Multi-factor Authentication Market to Reach USD 48.1 Billion by 2030; Increasing Cases of Identity Theft and Data Frauds to Bolster Growth, says The Brainy Insights
The Brainy Insights
6 min read
The Brainy Insights
The increasing use of online transactions is expected to increase the demand for OTP authentications, providing growth opportunities to the multi-factor authentication market.
Newark, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the global multi-factor authentication market is expected to grow from USD 13.8 billion in 2021 to USD 48.1 billion by 2030, at a CAGR of 14.9% during the forecast period 2022-2030.
During the outbreak of the Covid-19 pandemic, there was a sudden rise in cyber-based attacks, which increased the demand for multi-factor authentication solutions. According to a study report published by F5 Labs, the security solutions provider, there has been an increase of 220% in phishing attacks since the first phase of lockdowns imposed in many countries. Increasing penetration of the internet and the wide adoption of IoT devices are also promoting the wide use of multi-factor solutions to ensure data safety. For instance, in February 2020, nearly 7,992 data breaches occurred within Canadian federal agencies due to employee negligence. Almost 144,000 citizens were affected by cyberattacks that occurred in Canadian federal agencies. Several governmental regulations, such as CCPA, GDPR, and PSD2, have been deployed to focus on security practices across various sectors and enterprises to help eliminate data leaks, fraud, and identity thefts. Furthermore, security points such as smartcards and fingerprint sensors are widely used to allow a seamless experience. Moreover, organizations increasingly use voice recognition, face recognition, and iris recognition to verify and authenticate their employees.
Competitive Landscape:
To enhance their market position in the global multi-factor authentication market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In June 2021, Ping identity launched PingOne for enterprises at Identiverse 2021. PingOne is a unique identity solution for individuals to ensure that organizations give their customers complete control over how to share verified personal data and store them. Up-to-date information about the consumers is also shared with businesses or individuals using a digital wallet on their mobile devices.
The rising penetration of the internet and smartphones increases the number of data breaches and identity theft cases, driving the market's growth. Furthermore, the increasing number of stringent government measures to curb data theft and breaches adds impetus to the market's growth. The multi-factor authentication system has been designed with multiple processes and advanced technology to authenticate data which restrains the market's growth. This results in increased response time, service time, and a long queue of consumers, which hampers the market's growth. The increasing initiatives by the government to reduce the incidences of data breaches and identity theft is expected to provide an opportunity for the market's growth during the forecast period. The multi-factor authentication faces the challenges of uncertainty and pushback from end-users in adopting multi-factor authentication solutions.
Key Findings
● In 2021, the two-factor authentication segment dominated the market with the largest market share of 46% and market revenue of 6.3 billion.
The authentication model segment is divided into two-factor authentication, three-factor authentication, and four-factor authentication. In 2021, the two-factor authentication segment dominated the market with the largest market share of 46% and market revenue of 6.3 billion. The two-factor authentication reduces the password reset and authentication time which drives the growth.
● In 2021, the BFSI segment accounted for the largest share of the market, with 13% and a market revenue of 1.79 billion.
The industry vertical segment is divided into automotive, consumer, enterprise, BFSI, retail, healthcare, government, military, education, legal, and others. In 2021, the BFSI segment accounted for the largest share of the market, with 13% and market revenue of 1.79 billion. The BFSI sector deals with a large amount of data from various industries, which are sensitive and confidential, driving the demand for the multi-factor authentication market.
Regional Segment Analysis of the Multi-factor Authentication Market
● North America (U.S., Canada, Mexico) ● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe) ● Asia-Pacific (China, Japan, India, Rest of APAC) ● South America (Brazil and the Rest of South America) ● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global multi-factor authentication market, with a market share of around 33% and 4.5 billion of the market revenue in 2021. The rapid and constant developments in banking, healthcare, and other sectors are expected to accelerate the region's demand for multi-factor authentication solutions. Furthermore, the rising adoption of cloud-based applications is increasing the risk of cyberattacks and becoming more frequent in the region, propelling the growth of the market in the region.
Key players operating in the global multi-factor authentication market are:
● 3M ● Microsoft Corporation ● CA Technologies ● Fujitsu ● IBM Corporation ● HID Global Corporation/ASSA ABLOY AB ● VASCO Data Security International Inc. ● Crossmatch ● Gemalto NV ● Safran
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global multi-factor authentication market based on the below-mentioned segments:
Global Multi-factor Authentication Market by Authentication Model:
The global multi-factor authentication market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
