October 08, 2021
According to the recent research report titled ‘Multi-Factor Authentication (MFA) Market Size By Component (Solution, Service), By Authentication Model (Two-Factor, Three-Factor, Four-Factor), By Application (BFSI, Government & Defense, Healthcare, Tourism and Hospitality, Retail, IT & Telecom), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global multi-factor authentication (MFA) market size is expected to grow considerably over 2021-2027.
Rising cases of cyberattacks and data breaches, along with mounting demand for effective solutions for data security & privacy are driving global multi-factor authentication (MFA) market growth.
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For the unversed, MFA refers to a form of authentication in which users must submit two or more verification factors for accessing a resource, like an online account, an application, or a VPN. It requires one or more authentication elements in addition to a login and password to reduce the chances of a successful cyberattack.
Notably, MFA rose to prominence as a key component of a comprehensive identity and access management (IAM) strategy. It has been integrated into the workings of significant firms to increase the security of their organization as well as the data of their users, thereby enhancing company growth.
For instance, ManageEngine, Zoho Corporation's enterprise IT management arm, revealed in August 2021 that they added MFA for Outlook on the Web (OWA) and Exchange Admin Center (EAC) logins to its ADSelfService Plus. The AD (active directory) incorporated single sign-on solution and password management to enhance the security of Exchange ecosystems.
Considering restraints, complicated corporate deployment and hefty initial investments are likely to hamper worldwide multi-factor authentication (MFA) industry expansion over the forecast period.
Based on application spectrum, government & defense segment accounted for 20% of overall market share in 2020 and is projected to expand over 2021-2027, owing to inclination towards safeguarding sensitive government and defense data.
Meanwhile, retail segment share is expected to multiply with a CAGR of 10% over the next six years, creditable to rising online shopping among users.
Geographically, Latin America accounted for 5% of total revenue share in 2020 and is slated to accrue notable returns by 2027, attributable to increasing data breaches across the region.
Elaborating on competitive landscape, Yubico AB, Thales Group (Gemalto), SecurEnvoy Ltd., SecureAuth Corporation, SAASPASS, Dell Technologies Inc. (RSA Security LLC), Ping Identity Holding Corporation, OneLogin Inc., Microsoft Corporation, and MessageBird are among the leading firms operating in global multi-factor authentication (MFA) marketplace.