Multi-factor Authentication Market by Authentication, Component, Level of Authentication, Deployment, Industry

Description

List of Tables

[198 Pages Report] The Multi-factor Authentication Market size was estimated at USD 17.47 billion in 2022 and expected to reach USD 19.50 billion in 2023, at a CAGR 12.02% to reach USD 43.32 billion by 2030.

Global Multi-factor Authentication Market

KEY MARKET STATISTICS
Base Year [2022]	USD 17.47 billion
Estimated Year [2023]	USD 19.50 billion
Forecast Year [2030]	USD 43.32 billion
CAGR (%)	12.02%

Multi-factor Authentication Market - IMG1

Multi-factor authentication is a security protocol that directs users to verify their identities using multiple independent factors before gaining access to a system or an application. The advanced authentication mechanism significantly enhances digital security by preventing unauthorized individuals from compromising user accounts or sensitive information. The rapid digitization of businesses worldwide has increased dependence on interconnected systems and data sharing, leading to greater cyber-attack vulnerability. The General Data Protection Regulation (GDPR) mandates stringent security measures for data protection, which further necessitates robust authentication mechanisms, including multi-factor authentication. Additionally, growing awareness of consumer privacy rights encourages enterprises to adopt multi-factor authentication to enhance trust among their customer base. However, the complexity of implementing and managing multi-factor authentication may deter some organizations from adopting these solutions. Additionally, concerns around user inconvenience, particularly with biometric identification methods, might inhibit widespread acceptance among end users. Nevertheless, advancements in biometric technologies and the emergence of adaptive authentication mechanisms are expected to create growth opportunities for the multi-factor authentication market in the coming years.

Regional Insights

The Americas represents a highly developing multi-factor authentication market owing to the strong focus on security regulations, an upsurge in investment initiatives around cybersecurity, and growing concern over data breaches due to increased digital transactions. The regional governmental frameworks are exploring opportunities to strengthen the cyberinfrastructure through various strategic partnerships. In Europe, multi-factor authentication solutions are witnessing significant demand due to stringent data protection norms such as the General Data Protection Regulation (GDPR). The Middle East has seen increased demand for multi-factor authentication solutions due to its rapidly expanding financial services sector and escalating threats targeting sensitive information and critical infrastructure. In Africa, organizations adopt multi-factor authentication solutions to mitigate the risks of increased digital transactions and financial services. The African Development Bank has taken various initiatives to strengthen the continent's cybersecurity ecosystem by promoting public-private partnerships and capacity building. The economies in the Asia-Pacific region are actively investing in advanced authentication technologies such as biometrics and facial recognition. Meanwhile, the Asia-Pacific region's developed economies involve major tech companies continually driving innovation in multi-factor authentication solutions. The rapidly evolving digital landscape in emerging Asian economies driven by government initiatives further expands the demand for multi-factor authentication solutions.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Multi-factor Authentication Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Multi-factor Authentication Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Multi-factor Authentication Market, highlighting leading vendors and their innovative profiles. These include 3M Company, Amazon Web Services, Inc., aPersona, Inc., Authy by TWILIO, INC., Broadcom Inc., Cisco Systems, Inc., Cloudflare, Inc., Entrust Corporation, ForgeRock, Inc., Fortinet, Inc., Fujitsu Limited, FusionAuth, Google LLC by Alphabet Inc., HCL Technologies Limited, Imperva, Inc., International Business Machines Corporation, JumpCloud Inc., LastPass US LP, LogMeOnce, ManageEngine by Zoho Corporation Pvt. Ltd., Microsoft Corporation, miniOrange Security Software Pvt Ltd., NEC Corporation, Okta, Inc., OneSpan Inc., Open Text Corporation, Ping Identity Corporation, Quest Software Inc., Red Hat, Inc., RSA Security LLC, Rublon sp. z o.o., Safran S.A., Salesforce, Inc., SAP SE, Schneider Electric SE, SecureAuth Corporation, Silverfort, Inc., Thales Group, Uniqkey A/S, Verizon Communications Inc., VMware, Inc., WatchGuard Technologies, Inc., and Yubico AB.

