The Business Research Company’s report on the Multi-Factor Authentication Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the multi-factor authentication market’s growth in recent years?
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 May 2024, according to IT Governance, a UK-based IT service management company, the number of known records breached in January 2024 experienced a staggering increase to 29,552,913,557, a dramatic rise from the 2,306,294,320 records breached in December 2023, highlighting a significant escalation in data security incidents. Therefore, the rise in data breaches and cyberattacks is driving the growth of multi-factor authentication.
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How does the future projection of the multi-factor authentication market size compare to its historical growth?
The multi-factor authentication market size has grown rapidly in recent years. It will grow from $17.4 billion in 2024 to $20.08 billion in 2025 at a compound annual growth rate (CAGR) of 15.4%. 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 $41.59 billion in 2029 at a compound annual growth rate (CAGR) of 20.0%. 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 .
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Which key players are shaping the future of the multi-factor authentication market?
Major companies operating in the multi-factor authentication market are Microsoft Corporation, Broadcom Inc., OneSpan Inc., Okta Inc., Thales Group, Dell Technologies Inc., Cisco Systems Inc., HID Global Corporation, Yubico AB, Micro Focus, OneLogin Inc., Ping Identity Corporation, SecureAuth Corporation, Entrust Datacard Corporation, Oracle Corporation, IBM Corporation, Google LLC, RSA Security LLC, Duo Security, LastPass MFA, ForgeRock, Auth0, Idaptive, CyberArk, Beyond Identity, HYPR, Transmit Security, Idemia, SecureKey Technologies Inc., Trusona
What trends will propel the growth and evolution of the multi-factor authentication market?
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.
Which regions are expected to become dominant players in the multi-factor authentication market?
North America was the largest region in the multi-factor authentication market share in 2024. The regions covered in the multi-factor authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the emerging key segments in the multi-factor authentication market, and how are they evolving?
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, Healthcare, IT, Telecommunication, Media And Entertainment, Other Verticals
Subsegments:
1) By Hardware: Authentication Tokens, Biometric Devices, One-Time Password (OTP) Generators
2) By Software: Authentication Software, Identity And Access Management (IAM) Software, Mobile Authentication Applications
3) By Services: Consulting Services, Integration Services, Managed Services
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How is the multi-factor authentication market defined, and what are its core characteristics?
Multi-factor authentication refers to an authentication method for which the primary aim is to build a layered authorization that makes it more difficult for an unauthorized person to gain access to user information. This enhances the organization’s security by requiring users to identify with more than a username and password.
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