The global multi-factor authentication market is anticipated to grow at a significant CAGR of 17.2% during the forecast period. The major factor that drives the global multi-factor authentication market is the growing instances of cyberattacks, such as identity-related attacks, which have increased the instances of fraud across almost all the verticals around the globe, especially the BFSI and healthcare verticals. Moreover, Authentication systems with multiple factors are being designed and prototyped with the development of technology, however, this would increase the time essential to handle a single query as it would involve numerous processes for the authentication of data or user which indirectly obstruct the market.
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Due to the COVID-19 pandemic, the dependency on online businesses has expanded significantly. BFSI, healthcare and life sciences, manufacturing, automotive, retail, transport, and logistics, among others, are leveraging the internet to deliver necessary services to consumers. Vendors have experienced decreased demand for multi-factor authentication solutions. With the extensive utilization of mobile devices and internet penetration across the globe, individuals were progressively inclined towards the utilization of digital technologies such as multi-factor authentication.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global Multi-Factor Authentication Market By Authentication Type
- Password Authentication
- Password less Authentication
Global Multi-Factor Authentication Market By Model Type
- Smart Card with Pin
- Smart Card with Biometric Technology
- Multi-Factor with Four-Factor Authentication
- Multi-Factor with Five-Factor Authentication
Global Multi-Factor Authentication Market By Component
- Solutions
- Hardware
- Services
Global Multi-Factor Authentication Market By End-User
- BFSI
- Government
- Travel & Immigration
- Military & Defense
- Commercial Security
- IT
- Telecommunication
- Others (Education, And Retail & E-Commerce)
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- 4Auth Ltd.
- Broadcom
- CyberArk Software Ltd.
- ESET, spol. s r.o.
- ForgeRock
- FusionAuth
- HID Global Corp
- HYPR Corp
- Micro Focus
- Microsoft
- Okta, Inc.
- One Identity LLC.
- OneSpan
- Oracle
- Ping Identity Corp
- RSA Security LLC
- com, inc
- SECRET DOUBLE OCTOPUS LTD.
- Silverfort, Inc
- Thales Group
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global multi-factor authentication market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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