Dublin, May 24, 2024 (GLOBE NEWSWIRE) -- The "Multi-Factor Authentication Market Size and Forecast, Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component, Authentication Type, Model Type, and End User and Geography" report has been added to ResearchAndMarkets.com's offering.
The multi-factor authentication market size is expected US$ 14.44 billion in 2023 and is projected to reach US$ 55.04 billion by 2031; it is estimated to record a CAGR of 18.2% from 2023 to 2031. Microsoft; Thales.; Okta; OneSpan; HID Global Corporation; Cisco Systems, Inc.; Ping Identity.; RSA Security; CyberArk Software Ltd. are among the key players profiled.
Market Dynamics
- Drivers
- Increasing Number of Cyberattacks
- Rising Adoption of BYOD Trend
- Stringent Government Regulations
- Restraints
- High Initial Cost
- Opportunities
- Rising Adoption of AI-based MFA
- Increasing Volume of Online Transactions
- Trends
- Emergence of Risk-based Authentication
The COVID-19 pandemic accelerated digitalization and digital service delivery across the world, as well as in China. The pandemic highlighted the suitability of different work models for businesses, thereby adding to their popularity. The digital model has become increasingly popular among customers and businesses of all sizes. This sudden rise in digital activity led to a huge growth in Internet traffic in China, generating an unprecedented demand for multi-factor authentication to tackle security risks.
Moreover, the rapid adoption of collaboration and network security tools during the pandemic resulted in the increased use of multi-factor authentication (MFA) to ensure protected access to resources.
Based on authentication type, the multi-factor authentication market is bifurcated into password-based authentication and password less authentication. The password-based authentication segment is estimated to hold largest multi-factor authentication market share by 2031.
The scope of the multi-factor authentication market report covers North America, Europe, Asia Pacific, Middle East and Africa, South and Central America. Asia Pacific is expected to witness a significant growth in market. The Asia Pacific multi-factor authentication market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. In terms of revenue, China dominated the APAC multi-factor authentication market share followed by Japan and South Korea.
As the MFA market evolves, there is a growing emphasis on combining multiple authentication factors seamlessly to balance security and user experience.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 305 |
| Forecast Period | 2023-2031 |
| Estimated Market Value (USD) in 2023 | $14.44 Billion |
| Forecasted Market Value (USD) by 2031 | $55.04 Billion |
| Compound Annual Growth Rate | 18.2% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- OneSpan
- Entrust Corporation
- CyberArk Software Ltd.
- RSA Security
- HID Global Corporation
- Cisco Systems, Inc.
- Ping Identity
- Microsoft
- Thales
- Okta
For more information about this report visit https://www.researchandmarkets.com/r/ejfue4
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