2023 Multi-Factor Authentication Market Size, Share, Growth, Industry Projections, SWOT Analysis…
– MarketsandMarkets
The global Multi-Factor Authentication (MFA) market is projected to grow from USD 15.2 billion in 2023 to USD 34.8 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 18.0%.
The growth is driven by the increasing adoption of Bring Your Own Device (BYOD), Choose Your Own Device (CYOD), and Work from Home (WFH) trends.
However, the lack of awareness related to MFA among enterprises may hinder market growth.
The services segment of the MFA market is expected to grow at a higher CAGR during the forecasted period.
These services include deploying, executing, and maintaining MFA platforms in organizations.
Technical support, training, education, technology advisory, and consulting services are critical for the proper functioning and integration of MFA solutions.
Two-factor authentication (2FA) is expected to hold the largest market size in the MFA market during the forecast period. 2FA adds an extra layer of protection by requiring users to provide two authentication factors, making it harder for attackers to gain unauthorized access.
Various methods can be used for 2FA, such as smart cards, biometrics, tokens, and passwords.
Asia Pacific is expected to have the highest growth rate in the MFA market.
The region experiences significant security spending due to the increasing threat landscape, particularly in countries like India, Japan, China, South Korea, and Australia.
The adoption of MFA solutions in Asia Pacific is driven by factors such as increasing internet usage, compliance regulations, and the proliferation of smartphones.
MFA helps protect against cyber threats targeting sensitive data, particularly in the banking and financial sector.
Key players in the MFA market include Microsoft, Thales, Okta, Broadcom, OneSpan, Micro Focus, HID Global, Cisco, Ping Identity, and RSA Security, among others.
These players offer a range of MFA solutions and services to meet the growing demand for secure authentication.
Factors driving the growth of the MFA market include rising cybersecurity risks, regulatory compliance requirements, the trend of remote work, proliferation of mobile devices, advancements in biometric authentication technologies, user experience considerations, adoption of cloud services, IoT security needs, increased cybersecurity budgets, integration of AI and machine learning, and the popularity of passwordless authentication.
The MFA market is segmented based on authentication options (what you know, what you have, what you are), end-user industry, deployment mode (on-premises, cloud, hybrid), company size (SMBs, large organizations), geographical region, and use cases.
These segments cater to the diverse needs and preferences of organizations in different industries and regions.
Link: http://www.sbwire.com/press-releases/2023-multi-factor-authentication-market-size-share-growth-industry-projections-swot-analysis-trends-2028-1379401.htm