Multi-Factor Authentication Market Will Hit $48.1

Newark, Aug. 10, 2022 (GLOBE NEWSWIRE) — The report published by The Brainy Insights shows that the global multi-factor authentication market is expected to grow from $13.8 billion in 2021 to $48.1 billion by 2030, at a CAGR of 14.9% over the forecast period 2022-2030.

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During the outbreak of the Covid-19 pandemic, there was a sudden increase in cyberattacks, which increased the demand for multi-factor authentication solutions. According to a research report published by F5 Labs, the security solution provider, there has been a 220% increase in phishing attacks since the first phase of lockdown imposed in many countries. Growing internet penetration and widespread adoption of IoT devices are also driving the widespread use of multi-factor solutions to ensure data security. For example, in February 2020, nearly 7,992 data breaches occurred within Canadian federal agencies due to employee negligence. Nearly 144,000 citizens have been affected by cyberattacks in Canadian federal agencies. Several government regulations, such as CCPA, GDPR, and PSD2, have been rolled out to focus on security practices across various industries and businesses to help eliminate data leaks, fraud, and identity theft. Additionally, security points such as smart cards and fingerprint sensors are widely used to enable a seamless experience. Additionally, organizations are increasingly using voice recognition, facial recognition, and iris recognition to verify and authenticate their employees.

Competitive Landscape:

To strengthen their position in the global multi-factor authentication market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships .

● In June 2021, Ping Identity launched PingOne for enterprises at Identiverse 2021. PingOne is a single identity solution for individuals to ensure that organizations give their customers full control over how they share and store personal data. verified personal data. Up-to-date consumer information is also shared with businesses or individuals using a digital wallet on their mobile devices.

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Market growth and trends:

Rising penetration of internet and smartphones are increasing the number of data breaches and identity theft cases, driving the growth of the market. Moreover, the growing number of strict government measures to combat data theft and breaches is giving impetus to the growth of the market. The multi-factor authentication system has been designed with several processes and advanced technology to authenticate data which is restraining the growth of the market. This results in increased response time, service time, and a long queue of consumers, which hampers market growth. Growing government initiatives to reduce the incidence of data breaches and identity theft are expected to provide an opportunity for market growth over the forecast period. Multi-factor authentication faces the challenges of end-user uncertainty and denial when adopting multi-factor authentication solutions.

Main findings

● In 2021, the two-factor authentication segment dominated the market with the largest market share of 46% and revenue of 6.3 billion.

The authentication model segment is divided into two-factor authentication, three-factor authentication, and four-factor authentication. In 2021, the two-factor authentication segment dominated the market with the largest market share of 46% and a revenue of 6.3 billion. Two-factor authentication reduces password reset and authentication time that drive growth.

● In 2021, the BFSI segment accounted for the largest market share, with 13% and revenue of 1.79 billion.

The industry vertical segment is divided into automotive, consumer, enterprise, BFSI, retail, healthcare, government, military, education, legal, and others. In 2021, the BFSI segment accounted for the largest market share, with 13% and revenue of 1.79 billion. The BFSI sector processes a large amount of data from various industries, which is sensitive and confidential, which is driving the demand for the multi-factor authentication market.

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Regional Segment Analysis of Multi-Factor Authentication Market

● North America (United States, Canada, Mexico)
● Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, rest of APAC)
● South America (Brazil and Rest of South America)
● Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, North America has emerged as the largest market for the global multi-factor authentication market, with a market share of around 33% and 4.5 billion in market revenue in 2021. The developments fast and steady in banking, healthcare and other sectors are expected to accelerate the region’s demand for multi-factor authentication solutions. Additionally, increasing adoption of cloud-based applications is increasing the risk of cyber attacks and becoming more prevalent in the region, propelling the growth of the market in the region.

Key players operating in the global multi-factor authentication market are:

● 3M
● Microsoft Corporation
●CA Technologies
● Fujitsu
●IBM Corporation
● HID Global Corporation/ASSA ABLOY AB
● VASCO Data Security International Inc.
● Cross Match
● Gemalto SA
● Saffron

This study forecasts revenue at global, regional and country level from 2019 to 2030. Brainy Insights has segmented the global multi-factor authentication market based on the segments mentioned below:

Global Multi-Factor Authentication Market by Authentication Model:

● Two-factor authentication
● Three-factor authentication
● Four-factor authentication

Global Multi-Factor Authentication Market by Verticals:

● Automotive
● Consumer
● Company
● BFSI
● Retail trade
● Health
● Government
● Military
● Education
● Legal
● Others

About the report:

The global multi-factor authentication market is analyzed based on value (USD billion). All segments have been analyzed at global, regional and country level. The study includes analysis of more than 30 countries for each part. The report analyzes the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, Supply and Demand Analysis, Competitor Position Grid Analysis, analysis of distribution and marketing channels.

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About The Brainy Insights:

The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer needs, whether they are looking to expand or planning to launch a new product in the global market.

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