Market Segmentation & Coverage

This research report categorizes the Multi-factor Authentication Market to forecast the revenues and analyze trends in each of the following sub-markets:

Authentication
- Password-Based Authentication
- Passwordless Authentication
Component
- Hardware
- Services
- Software
Level of Authentication
- Five-Factor Authentication
- Four Factor Authentication
- Three Factor Authentication
- Two Factor Authentication
Deployment
- On-Cloud
- On-Premises
Industry
- Aerospace & Defense
- Automotive & Transportation
- Banking, Financial Services & Insurance
- Building, Construction & Real Estate
- Consumer Goods & Retail
- Education
- Energy & Utilities
- Government & Public Sector
- Healthcare & Life Sciences
- Information Technology & Telecommunication
- Manufacturing
- Media & Entertainment
- Travel & Hospitality
Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam
- Europe, Middle East & Africa
  - Denmark
  - Egypt
  - Finland
  - France
  - Germany
  - Israel
  - Italy
  - Netherlands
  - Nigeria
  - Norway
  - Poland
  - Qatar
  - Russia
  - Saudi Arabia
  - South Africa
  - Spain
  - Sweden
  - Switzerland
  - Turkey
  - United Arab Emirates
  - United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Multi-factor Authentication Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Multi-factor Authentication Market?

3. What are the technology trends and regulatory frameworks in the Multi-factor Authentication Market?

4. What is the market share of the leading vendors in the Multi-factor Authentication Market?

5. Which modes and strategic moves are suitable for entering the Multi-factor Authentication Market?

Product Code: MRR-43539E5D31F4

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Limitations
1.7. Assumptions
1.8. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

4.1. Introduction
4.2. Multi-factor Authentication Market, by Region

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing number of security breaches and cyber attacks worldwide
  - 5.1.1.2. Growing need for MFA in evolving digital landscape of BFSI sector
  - 5.1.1.3. Rising adoption of bring your own device across companies
- 5.1.2. Restraints
  - 5.1.2.1. High cost and technical limitations associated with multi-factor authentication
- 5.1.3. Opportunities
  - 5.1.3.1. Emergence of advanced multi-authentication solutions
  - 5.1.3.2. Adoption of advanced authentication framework for metaverse environment
- 5.1.4. Challenges
  - 5.1.4.1. Availability of open-source MFA software coupled with compatibility and security gap
5.2. Market Segmentation Analysis
- 5.2.1. Authentication: Increasing adoption of passwordless authentication by enterprises to prevent cyber attacks
- 5.2.2. Component: Advancing product portfolio of hardware used for multi-factor authentication
- 5.2.3. Level of Authentication: Expanding application of two-factor authentication among small and medium enterprises
- 5.2.4. Deployment: High deployment of on-cloud multi-factor authentication due to their cost-efficiency and quick implementation
- 5.2.5. Industry: Extensive use of multi-factor authentication across banking, financial services, and insurance industry to safeguard transactions
5.3. Market Trend Analysis
- 5.3.1. Government initiatives for data protection and breakthroughs in MFAs technologies in the Americas
- 5.3.2. Growing burden of cyberattacks and evolving digital landscape creating need for multi-factor authentication in the Asia-Pacific
- 5.3.3. Burgeoning digital transformation coupled with robust data security standards in the EMEA region
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework

6. Multi-factor Authentication Market, by Authentication

6.1. Introduction
6.2. Password-Based Authentication
6.3. Passwordless Authentication

7. Multi-factor Authentication Market, by Component

7.1. Introduction
7.2. Hardware
7.3. Services
7.4. Software

8. Multi-factor Authentication Market, by Level of Authentication

8.1. Introduction
8.2. Five-Factor Authentication
8.3. Four Factor Authentication
8.4. Three Factor Authentication
8.5. Two Factor Authentication

9. Multi-factor Authentication Market, by Deployment

9.1. Introduction
9.2. On-Cloud
9.3. On-Premises

10. Multi-factor Authentication Market, by Industry

10.1. Introduction
10.2. Aerospace & Defense
10.3. Automotive & Transportation
10.4. Banking, Financial Services & Insurance
10.5. Building, Construction & Real Estate
10.6. Consumer Goods & Retail
10.7. Education
10.8. Energy & Utilities
10.9. Government & Public Sector
10.10. Healthcare & Life Sciences
10.11. Information Technology & Telecommunication
10.12. Manufacturing
10.13. Media & Entertainment
10.14. Travel & Hospitality

