Multi-Factor Authentication Market worth $34.8 billion by 2028 – Exclusive Report by MarketsandM…>
– CISION (PR Newswire)
The multi-factor authentication market is expected to reach USD 34.8 billion by 2028, according to a new report by MarketsandMarkets.
The market is expected to showcase exceptional growth during the forecast period 2020 to 2028.
The major factors driving the market growth include increasing demand for advanced authentication systems to address security concerns, increasing need for compliance and stricter regulations, the emergence of cloud-based solutions and services, and strengthening emphasis on consumer privacy and data security.
Growing adoption of Bring-Your-Own-Device (BYOD) in enterprises and increasing demand for authentication as-a-service is expected to create potential opportunities in the multi-factor authentication market during the forecast period.
The market is segmented into components, authentication types, deployment modes, organization size, verticals, and regions.
Based on components, the multi-factor authentication market is segregated into solutions and services.
The services segment is expected to hold the largest market size during the forecast period.
This is attributed to the continuous need for maintenance and support services.
There is a high demand for continuous improvement in the security of authentication systems, as the security threats are elaborating.
Based on authentication types, the multi-factor authentication market is divided into two-factor authentication and multi-factor authentication.
The two-factor authentication is expected to dominate the market during the forecast period owing to its wide adoption in various industry verticals.
Two-factor authentication refers to a security process in which two methods of authentication are utilized to gain access to a resource or application.
Its wider acceptance among enterprises is expected to propel its growth.
By deployment mode, the market is bifurcated into cloud and on-premise.
The cloud segment is expected to hold the largest market share during the forecast period.
The cloud-based authentication services are cost effective and enable quick deployment.
The cloud-based solutions help enterprises reduce their IT infrastructure and maintenance costs associated with on-premise authentication solutions.
Geographically, North America is estimated to contribute the largest share to the multi-factor authentication market in terms of revenue in 2019.
The region is the early adopter of technologically advanced security solutions and has witnessed large investments in several industries, which further fuels the growth of the multi-factor authentication market.
Asia-Pacific is anticipated to witness the highest CAGR during the forecast period, owing to increasing demand for multi-factor authentication solutions in the region.
Public sector organizations and financial institutes in
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