Global Multi-Factor Authentication Market to reach USD 27.32 billion by 2027.
Global Multi-Factor AuthenticationMarket is valued approximately USD 9.55 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 16.2% over the forecast period 2021-2027. MFA is an encryption method that enables a person to give two or more verification factors in order to get access to a resource such as an application, an online account, or a VPN. A strong security information and event management strategy must include multi-factor authentication. MFA needs one or more extra verification criteria in combination to a login credentials, which reduces the risk of a successful security breach. The increasing occurrences of cyberattacks and data leaks across enterprises has been one of the key factors driving product demand. As an example Micro Focus announced NetIQ Universal Policy Administrator (UPA) in November 2020, which provides centralized data security with uniform permission and authentication. This next-generation campaign strategy gives IT security professionals a consolidated policy security solutions that boosts operational efficiency and cyber resilience. The industry is also growing due to increased investments in cloud technologies and enterprise mobility. For instance, Thales launched Fast Identity Online 2.0 (FIDO2) in March 2020, which enables customers to access Microsoft Azure AD cloud apps, sub domains, and all linked digital services without a password. This will eventually assist enterprises and organizations in moving to the cloud in a secure manner. However, lack of MFA understanding can lead to blunders, which can cost businesses a lot of money. Also, multi-factor authentication differs from traditional authentication mechanisms, which rely on login credentials confirmation and recognition. It also has advanced biometric security mechanisms for identifying people, such as iris recognition, face recognition, fingerprinting, and speech recognition algorithms, which proves to be a business opportunity.

The MFA market is anticipated to have the largest market share in North America. The continent's market growth is likely to be fueled by early acceptance of MFA and the existence of multiple providers offering MFA solutions. Because of a relatively high extent of performance of choose your own device (CYOD) and bring your own device (BYOD) practices, as well as mobility solutions, which are skyrocketing cyber-attacks and security breaches, the Asia-Pacific region is anticipated to witness the fastest continent in the multifactor authentication market.

Major market player included in this report are:
Micro Focus
Broadcom
Microsoft
OneSpan
Okta
Thales
RSA Security
Duo Security
Ping Identity
HID Global

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
ByAuthentication type:
Password Authentication
Passwordless Authentication
By Model Type:
Two-factor authentication
Multi-factor with three-factor authentication
Multi-factor with four-factor authentication
Multi-factor with five-factor authentication
By Component:
Solutions
Hardware
Services
By Organization size:
Large Enterprises
SMEs
By End user:
BFSI
Government
Travel and Immigration
Military and Defence
Commercial Security
IT
Telecommunication
Healthcare
Media and Entertainment
Other verticals

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2018, 2019
Base year - 2020
Forecast period - 2021 to 2027

Target Audience of the Global Multi-Factor AuthenticationMarket in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors