The global multi-factor authentication market is anticipated to grow at a significant CAGR of nearly 17.5% during the forecast period (2022-2028). Multi-factor authentication is a method that requires users to provide two or more verification factors to gain access to a resource such as an application, online account, or a VPN. The major factor expected to drive the market growth is the rising volume of online transactions with high adoption of digital banking by customers, and high internet penetration and the wide adoption of IoT (Internet of Things) devices. In addition, the rise in cyber-attacks during the COVID-19 pandemic, supportive government policies, and need for improved privacy along with the growth of the healthcare, retail, and banking, financial services and insurance (BFSI) industries are some causes that propel the growth of the global multi-factor authentication market during the forecast period.
Some major players in the market include Okta, Inc., Microsoft Corp., and Gemalto NV, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in December 2019, RSA Security LLC entered into a partnership with Yubico to offer enterprises modern FIDO-based authentication. FIDO2-enabled “YubiKey for RSA SecurID Access” delivers secure authentication and identity assurance for the modern workforce. Further, the company added that the solution, YubiKey for RSA SecurID Access, combines a FIDO2-enabled hardware device by Yubico supported with enterprise-grade security and risk-based authentication delivered by RSA SecurID access. Furthermore, in March 2021, Okta, Inc. announced that the company is under an agreement to acquire Auth0 for $6.5 billion and is expected to close the acquisition soon.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- 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– Okta, Inc., Microsoft Corp., and Gemalto NV, among others.
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Global Multi-Factor Authentication Market Report by Segment
By Authentication Type
- Password Authentication
- Password Less Authentication
By Model Type
- Multi-Factor with Two-Factor Authentication
- Multi-Factor with Three-Factor Authentication
- Multi-Factor with Four-Factor Authentication
- Multi-Factor with Five-Factor Authentication
By Component
- Hardware
- Software
By End User
- BFSI
- Government
- Travel and Immigration
- Military and Defense
- Commercial Security
- IT and Telecommunication
- Healthcare
- Media and Entertainment
- Other
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 has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- 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?
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