL MULTI-FACTOR AUTHENTICATION FOR TELECOMMUNICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
24. GLOBAL MULTI-FACTOR AUTHENTICATION FOR OTHERS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
25. GLOBAL MULTI-FACTOR AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
26. US MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
27. CANADA MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
28. UK MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
29. FRANCE MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
30. GERMANY MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
31. ITALY MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
32. SPAIN MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
33. REST OF EUROPE MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
34. INDIA MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
35. CHINA MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
36. JAPAN MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
37. SOUTH KOREA MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
38. REST OF ASIA-PACIFIC MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
39. REST OF THE WORLD MULTI-FACTOR AUTHENTICATION MARKET SIZE, 2021-2028 ($ MILLION)
