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Multi-Factor Authentication Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Multi-Factor Authentication Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Multi-Factor Authentication Global Market Report 2024, The multi-factor authentication market size has grown rapidly in recent years. It will grow from $15.25 billion in 2023 to $17.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to increased cyberattacks, vendor innovations, mfa integration, industry-specific applications , legacy security vulnerabilities..

The multi-factor authentication market size is expected to see rapid growth in the next few years. It will grow to $34.29 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to integration with iam solutions, industry-specific applications , biometric adoption growth , continuous authentication demand, enhanced user experience.. Major trends in the forecast period include escalating cyber threats, remote workforce expansion, zero trust security models, advancements in authentication technologies, data privacy concerns ..

The rise in data breaches and cyber-attacks is expected to propel the growth of the multi-factor authentication market. Cyber data breaches are identified as gaining unauthorized access to a computer system or network to obtain private, sensitive, or confidential personal and financial information from customers or users. Due to the numerous planned breaches, there is a need to enforce multi-factor authentication to prevent data breaches with endpoint detection and response (EDR), biometric technology, cloud security, code audits, and embedded system security assessments. For instance, in July 2021, according to the Cost of a Data Breach Report 2021 published by IBM, a US-based technology corporation, the data breach costs increased significantly year over year, rising from $3.86 million in 2020 to $4.24 million in 2021. Furthermore, in July 2021, according to the Identity Theft Resource Center (ITRC) report, U.S. data breaches were up 38% in the second quarter (Q2) of 2021 compared to the first quarter (Q1). Therefore, the rise in data breaches and cyberattacks is driving the growth of multi-factor authentication.

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The multi-factor authentication market covered in this report is segmented –

1) By Component: Hardware, Software, Services

2) By Model Type: Two factor, Three Factor, Four Factor, Five Factor

3) By Authentication Type: Password, Passwordless

4) By Organization: Large, SME’s

5) By Vertical: BFSI, Government, Travel and Immigration, Military and Defense, Commercial security, Healthacre, IT, Telecommunication, Media and Entertainment, Other Verticals

Technological advancement is the key trend gaining popularity in the multi-factor authentication market. Major companies operating in multi-factor authentication are focused on developing technologically advanced security services and solutions such as smart cards and password-less authentication systems to strengthen their market position. For instance, in June 2022, US-based Xage Security, a computer and network security company, launched multi-layer, multi-factor authentication protection for critical infrastructure. The multi-layer MFA solution from Xage combines zero-trust access control with a defense-in-depth authentication strategy. The users confirm their identity as each layer of access privilege is granted to them, allowing independent user verification at the level of an entire operation.

The multi-factor authentication market report table of contents includes: