Multi-Factor Authentication (MFA) Market
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Multi-Factor Authentication Market size exceeded USD 8 billion in 2020 and is expected to grow at a CAGR of over 10% from 2021 to 2027. The growing number of cyberattacks in the security sector is driving the industry growth.
High internet penetration and the wide adoption of IoT devices are also promoting the use of MFA solutions. For instance, in February 2020, it was reported that nearly 7,992 data breaches occurred within the Canadian federal agencies due to employee negligence, with about 144,000 citizens affected by cyberattacks. Regulations, such as GDPR, CCPA, and PSD2, are focusing on the deployment of security practices across enterprises to eliminate frauds, data leaks, and identity thefts.
| Report Attribute | Details |
|---|---|
| Base Year: | 2020 |
| Multi-Factor Authentication Market size in 2020: | USD 8 Billion |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2023 - 2032 CAGR: | 10 |
| 2023 Value Projection: | USD 20 Billion |
| Historical Data for: | 2016 to 2019 |
| No of Pages: | 243 |
| Tables, Charts & Figures: | 279 |
| Segments Covered: | Component, Authentication Model, Application and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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During the COVID-19 pandemic, a significant increase in the number of BYOD devices due to the growing work-from-home trend across the enterprises has resulted in an increase in the number of devices accessing the enterprise resources. The increase in BYOD devices resulted in the growing adoption of MFA solutions across enterprises.
In Canada, MFA solutions market held around 65% of the share in 2020 and is expected to garner USD 2 billion revenue in 2027. Growing demand to authenticate the devices accessing the enterprise network across various industry verticals is boosting the segment growth. MFA solutions ensure that only an authorized employee can access the company information, ensuring the account’s data integrity and reducing the risks of the account being compromised.
The two-factor authentication model in the UK is forecast to register growth rate of above 10% through 2027. According to Microsoft, a two-factor authentication blocks 99.9% of automated attacks. The increasing volume of online transactions and initiatives taken by governments to adopt biometric authentication will fuel multi-factor authentication market share. In day-to-day transactions, the two-factor authentication is a game changer as it requires only two verification factors, reducing the time for authentication during transactions.
The Chinese BFSI industry captured the largest MFA market share in 2020 on account of the rising demand for a digital financial platform that provides services to enable the need for customers to identify themselves online. MFA solutions answer the increasing needs of banking, trading, and insurance-based enterprises to provide strong authentication procedures to ensure a secure remote access for mobile users. This solution has been widely adopted and now processes approximately 10 million transactions per month.
The North America MFA market size is poised to reach more than USD 7 billion by 2027 led by the presence of key vendors, regulatory environment, innovations & investments, and a high adoption rate of the technology. Enterprises are increasingly implementing MFA solutions in the region to prevent cyberattacks, identity thefts, and commercial espionage by offering a high level of data security and ensuring privacy & security of sensitive information to ease business progression.
Major players operating in multi-factor authentication market are:
Companies are emphasizing on the development of innovative digital identity solutions to gain a competitive advantage over their competitors. For instance, in June 2021, Ping Identity launched PingOne for enterprises at Identiverse 2021. The PingOne for Individual is a personal identity solution that ensures enterprises to provide their customers with full control on how they store & share the verified personal data. Consumers also share their up-to-date personal information with businesses or other individuals using a digital wallet on their mobile devices.
Market, By Component
Market, By Authentication Model
Market, By Application
The above information has been provided for the following regions and countries:
Major MFA market participants are Apersona, Inc., Broadcom Inc., Censornet Ltd., Cisco Systems Inc., Confident Technologies, Inc., Deepnet Security Ltd., Entrust Corporation, etc.
UK two-factor authentication market will observe a CAGR of over 10% through 2027 with increasing volume of online transactions and governments initiatives to adopt biometric authentication.
MFA industry exceeded USD 8 billion in 2020 and will record a CAGR of over 10% through 2027 with growing number of cyberattacks in the security sector.
North America multi-factor authentication market size will surpass USD 7 billion by 2027 on account of the presence of key vendors, regulatory environment and higher technology adoption in the region.
Canada market had held over 65% share in 2020 and will record over USD 2 billion revenue in 2027 owing to increasing adoption in enterprise network in various industries.