New York, April 17, 2023 (GLOBE NEWSWIRE) -- The Global Multi-Factor Authentication Market was valued at USD 12.5 billion by 2022, it will reach USD 49.7 billion by 2032. Between the forecast period, this market is estimated to register the highest CAGR of 15.2%. Multi-factor authentication(MFA) is an authentication method that provides users with two or more verification factors to log in to a specific resource. In a multi-factor authentication system, users might be asked to enter a code sent via their email or a secret answer to any question, fingerprint, and iris scanning.
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Key Takeaway:
- By Authentication Type, 2022, the password-less authentication segment generated the largest revenue share of 58% in 2022.
- By Model type, the five-factor authentication segment has generated the largest revenue share of 31% in 2022.
- By Component, the hardware segment has generated the largest revenue share of 34% in 2022.
- By Enterprise Size, the large enterprise segment was dominant in the market with the largest market share of 64% in 2022.
- By End-User Analysis, the BFSI segment has generated the largest revenue share of 25% in 2022.
- In 2022, North America dominated the market with the highest revenue share of 38%.
- Asia Pacific region is expected to grow at a significant CAGR from 2023-2032.
Multi-factor authentication protects companies and sites from cyber attackers. Due to increasing cyber-attacks and security issues companies and businesses are shifting towards multi-factor authentication systems to overcome cyber-attacks and secure their private data. Multi-factor authentication offers a variety of choices to meet security needs and helps to meet regulatory requirements.
Factors affecting the growth of the multi-factor authentication market
There are several factors that can affect the growth of the multi-factor authentication market. Some of these factors include:
- Increasing cyber-attacks: MFA enhances organizations' security by requiring users to identify themselves by more than a username and password which reduces risks of hacking and provides higher security standards.
- Increasing use in the banking sector: Increasing adoption of smartphones, and the emergence of e-commerce sectors produced the risks of data privacy. Also, online money transfer trends are increasing in banking sectors, which forced banks to adopt MFA solutions for consumer security.
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Top Trends in Global Multi-Factor Authentication Market
Consumers worldwide are more inclined towards online payment methods which have increased the risk of data privacy, due to this demand for multi-factor authentication is increasing in online payment methods. Banking and financial services started adopting multi-factor authentication systems to protect data and overcome cyber-attacks. CREALOGIX which is a provider of banking and wealth management solutions launched a single app for banking and authentication. Also, the popularity of One Time Password(OTP) is increased among consumers because it provides high-class authentication and 100% privacy and security.
Market Growth
Increasing instances of data breaches and rising adoption of BYOD trends is a primary growth factor of the multi-factor authentication market. Governmental policies such as General Data Protection Regulation(GDPR) for data security implemented by the European government resulted in organizations adopting advanced consumer data security measures, due to the demand for MFA solutions in the European region is high.
Worldwide numbers of online services and financial organizations are increasing due to this government are rapidly adopting digital identities to provide consumers with easy and faster access to services. Organizations are adopting stronger identity verification measures to protect sensitive data from hackers which is the main growth factor of the market.
Regional Analysis
The multi-factor authentication market was dominated by North America, which acquired the most significant revenue share of 38% in 2022. The presence of major key players such as Vasco Data Security International, Inc., RSA Security LLC, and CA Technologies is expected to drive the market in North America. Adoption of cloud-based MFA solutions driving the need for MFA in Region. In North America, the advancements in R&D facilities and the technological adoption rate is greater. Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to increasing numbers of mobile users with penetration of e-commerce. Also increasing investments in IOT and cloud services drive the MFA market in the Asia Pacific region.
Competitive Landscape
Several MFA solutions companies are focusing on market strategies such as mergers, investments, and acquisitions. MFA solutions providing companies are working on the improvement of authenticity to provide a standard security platform to their consumers. Some of the major market key players in the multi-factor authentication market are OneSpan, RSA Security LLC, NEC Corporation, Symantec Corporation, Gemalto N.V., Micro Focus, HID Global, Oracle, Secret Double Octopus, Microsoft, Duo Security, Broadcom, Okta, Inc., and Other Key Players.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 12.5 Billion |
| Market Size (2032) | USD 49.7 Billion |
| CAGR (from 2023 to 2032) | 15.2% |
| North America Revenue Share | 38% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Increasing healthcare, IT & telecommunication, media & entertainment industries driving the demand for multi-factor authentication solutions. Also increasing trends toward the Internet of Things(IoT), cloud-based MFA, and blockchain services driving the global market. Individuals adding their recovery contact information to their Google account blocks 100% of automated tools and reduce about 95% chances of cyber-attacks by using one-time password(OTP) authentication.
Increasing adoption of smartphones and faster 5G services driving the need for multi-factor authentication systems. Also digital banking and online payment methods increasing rapidly due to this there is a high demand for multi-factor authentication systems in e-commerce companies and baking sectors to provide secure and safe transaction methods.
