Multi-Factor Authentication Market Size & Forecast Report, 2014 - 2025

Global Multi-Factor Authentication Market is expected to reach USD 17.76 billion at a CAGR as the scope and its applications are rising enormously across the globe. To confirm the user’s identity for a login or other transaction, Multi-Factor Authentication (MFA) is a security system that needs more than one technique of verification from independent groups of credentials. The aim of MFA is to create a layered defense that helps to protect personal and official data from unauthorized persons. It is built from a grouping of biometric validation techniques, physical techniques, and logical techniques to protect a product or service and a facility. The multi-factor authentication market is expected to grow at a CAGR of 15.07% by 2025.

It allows administrations to use enhanced safety choices and used in various applications as a high-security guarantee and welfares provided for data security are documented as major factors of the Multi-Factor Authentication Market that are estimated to enhance the growth in the years to come. However, requires more time for higher-order authentication models and technical complexity and cost in implementing Multi-Factor Authentication are the factors that restrain overall market growth in coming years. The multi-Factor Authentication industry is segmented based on the model, applications, and region.

Five-factor authentication, four-factor authentication, three-factor authentication, and two-factor authentication are the models that could be explored in Multi-Factor Authentication in the future period. The three-factor authentication includes three-factor biometric technology, a smart card with pin and biometric technology, a pin with two-factor biometric technology, and a smart card with two-factor biometric technology.

The two-factor authentication sector accounted for the largest market share of Multi-Factor Authentication and is estimated to lead the overall market in the coming years. This may be because of secure online transactions, enhanced security, lower security management cost, and raised flexibility and productivity. Moreover, it includes a one-time password with a pin, a smart card with pin, two-factor biometric technology, a smart card with biometric technology, and biometric technology with pins.

The market may be categorized based on applications like retail & e-commerce, banking and finance, travel & immigration, healthcare, government, commercial security, military and defense, and others that could be explored in Multi-Factor Authentication in the forecast period. The healthcare segment accounted for the largest market share of Multi-Factor Authentication and is estimated to lead the overall market in the coming years. This may be because of strict government and industry policy and needs a highly secure infrastructure. Industries depend on MFA solutions for securing sensitive data and information. Moreover, the safety of patient data is an unauthorized directive for healthcare.

Globally, North America accounts for the largest market share of Multi-Factor Authentication and is estimated to lead the overall market in the upcoming years. The reason behind the overall market growth could be the rising adoption of digital services, rising use of enhanced technology, advanced network connectivity, and propagation of smartphones. In addition, rising cases of cyber-attacks and the presence of key manufacturers in the region will boost the overall market growth. The United States is a major consumer of Multi-Factor Authentication in this region.

Instead, Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second-largest region with a significant market share. However, Asia Pacific is estimated to grow at the fastest pace with the highest CAGR of about 19.0% in the foremost period. The aspects that may be ascribed to the growth comprise high demand for digital services and rising investments in numerous IoT technologies and security.

The key players of the Multi-Factor Authentication Market are Vasco Data Security International, RSA Security, Safran, Symantec Corporation, Gemalto, and CA Technologies. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.

Market Segment:

Multi-Factor Authentication Model Outlook (Revenue, USD Million, 2014 - 2025)
    • Two Factor Authentication
    • Three-Factor Authentication
    • Four Factor Authentication
    • Five-Factor Authentication

Multi-Factor Authentication Application Outlook (Revenue, USD Million, 2014 - 2025)
    • BFSI
    • Government & Defense
    • Healthcare
    • Travel & Immigration
    • Retail & E-commerce
    • Others

Multi-Factor Authentication Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America
        • the U.S.
        • Canada
    • Europe
        • the U.K.
        • Germany
    • the Asia Pacific
        • China
        • India
        • Japan
    • Rest of the World (RoW)
        • Brazil
        • Mexico
        • Others