11. Americas Multi-factor Authentication Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Multi-factor Authentication Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Multi-factor Authentication Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. FPNV Positioning Matrix
14.2. Market Share Analysis, By Key Player
14.3. Competitive Scenario Analysis, By Key Player
- 14.3.1. Merger & Acquisition
  - 14.3.1.1. Belgian Identity App itsme Buys Fellow Belgian Multi-Factor Authentication Firm nextAuth
- 14.3.2. Agreement, Collaboration, & Partnership
  - 14.3.2.1. iProov Partners with Cybernetica to Deliver Digital Signing and Authentication Solutions to Governments and Financial Services Organizations
  - 14.3.2.2. Fujitsu and Misawa Homes Start Joint Trials for Personalized and Secure Living Spaces using Continuous Authentication Technology
  - 14.3.2.3. IFES and Google Announce Partnership to Foster Digital Security for Democracy
  - 14.3.2.4. PwC India and Secret Double Octopus Announce a Strategic Partnership to Promote Passwordless and Desktop MFA for Compliance
  - 14.3.2.5. ForgeRock Announces a Strategic Partnership with Secret Double Octopus to Extend Passwordless and Multi-factor Authentication Capabilities in the Enterprise
- 14.3.3. New Product Launch & Enhancement
  - 14.3.3.1. Microsoft Releases System-Preferred Multifactor Authentication
  - 14.3.3.2. Cisco Unveils New Solution to Rapidly Detect Advanced Cyber Threats and Automate Response
  - 14.3.3.3. Entrust Launches Zero Trust Ready Solutions for Passwordless Authentication, Next-Generation HSM, and Multi-Cloud Key Compliance
  - 14.3.3.4. Microsoft Rolls out New Feature to MFA app, Prevents Spam Attacks
  - 14.3.3.5. ForgeRock's Next-Generation Authenticator App is Now Available
- 14.3.4. Investment & Funding
  - 14.3.4.1. Biometric Wearable Provider Token Snares USD 30 Million in Funding Raise
- 14.3.5. Award, Recognition, & Expansion
  - 14.3.5.1. Hyperspace Technologies Secures Patent for Blockchain-Driven Multi-Factor Authentication
  - 14.3.5.2. ZKX Solutions Announces Issuance of New U.S. Patent on a Novel Multi-Factor Authentication System
  - 14.3.5.3. Keyless and Synpulse partner to bring anti-phishing MFA to the UK

15. Competitive Portfolio

15.1. Key Company Profiles
- 15.1.1. 3M Company
- 15.1.2. Amazon Web Services, Inc.
- 15.1.3. aPersona, Inc.
- 15.1.4. Authy by TWILIO, INC.
- 15.1.5. Broadcom Inc.
- 15.1.6. Cisco Systems, Inc.
- 15.1.7. Cloudflare, Inc.
- 15.1.8. Entrust Corporation
- 15.1.9. ForgeRock, Inc.
- 15.1.10. Fortinet, Inc.
- 15.1.11. Fujitsu Limited
- 15.1.12. FusionAuth
- 15.1.13. Google LLC by Alphabet Inc.
- 15.1.14. HCL Technologies Limited
- 15.1.15. Imperva, Inc.
- 15.1.16. International Business Machines Corporation
- 15.1.17. JumpCloud Inc.
- 15.1.18. LastPass US LP
- 15.1.19. LogMeOnce
- 15.1.20. ManageEngine by Zoho Corporation Pvt. Ltd.
- 15.1.21. Microsoft Corporation
- 15.1.22. miniOrange Security Software Pvt Ltd.
- 15.1.23. NEC Corporation
- 15.1.24. Okta, Inc.
- 15.1.25. OneSpan Inc.
- 15.1.26. Open Text Corporation
- 15.1.27. Ping Identity Corporation
- 15.1.28. Quest Software Inc.
- 15.1.29. Red Hat, Inc.
- 15.1.30. RSA Security LLC
- 15.1.31. Rublon sp. z o.o.
- 15.1.32. Safran S.A.
- 15.1.33. Salesforce, Inc.
- 15.1.34. SAP SE
- 15.1.35. Schneider Electric SE
- 15.1.36. SecureAuth Corporation
- 15.1.37. Silverfort, Inc.
- 15.1.38. Thales Group
- 15.1.39. Uniqkey A/S
- 15.1.40. Verizon Communications Inc.
- 15.1.41. VMware, Inc.
- 15.1.42. WatchGuard Technologies, Inc.
- 15.1.43. Yubico AB
15.2. Key Product Portfolio

16. Appendix

16.1. Discussion Guide
16.2. License & Pricing