Market Restraints
High maintenance, and software update costs are restraining market growth. Increasing cyber-attacks result in loss of data privacy which has a negative impact on market growth. High initial costs for the implementation of multi-factor authentication systems is a primary factor restraining the market growth.
Market Opportunities
The rising adoption of smartphones, increasing online payment methods, and rising trend of digital banking are anticipated to create lucrative growth opportunities in the global multi-factor authentication market. The multi-factor authentication(MFA) market is driving due to increasing cyber-attacks and increasing concerns regarding the safety of consumer data. Governments in the United States recently announced that it is required MFA sign-in methods for all federal agency staff to protect private data. Companies require sign-in via MFA other than just using a username and password which is expected to drive the market in the North American region.
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Report Segmentation of the Multi-Factor Authentication Market
Authentication Type Insight
Based on authentication type, the password-less authentication segment was dominant in the market with the largest market share and is expected to continue its dominance during the forecast period. Passwordless authentication is harder to crack than traditional passwords, and it is less prone to cyber-attacks which is the main growth factor of this segment. Passwordless authentication uses fingerprints, facial scanning, and biometrics other than traditional passwords, this provides high privacy and security.
Model Type Insight
On basis of model type, the five-factor authentication segment was dominant in the market with the largest market share in 2022. Five-factor authentication systems use knowledge factors, possession factors, inherence factors, location factors, and behavior factors to give access to the specific business site and provide a very low risk of cyber-attacks.
Component Insight
On basis of components, the hardware segment was dominant in the market with the largest market revenue share in 2022. Hardware authentication requires biometrics authentication such as fingerprints to get access, which is the main factor for segment growth. Hardware authentication provides high user security, as it is stolen from hackers it is not able to get access. Bank ATM is an example of hardware authentication in which a user needs a card to withdraw cash.
Enterprise Size Insight
On basis of enterprise size, the large enterprise segment was generated the largest revenue share in 2022 and anticipated to remain dominant in the market during the forecast period. MFA in large enterprises enhances organizations' security and protects organizations from cyber-attacks. The two-factor authentication systems have large applications in large enterprises because they reduce the risk associated with stolen passwords.
End-User Insight
On basis of end-user, the BFSI segment was dominant in the market with the largest market revenue share in 2022. The banking industry facing the problems of cybercrime and fraud, and due to this banking industries are started adopting multi-factor authentication methods. BFSI uses multi-factor authentication that requires users to provide two or more verification factors to gain access to resources such as an online application, a VPN, and an online account.
Recent Development of the Multi-Factor Authentication Market
- In 2022, Microsoft becomes the fourth-highest global brand valuation in Multi-factor Authentication.
- In September 2020, Symphony Technology Group completed its acquisition of RSA from Dell Technologies. RSA Security LLC. Became an independent company, which is the world’s largest cyber security organization.
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Market Segmentation
By Authentication Type
- Password Authentication
- Passwordless Authentication
By Model Type
- Two-Factor Authentication
- Three-Factor Authentication
- Four-Factor Authentication
- Five-Factor Authentication
By component
- Solution
- Hardware
- Services
By Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
By End-User Industry
- BFSI
- Government
- Travel & Immigration
- Military & Defense
- Commercial Security
- Healthcare
- IT & Telecommunication
- Media & Entertainment
- Other End-User
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- OneSpan
- RSA Security LLC
- NEC Corporation
- Symantec Corporation
- Gemalto N.V.
- Micro Focus
- HID Global
- Oracle
- Secret Double Octopus
- Microsoft
- Duo Security
- Broadcom
- Okta, Inc.
- Other Key Players
Browse More Related Reports:
- Biometric Authentication & Identification Market size is expected to be worth around USD 184 Billion by 2032 from USD 42.9 Billion in 2023, growing at a CAGR of 14.1% during the forecast period from 2022 to 2032.
- Authentication Services Market size is expected to be worth around USD 49.06 Billion by 2032 from USD 14.2 Billion in 2023, growing at a CAGR of 13.2% during the forecast period from 2022 to 2032.
- User Authentication Solution Market size is expected to be worth around USD 50.30 Billion by 2032 from USD 13.1 Billion in 2023, growing at a CAGR of 14.4% during the forecast period from 2022 to 2032.
- Authentication Software Market size is expected to be worth around USD 5342.90 million by 2032 from USD 731.44 million in 2023, growing at a CAGR of 22% during the forecast period from 2022 to 2032.
- Keyless entry and start market was valued at USD 1.7 billion. Between 2023 and 2032, this market is estimated to register a CAGR of 12.8%.
- Managed security services (MSS) Market size is expected to be worth around USD 74.2 Billion by 2032 from USD 25.9 Billion in 2022, growing at a CAGR of 11.40% during the forecast period from 2023 to 2032.
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