The global multi-factor authentication market is anticipated to grow at a considerable CAGR of 17.2% during the forecast period (2024-2031). The multi-factor authentication market is relatively concentrated as the market includes global and local players, where the product penetration with innovation is expanded. Software firms are also looking in this market, which increases the competition among the players. Some of the recent developments by different key players are
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- In December 2020, Micro Focus released NetIQ Universal Policy Administrator (UPA) to provide centralized security management streamlined with integrated authorization and authentication. This next-generation policy platform equips IT, security administrators, with a centralized policy management solution that upgrades operational efficiencies and strengthens cyber resilience.
- In April 2020 – Microsoft announced the commercial release of an additional simplified Azure Active Directory registration procedure that adds multi-factor authentication (MFA) and self-service password reset features for end-users. This MFA plus self-service password registration process was at the “general availability” (GA) release stage.
- In February 2020, Thales launched Fast Identity Online 2.0 (FIDO2) which supplies passwordless access to Microsoft Azure AD cloud apps, domains, and all connected devices and services. This will ultimately support businesses and organizations to move securely to the cloud.
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Market Coverage
Segment Covered-
- By Authentication Type
- By Model Type
- By Component
- By End-User
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- including 4Auth Ltd., Broadcom, CyberArk Software Ltd., ESET, spol. S r.o., ForgeRock, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Multi-Factor Authentication Market Report Segment
By Authentication Type
- Password Authentication
- Password less Authentication
By Model Type
- Smart Card with Pin
- Smart Card with Biometric Technology
- Multi-Factor with Four-Factor Authentication
- Multi-Factor with Five-Factor Authentication
By Component
- Solution
- Hardware
- Services
By End-User
- BFSI
- Government
- Travel & Immigration
- Military & Defense
- Commercial Security
- IT
- Telecommunication
- Others (Education, And Retail & E-Commerce)
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