Multifactor Authentication Market is predicted to reach USD 37.4 billion at a CAGR of 15.70% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Multifactor Authentication Market” that contains information from 2018 to 2030. The Multifactor Authentication Market is estimated to register a CAGR of 15.70% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Multifactor Authentication Market — 3M (U.S.), C.A. Technologies (U.S.), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (U.S.), Fujitsu (Japan), VASCO Data Security International Inc. (U.S.), Suprema H.Q. Inc. (South Korea), Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), Crossmatch (U.S.), Securenvoy Ltd (U.K.), Watchdata Technologies (China), IBM Corporation (U.S.), and Microsoft Corporation (U.S.)

Market Highlights

The global Multifactor Authentication Market is accounted to register a CAGR of 15.70% during the forecast period and is estimated to reach USD 37.4 billion by 2030.

The multifactor authentication (MFA) market was a rapidly growing sector in the cybersecurity industry. Multifactor authentication is a security process that requires users to provide multiple forms of identification before they can access a system or application. This typically involves combining something the user knows (password), something the user has (a physical token or mobile device), and something the user is (biometric data like fingerprints or facial recognition).

Segment Analysis

The global Multifactor Authentication Market has been segmented based on Model, and Deployment Type.

Based on Models, the Multifactor Authentication Market segmentation includes Two-Factor, Multifactor with Three-Factor Authentication, Multifactor with Four-Factor and Multifactor with Five-Factor Authentication. The two-factor segment will witness significant revenue growth rates over the forecast period. These two authentication factors are gaining importance as businesses and industries like banking, healthcare, and insurance increasingly use online transactions. Advantages such as faster transaction speeds, password resets, and reduced authentication time drive the market demand for two-way authentication models. High productivity due to reduced customer inquiries and lower administrative and help desk expenses are other factors expected to drive segmental revenue growth for two-factor authentication models over the forecast period.

Based on Deployment Type, the Multifactor Authentication Market segmentation includes Premise and Cloud. Implementing out-of-band (OOB) authentication has increased the adoption of a unified platform for authentication and evolving cloud-based applications, which was set during the review period. Furthermore, adopting the BYOD concept is also a major market driver for the growth of the MFA market.

Regional Analysis

The global Multifactor Authentication Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America's multifactor authentication marketers of large identity frauds are the rise in data theft and consumers losing hundreds of dollars to online scams. Additionally, the presence in the U.S. of key players and key consumers such as banks and healthcare giants will benefit the North American industry. Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Europe's Multifactor Authentication market accounts for the second-largest market share. Increased innovation, investments, and R&D activities are expected to drive market revenue growth. The growing need to prevent cyber-attacks, corporate espionage, fraud and theft, provide data security and privacy, and prevent sensitive information leakage from facilitating business development are other factors expected to drive the growth of the market revenue in this Region over the forecast period. In addition, the German two-factor authentication market holds the largest market share, and the French two-factor authentication market is the fastest-growing market in the European Region. 

The Asia-Pacific Multifactor Authentication Market is expected to grow at the fastest CAGR from 2023 to 2030 CREALOGIX has released the solution to major banks in Asia, providing customers with a single application for banking and identity verification. Hardware devices no longer generate one-time password (OTP) hardware tokens for each operation as part of a multi-factor authentication system. Soft tokens replace hard tokens and provide all the security benefits of multifactor authentication. Asia Pacific is home to many well-established SMBs deploying MFA to protect themselves from advanced cyber threats. Rising internet and smartphone penetration is a strong driver in APAC, increasing the demand for effective MFA solutions and services. Security and fraud issues arise with the increase of IoT, artificial intelligence, and big data.

Key Findings of the Study

• The global Multifactor Authentication Market is expected to reach USD 37.4 billion by 2030, at a CAGR of 15.70% during the forecast period.


• The Asia-Pacific Multifactor Authentication Market is expected to grow at the fastest CAGR from 2023 to 2030 CREALOGIX has released the solution to major banks in Asia, providing customers with a single application for banking and identity verification.


• Based on Models, the Multifactor Authentication Market segmentation includes Two-Factor, Multifactor with Three-Factor Authentication, Multifactor with Four-Factor and Multifactor with Five-Factor Authentication.


• 3M (U.S.), C.A. Technologies (U.S.), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (U.S.), Fujitsu (Japan), VASCO Data Security International Inc. (U.S.), Suprema H.Q. Inc. (South Korea), Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), Crossmatch (U.S.), Securenvoy Ltd (U.K.), Watchdata Technologies (China), IBM Corporation (U.S.), and Microsoft Corporation (U.S.)